How to control your finances

ACTIONABLE STEPS TO MAKE IN A CHANGING ECONOMY THAT'S IN RECOVERY

- Jaco Prinsloo

South Africa's economy is showing promising signs of recovery with lower inflation, reduced interest rates and a stronger rand.

These positive economic indicators offer more than just a hopeful outlook; they present tangible opportunities for individuals and investors to enhance their financial wellbeing.

Cheaper borrowing costs, increased purchasing power and a relatively stable currency mean it is an opportune time to take control of your finances.

For investors, this economic upswing provides fertile ground for growing their wealth and achieving long-term financial goals.

The anticipated 2% economic growth over the next three years—double the rate of the past decade—suggests more dynamic markets and investment opportunities.

Lower inflation increases the real value of your money, allowing you to get more for each rand you spend or invest.

Reduced interest rates make loans more affordable, enabling you to finance investments like property or business ventures at a lower cost.

A stronger rand reduces the cost of investing in international markets, making global diversification more accessible.

These conditions create a conducive environment for both novice and seasoned investors to capitalize on emerging prospects.

Lower inflation enhances savings and investments.