We face a dire reality in South Africa: the vast majority of South Africans are under pressure, facing economic instability & uncertainty. There are many reasons for this, including a volatile Rand, a poor wage & inflation. However, financial illiteracy is a major underlying cause for many of our financial struggles: the majority of South Africans are not equipped with the right resources to know how to manage their money better. Budgeting, investing, and financial planning can seem like an unnecessary chore, however it is imperative to be better equipped to make better financial decisions.
Financial literacy is important
Financial literacy is vital, and fortunately, there are many free online learning materials available to help you master the core concepts of how money works. By devoting some time to understanding key principles and practices, you can revolutionize the way your household manages finances in 2024. Here are a few fantastic internet resources to help you become financially savvy and improve your financial situation.
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Money Academy
Money Academy is brought to you by Wonga and contains video lessons and quizzes related to financial literacy. This learning portal aims to teach you about the four pillars of personal finance namely - Debt, Savings, Budgeting and Investing.
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Finance at Khan Academy
The Khan Academy has created a vast and comprehensive library of video presentations that teach the user all about personal finance, including taxes, accounting, insurance, retirement, debt, interest, housing, and much more. It also includes broader financial subjects, such as investment vehicles, stocks and bonds, inflation, and current economics, to give viewers a "bigger picture" view of the market. The background for these lessons is set in the United States, but the substance and takeaways are equally relevant to South Africans.
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Investopedia
Using the Internet as a platform on which to become financially literate can seem extremely intimidating. Within seconds, you can become inundated with complex terms and concepts that are overwhelming and confusing. This is where Investopedia proves to be an invaluable tool. Consider this hub your essential financial dictionary. Type any word, concept, or even question into the search bar on the home page and you’ll get a list of relevant answers that are almost always guaranteed to improve your understanding. Investopedia is also a bustling hub for information on current affairs, economics and finances.
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Fundamentals of Personal Financial Planning Free Course
The University of California-Irvine offers an excellent free course called Fundamentals of Personal Financial Planning. The course is divided into eight modules of one to six courses each (for a total of 22 lessons), covering vital themes such as goal setting, taxation, investing, retirement, college planning, student loans, and more. The starting point is to assist people in monitoring and properly managing their personal finances. While this course is situated in the United States, it will provide students with a thorough, conceptual grasp of all areas of wealth management.
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Freakonomics Radio on Personal Finance
Freakonomics Radio is a weekly podcast covering a wide range of topics, including personal finance. This award-winning show receives millions of monthly downloads and is so popular that it can be heard on a variety of public radio stations and major airlines. The podcast is entertaining and informative, and it features experts in several subjects. "Everything you always wanted to know about money (but were afraid to ask"), "Suze Orman answers your money questions," and "The stupidest thing you can do with your money" are among the themes covered.
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Budgets are Sexy
"Budgets are Sexy" is a light-hearted and quirky blog written by a guy who, like the rest of us, learnt the value of financial planning the hard way. His writing is approachable and enjoyable while also providing nourishing advice, wisdom, and titbits about budgeting, credit cards, retirement, money matters, and overcoming the kinds of hurdles that real people experience. In addition to the general material, we recommend this site as an online resource for increasing your financial literacy because of the free budget templates he gives. These vibrant and simple templates may be downloaded in Excel or Google Docs and used to organise your funds and get your 2024 budget off to a great start.
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Moneyversity
The Old Mutual Moneyversity is an online financial education hub that hosts a range of informative articles, videos, and calculators that can be used on the journey to becoming financially literate.
Moneyversity offers a diverse selection of courses tailored to your needs, with options ranging from beginner, intermediate, and advanced levels. Course subjects include comprehension of wants and needs, saving and investing, financial planning, and tax matters. Once you complete a course, you can access various resources, including infographics and downloadable content. Additionally, you can save your progress and receive notifications for new courses as they become available in the future.
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MayaOnMoney
Maya Fischer-French is a prominent finance journalist from South Africa and the author of Maya on Money: Implement Your Money Plan, published in 2015. She is widely recognized for her expert opinions on financial news, developments, and management tips for South Africans. Maya frequently appears on various television and radio news programs to offer her insights.
Maya's website, MayaOnMoney, features a wealth of financial literacy guides covering a range of topics from retirement, banking, insurance, and property, specifically tailored for South African readers. Whether you're just starting your financial journey or seeking more in-depth knowledge on a particular subject, MayaOnMoney is a must-read. The website also includes informative videos and engaging podcast episodes, along with her appearances in several popular South African media publications.
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CNN Money Essentials
While CNN is known by many South Africans as a prominent global news agency, it also offers a wealth of financial literacy resources in addition to its financial journalism, making it an essential read for those seeking to expand their understanding of current events in the financial world.
The Money Essentials platform by CNN covers a wide range of topics, including job-seeking, car buying, investing, and retirement planning. Each topic provides an excellent overview of frequently asked questions related to money management. While the platform is primarily intended for audiences in the US, it remains a valuable resource for anyone seeking to grasp broader concepts of financial management and enhance their approach to money management.
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Money As You Grow
While many of our other recommendations are intended for adults, Money As You Grow is a unique financial resource that has been entirely designed around children, pre-teens and young adolescents who are seeking to learn about financial management. Money As You Grow initially started as an independent resource for parents and guardians to teach their children about the fundamentals of money management. With over 1.4 million viewers each month, Money As You Grow was later absorbed into the United States Consumer Financial Protection Bureau, where it continues to offer parents and guardians great, free resources alongside other useful money tools.
Money As You Grow offers tailored activities and conversation points for young children, school-age children to pre-teens, and for teens to young adults. With conversations ranging from buying a car, to getting a pet or moving house, Money As You Grow is a unique starting point for parents and children seeking to understand the fundamentals of money together. Though intended for readers in the US, Money As You Grow still offers many lessons and resources applicable to South African audiences.
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Woman & Finance
Run by South African personal finance coach Mapalo Makhu, Woman & Finance is an online destination designed to educate and inspire South African women to learn more about financial management.
The website offers a range of paid financial resources, including one-on-one consultations. However, it also provides free and informative blog articles covering various financial subjects, such as investments and budget management. While created with women in mind, the website offers financial guides and suggestions that are helpful for a wide South African audience, regardless of their level of financial literacy.
Woman & Finance caters to different media types, providing both videos and podcast episodes where Mapalo Makhu and Maya Fischer-French offer practical money tips. The platform's resources are engaging, entertaining, and easy to understand, making it a great starting point for anyone looking to improve their financial literacy.
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