3 of the worst financial decisions you can make
You might be surprised by the number one worst decision... Think wedding bells.
Many of us go through life having a tricky relationship with money. Some have more than they know what to do with, while others feel like they’re constantly chasing financial stability.
The truth is, your relationship with money is personal – it’s shaped by how you see it and how you’ve experienced it. But one of the best ways to shift that relationship is by learning to make smarter financial choices.
Chartered accountant Davron Chanderdeo often shares helpful tips on how to manage your money better.
Recently, he highlighted three of the worst financial decisions people tend to make.
1. High car repayments
A lot of people end up struggling financially because their car repayments eat up 40–50% of their income. The kicker? Some even work remotely and barely use the car they’re paying so much for.
Chanderdeo suggests a smarter approach: when buying a car, put down at least a 20% deposit. This will lower your monthly instalment, which should ideally be less than 10% of your income.
If that doesn’t fit your budget, it might be time to rethink your plan – either save more or look for a more affordable car.
2. High-end clothing
Expensive clothes don’t necessarily mean comfort or quality.
Many people splurge on brand names, thinking it’s worth the price, but all it's doing is hurting their wallet.
The truth is, most high-end brands are made in the same factories as the cheaper alternatives. If people realised this, they might think twice before splashing out on pricey labels.
READ MORE: Smart tips to help you save money
3. Overpriced weddings
Chanderdeo pointed out that some people in South Africa spend between R300,000 and R400,000 on their weddings. While we all know it’s a special day – one many have dreamt of for years – spending that much on just one event can start your married life off with debt instead of joy.
As Chanderdeo puts it, "I’m not saying don’t get married, but don’t go broke getting married before your life together has even started."
Check out his advice in his video from TikTok.
@davronchanderdeo These are 3 of the Worst Financial Decisions People make, and I’m not making this stuff up 😆 1) Too high car repayments - most people go broke because they have a car repayment thats almost 40% - 50% of their Salary / Income. And the worst part is some of them work remotely and spend a major part of their salary on a vehicle their barely use 2) High End Clothing - This was 100% always regretted. Comfortable clothing does mot equate to expensive. Quality is all that matters. And if most people understood that they are made from the same Factories as all other non brands that are cheaper it will change the perspective 3) A Wedding. Its crazy to say but iv seen weddings go into R300,000 - R400,000 per wedding. This is mot me saying dont get married , but dont go BROKE getting married before your life together hasnt even started. Think smart 💰 Dont forget to Drop a comment on what your thoughts are on this video and what you will like to know more off. I help 100z of people understand where they going wrong. Follow For More 💻 #financetips #financialgoals #financiallyfree #financecoach #makemoney #smartmoney ♬ original sound - Davron Chanderdeo | CA(SA)
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