What can you say is a Christmas well spent?
I personally feel a successful Christmas is in essence being surrounded with family
and friends. When you are in the presence of people whom you hold dearest the
atmosphere is warming. I think the gathering of loved ones to appreciate and share
the one moment in the year all the family are together is precious.
Do you sometimes feel happy or guilty about
spending money on yourself?
You know I always say there has to be a balance in life, to find the right balance that
works for you is important, if you chose to spend money on yourself then spend
wisely and moderation. If you know that you don’t have enough money to be spending
money on yourself then don’t, if you know that it wont impact your financial
situation in the long run.
Why is it ok to spend money on yourself?
Your financial stability should be taken into consideration when you evaluate if it is
right for you to spend on yourself. Budgeting is extremely important when deciding
if you can afford an item or not. I feel if you do have the finances able to purchase a
desired product and it won’t affect your long-term finances then go for it, use it as a
reward system. If you feel that specific purchase will hurt your bank account and leave
you with cash flow issues, paying bills and affording the basics then rather wait until your
financial situation improves.
What was the biggest spending regret over
the pervious Christmas?
It would be the social spending; I spent far more than I expected socialising with
friends and family. I did not have a clear budget for entertainment from the start of
the festive season so my spending was not controlled.
Did all your Christmas spending go according
to plan/budget?
The problem with the Christmas period is that most people including myself get
excited, carried away because its only once a year, so we allow ourselves to create an
exception with our finances. We create an excuse for excessive spending; I mean it
only comes around once a year right? These excuses expand to all spending options,
presents, food, entertainment and travel, which we allow to go over budget. So when
it comes to the festive season I would recommend, create a plan of expenditure in
order to control where your money goes. You don’t want to be in a dilemma when
the New Year starts and not have funds for the basics.
What is your personal financial motto?
“Making money is easy, keeping it is the hard part”.
Give a word of encouragement on financial
Listen everyone in their lifetime will make some massive mistakes. The problem is not
making the mistake, it’s understanding how you made that mistake and why you now
find yourself in a financial dilemma. It’s very important to admit that you are not perfect
and mistakes will be made, that is life. You need to pick yourself up and start again, but
before starting again make sure you have learnt and promised yourself that this will never
happen again. Its ok to fall, its builds character, its how you pick yourself up and never
fall like that again that counts.
“When you are
in the presence
of people whom
you hold dearest
the atmosphere
is warming.”
We are all familiar with the
January rush and stress
by now, for some it’s just
another month with more responsibilities,
for most it’s “JanuWorry” a month
of worries. Frustration creeps in when
parents have to buy schoolbooks and
pay school fees in a short period of time.
The insurance industry also tends to be
relatively quiet, affected by less spending
power of consumers, who eagerly await
light at the end of January.
As we embark on a prosperous new year, the
importance of having insurance cover cannot be overemphasised,
as this is also a critical element of financial
planning. The Namibian insurance industry provides
a wide range of insurance products, ranging from
short-term for asset insurance that may include
cover for cars, houses and any other properties that
consumers might own. The industry also caters for
long-term cover better known as life insurance, which
includes disability cover, death cover and funeral cover.
Following are some of the basic tools that consumers
can use when shopping around for insurance:
• ensure that the insurance policy covers your
needs. Before signing for an insurance policy,
please read the key features of the policy
thoroughly as it is essential to know what is
covered and what is not. If anything is unclear,
feel free to ask the broker or agent to explain
in simple and plain language.
• When applying for a policy, ensure that you
answer all questions correctly, as this will
assist insurers in determining your risks and
monthly premiums. Failure to provide accurate
information will cause your insurance contract
to be worthless.
• When dealing with insurance brokers or agents
ensure that they are registered with NAMFISA.
As a consumer you have the right to demand a
certificate of registration from brokers or agents.
Dealing with a registered broker or agent will
increase the quality of financial advice afforded
to consumers.
• Compare premiums of different insurers and their
policy coverage to ensure that you get the best value
for your hard earned money.
• Last but not least, consumers are warned not to
sign blank application forms.
Consumers are advised to approach insurance brokers,
agents and insurance companies to acquire
knowledge and equip themselves with the types of
insurance products available for them.
As for NAMFISA, our team is well equipped and
hard at work, constantly monitoring and supervising
the insurance industry by making sure that industry
participants are abiding to the laws and regulations
set by the Short-term Insurance Act 4 of 1998 and
Long-term Insurance Act 5 of 1998. NAMFISA is
tasked to make sure that the insurance market is and
remains a friendly and financially stable environment
for consumers.
Yours sincerely.