Stanbic Bank Botswana encourages Batswana to practice good financial management habits in the New Year as part of a long-term objective of promoting greater financial wellness among Batswana. The Bank is committed to ensuring enhanced financial literacy and better financial health of all Batswana.
Commented Head of Marketing at Stanbic Bank Botswana, Ms. Stephanie Stoneham, “The beginning of the Year is a great time to review old financial practices and assess what worked and what did not. It is a perfect time to reassess one’s financial goals, and find new strategies for accomplishing them. At Stanbic Bank, we are dedicated to helping our customers improve their financial wellness and achieve their investment goals. After all, financial wellbeing is an integral part of overall wellbeing.”
Ms. Stoneham encouraged the public to practice the following strategies in the New Year as part of achieving sound financial health:
Create and maintain a budget.
A budget can help you determine which expenses to pay off first and which ones last. Start off with the big expenses: rent or mortgage, car loan, school fees, food and petrol. These expenses are the legs on which your life stands. They are the main source of stress in your life when you have limited or no financial resources. After taking care of the big expenses, save some of your money for a rainy day and emergency situations.
Enroll in an automated savings plan.
Saving your money is the second most important thing to do after paying your expenses such as mortgage, rent and food.
Ensure that you choose a savings plan with the highest level of return. Additionally, make sure that you will not have easy access to your savings account to avoid depleting it on unnecessary things.
Save more than you are currently doing.
Most people underestimate how much they will need to live comfortably after retirement. It is difficult to anticipate inflation rates and health bills that may affect the amount of disposable income available for daily living, which is why it is important to increase your monthly savings value. Lifestyle creep, which is the tendency for expenses to increase as one’s income increases needs to be factored as well when you are planning your savings and retirement.
Read financial books.
Most of us overlook the benefits of reading financial management and investment books to learn the various strategies and tactics of investing successfully. There is a plethora of knowledge out there about best practices that could guide the beginning investor or bolster the returns of a seasoned one. Finance books could give you strategies on how to build your business, amplify your brand and find new business opportunities that you might have never thought of.
“Good financial management gives you peace of mind, and, most importantly, increases the likelihood that you will live comfortably in your later years. By developing good financial habits, you ensure that you and your loved ones will be taken care of when there is an emergency or are no longer able to actively provide for your family. It is a means towards planning for a better future, and this is something we are truly passionate about making a reality. Beginning the year on a good financial footing is a great way to start the process,” concluded Ms. Stoneham.
China’s Gross Domestic Product (GDP) expanded by 3% year-on-year to 121.02 trillion yuan ($17.93 trillion) in 2022 despite being mired in various growth pressures, according to data from the National Bureau Statistics.
The annual growth rate beat a median economist forecast of 2.8% as polled by Reuters. The country’s fourth-quarter GDP growth of 2.9% also surpassed expectations for a 1.8% increase.
In 2022, the Chinese economy encountered more difficulties and challenges than was expected amid a complex domestic and international situation. However, NBS said economic growth stabilized after various measures were taken to shore up growth.
Industrial output rose 3.6% in 2022 over the previous year, while retail sales slightly shrank by 0.2% data show that fixed-asset investment increased 5.1% over 2021, with a 9.1% hike in manufacturing investment but a 10% fall in property investment.
China created 12.06 million new jobs in urban regions throughout the year, surpassing its annual target of 11 million, and officials have stressed the importance of continuing an employment-first policy in 2023.
Meanwhile, China tourism market is a step closer to robust recovery. Tourism operators are in high spirits because the market saw a good chance of a robust recovery during the Spring Festival holiday amid relaxed COVID-19 travel policies.
On January 27, the last day of the seven-day break, the Ministry of Culture and Tourism published an encouraging performance report of the tourism market. It said that domestic destinations and attractions received 308 million visits, up 23.1% year-on-year. The number is roughly 88.6% of that in 2019, they year before the pandemic hit.
According to the report, tourism-related revenue generated during the seven-day period was about 375.8 billion yuan ($55.41 billion), a year-on-year rise of 30%. The revenue was about 73% of that in 2019, the Ministry said.
The state of the art jewellery manufacturing plant that has been set up by international diamond and cutting company, KGK Diamonds Botswana will create over 100 jobs, of which 89 percent will be localized.
Local diamond and metal exploration company Tsodilo Resources Limited has negotiated a non-brokered private placement of 2,200, 914 units of the company at a price per unit of 0.20 US Dollars, which will provide gross proceeds to the company in the amount of C$440, 188. 20.
According to a statement from the group, proceeds from the private placement will be used for the betterment of the Xaudum iron formation project in Botswana and general corporate purposes.
The statement says every unit of the company will consist of a common share in the capital of the company and one Common Share purchase warrant of the company.
Each warrant will enable a holder to make a single purchase for the period of 24 months at an amount of $0.20. As per regularity requirements, the group indicates that the common shares and warrants will be subject to a four month plus a day hold period from date of closure.
Tsodilo is exempt from the formal valuation and minority shareholder approval requirements. This is for the reason that the fair market value of the private placement, insofar as it involves the director, is not more than 25% of the company’s market capitalization.
Tsodilo Resources Limited is an international diamond and metals exploration company engaged in the search for economic diamond and metal deposits at its Bosoto Limited and Gcwihaba Resources projects in Botswana. The company has a 100% stake in Bosoto which holds the BK16 kimberlite project in the Orapa Kimberlite Field (OKF) in Botswana.