Guiding consumers since 2009

Your Financial Resolutions

By Staff Writer

Every New Year we make resolutions to eat better, get slimmer and finally go travel the world in Eat, Pray, Love fashion.  But have you thought about your financial resolutions?

We could all use them, especially if we spent a little bit more than we could afford over the festive season. Let’s take a look at some of the best financial resolutions to make.

Budget, budget, budget:

The same way you hear: “location, location, location” when it comes to business, the same way budget, budget, budget applies to personal finance.  Keep all your slips for the next month, check your bank statements of the last six months to see exactly where your money is going.

Then decide where you can cut your spending and save some extra cash.

Pay off your debt:

Start with the store card, credit card, or personal loan that has the highest interest rate and pay it off as soon as you can. Once you’ve paid one card off, take the money from that installment and put it towards paying off another debt.

Carry on the trend until you are free of your short term debt, the quicker, the better.

Re-evaluate your cover

Everything from medical aid to short-term insurance should be reviewed at least once a year.  Use the comparison service offered by Justmoney.co.za to find the medical aid and insurance cover that is best and the most affordable.

Plan for retirement

In 2010, there was a lot of noise being made about people not being ready for retirement, despite having a work provident or pension fund. Speak to one of our experts or use our retirement calculator to see exactly how much you should be putting aside and chat to one of our consultants to find out how you can actually make this happen.

Get a better mortgage rate or consolidate your debt

If your credit record is in good standing and you have been paying off your mortgage on time every month, then you might be able to consolidate your short-term debt into your homeloan. If you don’t have any short-term debt  but you are paying and high interest rate on your mortgage, you might want to consider remortgaging your home.

Ask for help

If you are paying off more debt than the money you are getting in every month, you need to get help. The first thing you need to do is admit to yourself that you have a problem and ask for help. Speak to one of our debt experts to find out  exactly what your options are and you can not only reduce your monthly debt repayments, but also become debt free.

Recent Articles

Featured 6 smart ways to select the best medical scheme

It’s important to belong to a medical scheme that offers great benefits at affordable prices. However, due to insufficient knowledge, many people find themselves paying higher premiums for a medical scheme which does not even meet their needs.

Calculate your vehicle finance instalments

You’ve dreamed of a set of wheels since you can remember, and now that you’re a responsible adult with a steady income, you’re ready to take on funding to make this dream a reality. But what kind of vehicle finance options are available to you? Justmoney gives you the rundown.

Check the interest before you take a loan

Justmoney takes a look at what influences the interest rate on a personal loan, the difference between secured and unsecured loans, and its impact on the interest rate.

One retirement, so many funds – pick the right one

Saving for retirement should be one of your priorities. However, it can be confusing to choose between a pension fund, provident fund, preservation fund, or a retirement annuity if you’re not familiar with them.

Deals

Wimpy Cheese Griller Brekkie Special

Price: R49.90
When: Until 9 September
Where: Nationwide

Mowana Spa Me Time Indulge Special

Price: R899
When: Until 31 August
Where: Fourways

Premier Hotels Weekend Getaway Special

Price: From R540
When: From 1 September
Where: Nationwide