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 Register your customary marriage or lose the right to inherit estate

December is that time of the year when we will see at least one suitor sending his uncles to negotiate the price of his future wife. Lobola, as the bride price is known, has always been an important element of the African marriage.

Read more

Changing from one medical scheme to another - effortlessly

It is coming up to the end of the year and you might be looking to change medical schemes, or options within a scheme in preparation for the new year. While you don’t necessarily have to wait for year-end to do so, providers often recommend it.

Read more

Your guide to financially surviving Christmas

There are a few times each year where you need to dig deeper into your pocket and spend more money such as birthdays, anniversaries, and the Christmas period. Whether you celebrate this religious holiday or not, the festive period - depending on how you choose to spend it - means increased travelling, buying of gifts, entertaining, and eating out at restaurants.


Read more

Trump, Trump and a little bit of South Africa

What a November we had, with the rand staging one of its best months and closing below the R14.00 level. To be honest, this looked like quite a far-fetched possibility at one stage during the month. It seems that the tide has changed a little, even though it might be short lived since the US dollar bulls are not so sure of their case anymore.

Read more

Sign Up

To our weekly newsletter for advice you can bank on

Deals

Free iCollege Scholarship

Price: R600
When: Until 16 May 2019
Where: Nationwide

Telkom December Big Deal

Price: R459 pm
When: Until 31 December
Where: Nationwide

Money Savvy Kids Giveaway

Price: R450
When: 8 December
Where: Johannesburg (Milpark)