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philidam2

  1 month ago

#NewYearTips

Being on track with your financials at the beginning of January will help set you up for success for the entire year. Here are a few money tips for the new year, new you.

1. Budget
This is one of the most important steps to getting your financials in order. Take stock of all your weekly /monthly and annual expenses...write it down or use an online financial tool.

2. Downsize
Once you’ve set up your budget, Use it to downsize your expenses.
Many of our New Year’s resolutions are about shedding—time on social media, alcohol consumption, cookies eaten per week—and your expenses are no different.

3. Get Specific

The new year is all about goals and resolutions. The more specific, the better. And set schedules, timelines, and limits for yourself. If you want to get down to spending no more than e.g R500 a week on groceries, set a reasonable deadline for yourself to get there. Set specific goals for yourself throughout the year to help you get there. If you’re specific about what you want, you’ll be more likely to achieve your goal.

4. Reality Check

Set aside at least one day every week to check your credit card or cheque account statements. Again, sticking to a schedule is key here. As soon as you miss one day, you’ll slip and start making excuses the rest of the year. Checking your statements every week will ensure that not only has there been no fraudulent activity, but it will serve as a reality check on your spending. It’s easy to forget how much all those cups of coffee can add up in a week. If you see it on your statement though, you’ll be more inclined to cut back if you have to.

5. Hindsight 2020

Take an afternoon to write down some of your money mistakes in 2020. Now write down your money goals for 2021. It’s easier to make future goals if you know what went wrong in the past. Identifying your weaknesses will strengthen your financials moving forward. Then try implementing one of these goals each week. Maybe you want to spend less on takeout every week. Set a limit , as the year progresses and you stick to your goals, you can increase the amount depending on your individual desires and needs.

Taking these small steps at the beginning of the year will go a long way towards resetting your financial situation. Make your goals and resolutions feel accessible. Don’t try to overreach, as many people do in January. If you do, then you might end up feeling disappointed. By starting small, you’ll be able to attain your goals easier. That will make it easier to then tackle the bigger goals.

@forbes.com

Being a Financial Advisor I can attest to the above tips. The first thing I do when I assess a client’s portfolio is to do budget planning. I have a little book where I write my weekly /monthly budget in, which works much better for me.
Do you have a budget in place?
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TolunaTeamZA

  1 month ago
Great tips, Philida! Thank you for sharing these with us! :) Reply
1 comments

t6254547

  1 month ago
Yep I always do Reply
1 comments

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