New season, new goals
Spring is the perfect time to shed the old and try something new!
We're all busy updating our summer wardrobes and planning our summer braais! Let's not forget to check in with our finances. Many people wait for January to review their finances, but spring is a great time for a bit of a clean- up — think of it as a spring clean for your money, the perfect opportunity to track where you are before the end-of-year rush. So, why not take a fresh look at your financial wellness and add a little spring into your planning?
If you're not sure of where or how to begin, start by looking at your needs and wants right now. Perhaps you've been meaning to save up some money so that you can move into your own place, or you want to buy your children awesome Christmas gifts, or maybe you want to save for their tertiary education. These are awesome goals, but they all need a bit of planning.
Let's have a look at a few easy steps you can take to get started.
Make saving money a priority
If you want to change the way you do things, consider your investment and spending habits. When doing this, try not to be too hard on yourself and instead focus on creating and implementing your savings plan. If devising a plan sounds complex, then just make simple changes to your daily routine. Taking stock of changes to your daily routine can give you small savings that add up over time. Easy things, like cooking lunch and supper instead of buying food, can make a huge difference to your budget.
The thought of investing money scares some people because it seems like something difficult that requires a ton of money. However, this is simply not true. Everyone can invest and you don't need a huge sum to begin. Remember, the key to investing is finding the right product that meets your objectives. Many of us want to make sure we have enough money to send our children to varsity. You could then consider a Tax-Free Investment account.
Plan for the end of the year
That’s right! It's not too early to start planning for December. While we can't be sure what the rest of the year will bring, we can be sure that we need to budget for the holidays. If you want to, you can start budgeting for December now. Why don't you try putting away a few Rands every month from now until December? It doesn’t have to be a large amount, just a few Rands that you can spare each month.
These are great tips to use throughout the year as well. Once you've reset for spring, try implementing these strategies beyond September and take control of your personal finance.