Trying to say goodbye to winter with a new fitness regime? Why not also get your money matters in shape? finweek shares seven ways to freshen up your finances.
Spring is here, which means there are only four short months left until the end of the year. Now is the time to put some prudent steps in place to rid yourself of old, unhealthy financial habits to help you have a stress-free holiday and a lighter debt burden in the new year.
HERE ARE SEVEN SIMPLE STEPS YOU CAN TAKE:
1. REVIEW YOUR BUDGET
Is your budget still relevant for your current lifestyle and financial situation? Use this time to review your monthly budget, making sure you can account for all your expenses, says Laurence Hillman, managing director of 1Life.
Make sure you aren’t paying for things you no longer use, such as a gym membership, loyalty programmes, or so-called free-trial offers that are now reflecting as charges on your bank account. If you see charges that you don’t recognise – now is a good time to investigate.
Fraudsters who deal in stolen credit card numbers sometimes make small purchases to test if an account is still active before they buy big-ticket items.
Hillman also suggests that you start budgeting for December plans when reviewing your budget and outline what you’re going to need to get through the festive season without incurring unnecessary debt.
2. MANAGE YOUR DEBT
Use this time to shake off longstanding debt. “Debt is stressful, and even more so when you are simply adding debt to satisfy your kids or spouse with a Christmas gift list,” Hillman says.
If you clear your debt now, you will have more disposable income to meet increasing costs in the new year, such as school fees, or higher medical aid and insurance premiums. Alternatively, you can free yourself up to save more towards your financial goals.
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