The start of a New Year is the perfect opportunity to get a handle on your financial situation. No doubt you have made some sort of financial resolution. Save for a holiday? Deposit on a car? How about being responsible and increasing your retirement fund 😊 Whatever your financial goals for 2020 our tips below should help you get started.
Prioritise your debt
Do you know everything you owe? Make a list just to be sure. Then add the interest rates you are paying and plan to pay off the highest ones first. Once that debt is paid you can use the money to pay off the next debt and so on.
If your debt is overwhelming and every month your salary just goes to servicing your debt, you could be over indebted. We’ll happily conduct a FREE financial assessment to see if we can assist by reducing your existing debt repayments to provide you with that much needed breathing space. Leave your details and we’ll give you a call.
Start a savings account
The key word there is ‘Start’. You don’t need to wait until you have a thousand rand to start saving. Start with what you can, the pot will soon grow. As you start to earn interest, the interest starts to earn interest, meaning your money starts to work for you. That’s the power of compound interest.
Focus on building an emergency fund that is there for when life happens. Unforeseen expenses can really blow your finances. If you’d like to know about our savings plan that is launching soon sign up and be the first to know. Psst you only need R25 to start saving.
Start a retirement fund
Feels like forever away doesn’t it? But, the sooner your start the more your money will grow. Start making small contributions towards your retirement each month now and the pot will soon grow.
If you already have a retirement fund, think about increasing your monthly contribution so that you can make sure you can retire on your own terms.
Sticking to your resolutions
Its great to write down your resolutions and plans, but make sure you take action to achieve your goals. Once on your way, your finances will improve and prepare you for situations to come.