A new year calls for change and improvement, including how we manage our hard-earned money.
“How about putting yourself first this coming year? Is that not a great resolution to have,” asks Andile Jonas, marketing head at Momentum Investo.
“By paying myself first, I mean that the debit orders for my retirement annuities and medium- and short-term investments and savings must be intact. I want to tick the life and short-term insurance boxes, make sure our medical aid plan still works for us, and have a look at my will.”
He advises the following:
- Do the admin — look at your budget and update it with new expenses or increased premiums. If you don't have a budget, draw one up, so you know where your money goes and you can start to track your expenses;
- If you don't have a financial adviser — they are not only for the 1% — have a meeting with one and discuss how you can meet some of your financial goals such as educating your children or saving for your retirement;
- You can run but cannot hide from the South African Revenue Service, get your tax affairs in order and be ready to file your 2024 return; and
- If you are a parent, be aware of the money lessons you are teaching and be more conscious about your behaviour around money.
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