Can you change the way you work with money?
It’s possible with our financial calendar, put together by legal marketing specialist, Geraldine Macpherson. Simply complete a task per month, and look back on the year with satisfaction.
Organise your statements from last year to see how much you spent on shopping, entertainment, gifts, bills and petrol. Set a budget, and talk to your family about ways to save. Instead of going to the movies, swap DVDs with family and friends. Instead of going out for dinner, play Masterchef at home with the family.
You should be saving 15 percent of your total annual income, but rising inflation is pushing that number closer to 20 percent. While it may not be easy to increase your contribution to your company’s retirement fund, the tax man can help. You may claim a deduction of up to 15 percent of your taxable non-retirement fund when contributing to a retirement annuity, and this amount may be paid into the retirement annuity on an ad-hoc basis, which allows for flexibility in your planning.
Set a weekly budget, and draw cash for that week to live on. Studies have shown that you may spend up to 25 percent less, simply by seeing how much you spend.
Pretty much any debt, other than a home loan, is bad debt. Cut up the credit and store cards, and live like a miser until you get out of your debt, then work on building an emergency fund of three month’s salary for unexpected events.
Shop around for cheaper insurance, because you’re probably wasting lots of money every year on your home and your car cover. As your car depreciates, so should its cover.
Invest in yourself and stay at the top of your game by taking a course to improve your work performance.
It’s time to check your cash flow progress – organise your statements to see if you’ve stuck to your budget, and if you’re on track with your emergency fund.
Spring clean your investments, from mediocre unit trusts to money left sitting in a low-yielding account. Rather than cancelling policies and incurring further fees and penalties, find out what your options are to make your money work for you.
Open Fundisa accounts to help educate your children and grandchildren. A bonus of 25 percent of your annual savings to a maximum of R600 per year per child is calculated in October and deposited into your account in December – an extra saving for you!
Don’t fall for the holiday Christmas shopping binge, rather get crafty and make unique and special gifts.
Write your will, or update your existing one.
Have a review of your medical aid plan if your family’s needs have changed, or consider getting one if you haven’t already.
Source: Liberty Retail