Tips to be better with your finances this year...

As we pick ourselves up and move into the second week of the new year, we wanted to start off on a fresh note. Most especially when it comes to our finances. Practicing good saving and spending habits is something we need to encourage amongst everyone. 

Times are tough and challenging but if you plan accordingly and start having a healthy relationship with money, then things can turn out to be more fruitful this year. 

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Many people are guilty of spending unnecessarily, it can be a weakness of sorts. More than that, it could be that you have an unhealthy relationship with money and make purchases without thinking them through. 

Whatever the reason, now more than ever it is important to be savvy with your pennies. Because they ultimately make you the pound...

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According to Africa Melane's interview with Carla Oberholzer, a debt advisor at DebtSafe, there are few tips that you can follow to lead a better financial life this 2022. (MSN)

• Get an overview of your financial situation. Go through your latest bank statements with a highlighter to find spending leaks. This will help you when it comes to identifying where you are spending unnecessarily
• Keep an eye on your income and expenses every month. By working this out, you can budget accordingly, so assign a total amount to different categories. So for instance, if you have R1,500 to extra after you have paid out all your expenses, you can put away R1,000 into a savings and use the R500 as your petty cash (emergency things that you may need in the month).
• Make sure you have a financial plan in place. Pin your goals down; ensure you see them every day." (MSN)

We would also add in:

• Commit to a savings account. Perhaps speak to a financial advisor about putting money into an investment account. This way, you can save for a holiday, for your children's education, or perhaps even saving for a home. 
• Empty out a jam jar and put all the coins you have lying around inside. Don't underestimate the value that all the coins bring. At the end of the year, you can either count it up and use it for something you want to buy or you can put into the bank and start saving afresh. 

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