THE new year presents all of us with a great opportunity to start all over again.
So put down some fresh financial goals because making a plan is already a step forward on the journey to what you want to achieve.
Eunice Sibiya, head of consumer education at FNB, told SunMoney that facing up to your financial situation is not the easiest of tasks, especially when things are bad.
“Getting your finances in order takes a lot of commitment and dedication. It’s not a once-off process and it may require facing some hard truths about your spending habits.”
She shared some questions you have to ask to help you plan a new financial position.
Are you in a spending trap?
If you are unable to track even the smallest expense, then it’s time to take a proper look at where you are spending your money. It could be a major reason why you’re struggling.
Do you have financial goals?
Create a budget and put a timeline to accomplishing your goals. If you want to get rid of debt or save, it all depends where you are now and how long it would take to get where you want to be.
Do you give into social pressure?
One of the reasons some people never have a firm grasp on their finances is because they give in to social temptations. If you feel you have to look like you’re rich and successful, you’re going to have a bad time.
How can I avoid wasting money?
Sometimes it can be difficult to spot wasteful spending simply because once you have fallen into the habit of useless spending, it’s hard to become aware of what you’re doing. Take note and stop. The best way is to have a journal in which you record all your expenses.
Do you save?
Remember, it’s never too late to start saving, whether it’s for emergencies, education or retirement, but if you haven’t started yet, don’t waste any more time. Start doing some homework about the different options that are available for you.
