September is regarded as the month of new beginnings and fresh starts. Not only is it spring but it is also traditionally the time when people look at changing jobs and preparing for the end of the year.
Why is September the real New Year?
New Year resolutions often fail because people panic and make rash decisions. If you start planning for the New Year from September you may find that sticking to your goals becomes easier. Why? You have thought through your financial needs and wants and created a realistic financial plan. You can also include health and well-being to make 2024 your best self-care year yet.
It can be hard to slow down and take time out for yourself and your finances in September. This is especially true as we come towards the end of the year. Work as well as the stresses of life start taking their toll.
But what’s the point of starting a new job, getting fit and keeping the household running if you have not put a plan in action to get your finances under control.
September is the Real New Year. Take September to engage in financial self-care so all of the things you worked so hard to acquire will be protected now and in the future.
Here are some easy ways to get you started:
1. Spring clean your home and digital spaces.
Remove apps that are no longer useful, unsubscribe from online shopping stores that create temptation and delete emails that clog up your inbox and make it difficult to locate important financial correspondence. Also go through your home, mail and documentation and throw away unnecessary paperwork. Create a happy de-cluttered space in your home that you can use to manage finances.
2. Take a good look at financial areas in your life that you have neglected.
Setup clear goals and a detailed monthly plan for 2024 to reach these savings goals over the next 1-2 years.
SAVINGS
How much savings do you currently have? You should have 2 savings plans in place.
a. Access to immediate savings of about R15,000-R20,000.
b. A savings plan that can cover 3 months of living expenses when unforeseen events occur.
DEBT MANAGEMENT
What is your total outstanding debt for loans, credit cards and retail cards. Research some ideas on how to start paying this debt off faster than what you are currently doing. Once you have done this research, and If you realise that you simply do not have enough money to do this, think of ways to make more money.
When it comes to paying off debt we like the Snowball effect. Pay off smaller debt first and then take that installment and add it to the next smallest debt and so on. By doing this you can reduce the term of your debt by as much as 50%.
RETIREMENT
Have you started planning for your future by investing in a retirement annuity or pension investment option. Have you made use of your company’s retirement offer of matching your retirement deduction? There is nothing better than working for a company that is prepared to match your monthly retirement installment.
3. Put a plan in place. Include how you intend to meet your goals and make sure that your plan is visible.
Trying to tackle all goals at once is a recipe for disaster and you may become overwhelmed and demotivated.
Break down your goals into smaller chunks. Once you’ve crushed your first goal move on to the next. Be patient and intentional with your financial goals. Choose one and work on it until completion.
Add notes and motivational quotes to your online calendar for 2024. By the time the New Year starts you will have forgotten you did this and so these little reminders will keep you on the straight and narrow.
4. Create a fail-safe plan.
In order to remain on track, you must review your goals each month.
You may also encounter challenges and disappointments in 2024. Life happens and no one can see into the future. Find online sites with counterparts that are on the same track as you. Enlist this community to keep you motivated. This will stop you from losing track of your goals.
Improving your financial situation requires an action plan and some discipline. It may seem difficult in the beginning but as you go along it will become simple and straightforward. By practicing your plan every month, you are creating a brain pattern as well as muscle memory. Before you know it your financial goals and future plans will be running like a well-oiled machine and will become just another part of your daily life.
Send Your Questions to Negociate Credit Solutions at email contactme@negociate.co.za or get additional contact information below for facebook messenger or submit a "Call back Request"
Here are some other things you can include in your plan for 2024:
REVIEW YOUR LIFE INSURANCE
Another aspect of financial planning is protecting your money from the unexpected. While the cost of life insurance will depend on personal details like your age and health, the type of policy you choose will also be a factor. The two main options are permanent life insurance, which covers you for life and builds cash value, and term life insurance, which covers you for a set period of time. A financial advisor can help you determine which kind of policy makes the most sense for your situation.
ADJUST YOUR SHORT-TERM INSURANCE
Make sure that your short-term insurance is in line with the assets that your own. Paying too much or too little is equally problematic. Make sure that your insurance broker has adjusted your premium in line with the depreciation of your assets or increased your premium to include assets that you may have purchased in the last year but not included as part of your coverage.
CAREER CHANGES OR PROMOTIONS
September always brings about a feeling of a fresh start and you may be planning to look for a new job. Even if you’re not ready to start sending out your CV, you may be thinking about your next steps. It may be your next promotion, climbing the corporate ladder or starting a new career entirely. Make sure you have a well thought out plan and do your research to make sure you are moving in the right direction.
THINKING ABOUT TAKING A BREAK
Summer is peak season for traveling and so you may have decided to getaway towards the middle of 2024. To save some money, but also to get that well deserved rest, consider an outdoor travel spot that includes outdoor activities. If you are more of a water person then think about camping sites near beautiful spots. Try something new like fishing, skiing or boating. Do something different in 2024 instead of that usual holiday that you take each year.
Let’s make 2024 a year that takes you out of debt and gets you on track for future financial goals. Stay focused and before you know it everything will fall into place.
7 Baby Steps Explained:
There is no quick fix to getting out of debt. Make sure that you partner with a Debt Counsellor that is going to assist you to get out of Debt.
If you would like us to conduct a free financial assessment for you here are contact options:
If you would like us to conduct a free financial assessment for you here are contact options:
1.Complete our online assessment form at http://bit.ly/39miXXx
2. Send us an email to contactme@negociate.co.za
3. Complete a call back request on our website at http://bit.ly/38Aoyuc
A consultant will contact you to discuss the way forward. Please note that you are not obligated to proceed if you feel that the solution we offer you will not assist you enough financially.
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About our Author
Lauren is a registered member of the National Credit Regulator. Prior to that, she worked as a Financial and Technical consultant for McGregor-BFA (Now INET-BFA). McGregor-BFA provided Trading and Market related data as well as Investment management software to Asset Managers, University Business Schools and Investment entities. Thereafter experience was advanced to the Property Market working as a Project Manager for Propertyi. But it was her career at the IEB in Adult Education that inspired a passion of hers to educate consumers about responsible ways of managing their financial lives and the long term advantages of doing so. It is her belief that financial education should be taught from an early age. By doing so she believes that we can create a country that is economically stable, driven not only by work ethics, but by becoming Financially Independent too.
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