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From updating your wardrobe to cleaning and reviving your goals, spring is the ideal time to reorganise your life, including your finances. Use these 5 Rs to revamp your budget and financial health.
Make a firm commitment to improve your finances. You can write this down or ask your loved ones to hold you accountable by sharing your plans.
Reorganise all your financial documents. With National Wills Week falling in September this year, from the 13th to the 17th, a valid and updated will is a great place to start, followed by your bank statements, insurance policies and statements from loans and store accounts. Use a spreadsheet or an app like 22seven to keep track of your expenses and debt.
Evaluate your current financial situation, develop a financial recovery plan, then implement your plan. Repeat. For example, listing all your financial issues (e.g. debt) and then talking to your financial adviser is a good place to start.
Make a commitment to pay yourself first and allocate money to your emergency and retirement funds. Even if you restart your savings with just R100, it’s better than nothing.
5. Reach out
Remember, your financial coach is available to guide and assist you. If you have any queries about the above, contact your Interface financial coach here.
For more financial advice, read these helpful articles:
The information is shared on condition that readers will make their own determination, including seeking advice from a finance professional. E&OE.