A NEW START

Make 2018 the year where you set the pace in money matters and those of the heart.

Are you ready to make some financial changes? What do you see as a priority? It could be as simple as paying off your debt, cutting down on your expenses or finally saving. What’s important is to tackle the most urgent. Financial planner Sonia Du Plessis shares four goals to help you take control:

1. Budget: Your income may cover your expenses comfortably, but be sure to make the most of what you earn. Make your money work for you. Cutting down on luxuries like a satellite TV subscription or regular dinners at a restaurant and then adding the savings to investments is a smart approach. 2. Reassess your current financial situation: Are you investing in the most tax-efficient investment products? With possible tax increases looming, you should invest your funds in investment structures that offer the best tax efficiency.

3. Get professional advice: A good financial advisor can assist you in growing your wealth, steer you away from bad investment choices and push you to save for retirement. An advisor will show you the value of having a long-term plan and help you understand market behaviour. 4. Acquire healthy financial habits: Get into the habit of saving. Be realistic on what you have to save, and put away at least 15% of your gross income towards a retirement savings pool.

“THERE ARE TWO TYPES OF PEOPLE WHO WILL TELL YOU THAT YOU CANNOT MAKE A DIFFERENCE IN THIS WORLD: THOSE WHO ARE AFRAID TO TRY AND THOSE WHO ARE AFRAID YOU WILL SUCCEED.” - Ray Goforth, Executive Director for the Society of Professional Engineering Employees