Ways to boast your finances

Cutting back on unnecessary expenses and saving or investing more are goals we should all be aiming for.

Use the new year as a chance to improve your financial health by adopting some resolutions around your finances. We’d all like to be healthier and wealthier, so cutting back on unnecessary expenses and saving or investing more are goals we should all be aiming for.

Start the year with the end in mind Decide what you want to achieve personally, physically and financially in 2020 and set daily, weekly and monthly goals aimed at your end goals. Have “the talk”

Financial problems can cause stress for you and your loved ones. Make time to discuss your financial situation, fears, and hopes and get everyone in your family with you on the journey to financial freedom.

A goal without a plan is just a wish

Set up a budget to serve as the plan on how you are going to spend and save your money. A budget is a great way to keep track of your expenses.

Check your credit score

Once a year you can check your credit score online for free. See how creditworthy you are and look for ways to improve your credit score.

Inspect your insurance

With another year gone, you and your assets are a little older. Review your short-term insurance to make sure you are not overpaying based on last year’s asset values and adjust your risk cover policies to make sure you are sufficiently covered against life’s surprises.

Reward yourself

Reward programmes are an easy way to get “free money” from savings on purchases and free goodies for positive behaviour. Just double-check that the price you pay for the reward programme does not exceed the benefits you receive.

Review your investments

. Review and rebalance your investments according to personal and economic changes and make sure your investments are still suitable for your investor risk profile and investment goals.

Make 2020 your year to be debt free

Calculate your total debt and decide how and by when you are going to pay it off. Start working towards eliminating your debt by paying as much as you can on the debt with the highest interest rate.

Increase your value.

An easy way to increase your value and save some money is to learn a new skill. Learn to cut hair, build a website or become a public speaker. All these skills can increase your value and your potential earning power.