Beat those Janu-worry financial blues
Discipline and planning vital
AS 2016 draws to an end we have much to reflect on. It’s been a year full of surprises — Brexit and a Trump presidency — and who knows what 2017 may hold?
To help you begin 2017 on a steady footing, work through the following list before you wrap up the year and enjoy the holiday — with a little discipline January won’t be fraught with economic hardship.
Check your credit score
It’s a good idea to check your credit score. You can access your credit report through TransUnion or Experian South Africa. If you can afford to, get the report that drills deeper into the details of your credit accounts. Be on the lookout for errors or suspicious accounts. Remain aware of the score and maintain it throughout December.
Make an appointment with your financial planner
A lot may have happened in your life. Perhaps you got a new job, got married or divorced, or you had a baby. Whatever the change, make sure that your financial plan is up to date. Review everything, including your life cover, estate plan and investment portfolio.
Review your medical aid plan
A lot of medical aids are reviewing their prices and benefits for the new year. Pay special attention to rate increases and changes to the benefits — and compare service providers. You may find that it’s time to switch plans.
Review your debt repayment goals
If you have been working hard to pay off your debt, it may be worth checking your progress and seeing if you can make any changes.
For those who have struggled to keep up with their plan, speak to your creditors and see whether you can devise a better solution. If you are fortunate enough to get a yearend bonus, consider using it to pay off your debt.
You may be tempted to spend your hard-earned money, but pushing for a little financial freedom is something your future self will thank you for. Forgoing instant gratification in favour of long-term stability is the best thing you can do for yourself.