Spring-clean your budget
Giving your budget a good spring clean is a great idea to ensure you are ready for tougher economic times ahead.
With a double-digit fuel price increase expected this month, consumers are faced with yet another financial blow.
Combine this with inflation and keeping budgets in check becomes more important than ever.
Here’s how you can revive and refresh your finances
Update your income and expenses.
By this time of year, many people will have received their annual increase. Have you adjusted your budget accordingly? If the last time you reviewed your budget was in January, consider the significant changes that have taken place since then, like the VAT increase and the numerous petrol price increases.
Be smart with your spending
It’s not always easy to keep track of your spending, especially when making payments and purchases happens at the tap of a card or a click of the mouse. Take advantage of various budget planners and apps available like 22seven, MyFinancialLife, Spending Tracker.
Make some changes behind the wheel
Did you know that at 110km/h your car uses up to 25% more fuel than it would cruising at a more moderate 90km/h?
Update your insurance
Now’s the perfect time to ensure that your home contents insurance is up-to-date. Some items may have devalued.
Budget for debt repayments
From credit cards to store cards, it’s easy to get carried away buying on credit. Go through all your statements and pay off outstanding debts or at least put up a plan.
Kick bad habits
From piling up paperwork and not keeping accurate records, to slacking on saving, we’ve all done it from time to time but when it becomes a habit, it’s time to take action and make a change.
Reap from your rewards programmes
Many of us are part of loyalty programmes offered by entities from banks and supermarkets to healthcare providers.
Understanding how to make the most out of these programmes is critical to really enjoying their benefits – from earning the most amount of points to receiving the highest possible discount or cash back.
Read the terms and conditions and frequently asked questions on the relevant websites to ensure you know exactly how and when you should be rewarded.
Implementing simple changes like taking advantage of technology, kicking bad habits and saying goodbye to unnecessary expenses will go a long way to regaining and maintaining control of your budget – putting the spring back in your financial step.