Managing your money efficiently is crucial during these challenging times. Here’s how to stick to your financial goals.
The national lockdown period is an ideal time to review your finances and check that you’re still on track with your financial goals, says Ester Ochse, Programme Head at FNB Money Management. Size up your financial fitness by asking yourself these key questions:
- What are the next financial moves that I should be making?
- What could I be doing better with my money?
- How can I ensure my family is protected while I change or optimise the way I manage my money?
‘While reflecting on your finances, it’s important to review your spending and align it to what you value, ensuring that your family is protected. Equally important is to review how you’re saving for retirement,’ Ochse says.
Take stock
Reassess, explore what you value and how you can apply that to your financial life. It’s important to determine what you need versus what you want. First do this exercise by yourself. Then, if you have a partner, speak with them to agree what this picture looks like for the both of you.
Prioritise
Decide which of the ‘wants’ you deem most important. Start directing your money towards them, especially those that’ll set you up for long-term financial wellness.
Trade off
Once you’ve listed your priorities, for example, furthering your education or saving for a deposit on your first home, start prioritising the things you’ve listed. Go through your bank statements to get a full idea of your spending. Mark areas where you can cut back, such as entertainment, clothing and leisure, in order to channel funds towards your long-term goals.
Review and repeat
Make reviewing your financial progress a habit – even after lockdown. Values change over time, so it’s important to check in with your goals on a quarterly basis and adjust where needed.
‘The lockdown continues to be a great opportunity to develop good financial habits,’ Ochse emphasises. ‘Use this time to assess and explore what you value and how you can apply that to your financial life. Implementing these simple changes in your financial behaviour could give you the necessary room to save for a better life.’
Where can you get help?
Mediclinic Southern Africa employees:
If you are concerned about your current debt levels, send a WhatsApp to AskHR (+27 021 809 6869) or email them: askhr@mediclinic.co.za. They will be able to provide you with the contact details of a Mediclinic approved company (DebtBusters) that can assist you.
If you would like to consult a financial advisor, contact AskHR to provide you with the details of an Alexander Forbes financial advisor.
Mediclinic Namibia employees/ ER24 employees:
If you are concerned about your current debt levels, contact Schalk Wasserman Schalk.wasserman@mediclinic.co.za at Corporate Office. He will be able to provide you with the contact details of a Mediclinic approved company (DebtBusters) that can assist you.
If you would like to consult a financial advisor, contact Salome Smuts Salome.smuts@mediclinic.co.za who will also be able to provide you with the details of an Alexander Forbes financial advisor.
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