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Here’s how to have a ‘financially friendly’ year

If you were a bit too merry over the festive season, don’t despair – it is possible to have a more financially friendly year. starting now.

Susan Steward, spokesperson for Budget Insurance, says that if you’re not sure where to start, a budget is always a smart first step. This will help you feel more in control, knowing where your money is going each month and ensuring you live within your means.”

Budget Insurance has compiled a guide to smart money management:

Be prepared

Create a financial calendar and set dates to go through your financial records and receipts. Assess your holiday expenses and create a plan around cutting back and consider a payment plan for outstanding bills, don’t ignore them.

For the rest of the year, keep a record of your expenses, receipts, bills and tax-related paperwork in a folder or scan them.

Review your current expenses

Check your statements and do an inventory of all your accounts to see what you’re receiving and spending monthly and track your expenses.

Clear out and sell unwanted things

Get rid of the things that no longer serve your home and are not needed, this will help to create financial breathing room.

Budget and plan

Draw up a list of the supplies needed. Sign up to get updated price lists from a school-supply website such as SchoolSuppliers.co.za. That way, you can stick to your budget.

Remember, even the smallest adjustments can make a meaningful difference over the long term.

“Develop a positive attitude towards learning how to save money and how you handle money and hold yourself accountable,” says Steward.

“It’s not an overnight achievement, so be patient with yourself. What matters is taking the first step.” says Steward.

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