Set Your Financial New Year’s Resolutions

Just like we focus on our physical health with New Year’s resolutions, taking a moment to consider our financial health is equally important.

So, here’s a friendly list of financial New Year’s resolutions with actions to help you on your journey. Think of these as priorities to cover the essentials first, paving the way for a fantastic financial year.

  1. Start a Budget
    If you only make one New Year’s resolution, make it about budgeting. It is so easy to overspend if you have no real idea where your money is going. Make it as detailed as possible.

    To get you started, we’ve designed a very handy Monthly Budget Planner that you can download and print for free.

  1. Build An Emergency Fund
    Prepare for the unexpected by setting up an automatic savings transfer. Start small and watch your emergency fund grow, providing a safety net for life’s surprises.

    Say goodbye to those pesky monthly account fees and say hello to an all-in-one banking solution. Opening an account with African Bank online takes just a few minutes, and you can pick up your card right away at your nearest branch. 

  2. Reduce Your Debt
    Tackle debt head-on by listing all your debts and exploring strategies like the debt snowball or avalanche. Remember, there’s no one-size-fits-all solution, so pick the one that motivates you the most.

    To consolidate your debt, you get a single loan to pay off your other loans, leaving you to make just one payment to a single creditor each month rather than making multiple payments to multiple creditors. 

  3. Find Better Interest Rates on Credit Card Debt and Loans
    Before applying keep an eye on interest rates, explore credit union options, and consider consolidating debt cautiously. We’re all about finding the best rates and making informed decisions. Complete one form, We do the heavy lifting and get multiple lenders to send you their best offers. You choose the loan that best suits your needs.

  4. Improve Your Credit Score
    Elevate your credit score game by checking it monthly. Track changes, understand the factors at play, and watch your efforts pay off. A little credit score TLC goes a long way!

  5. Save for 2024’s Big Expenses
    Plan ahead for yearly expenses like holidays, birthdays, and special occasions. Estimate your costs, set up a dedicated savings account, and let your future self thank you.

  6. Update Your Retirement Plan
    Are you retirement-ready? Total up your balances, use online tools, and consider a check-up with a financial advisor. Stay on track and explore new saving opportunities.

  7. Start (or Update) Your Estate Plan
    Secure your legacy by reviewing beneficiaries on your accounts. Get familiar with estate planning, wills, and trusts. Your financial future is in good hands.

  8. Get Life and Disability Insurance
    Life insurance provides financial protection to your loved ones in the event of your death. Disability insurance pays out a lump sum or regular income if you become disabled and can no longer work.

    Get affordable life insurance from just R120 per month.

  1. Review Your Insurance Costs and Coverage
    Give your insurance a check-up! Sum up costs, compare policies, and ensure you have the right coverage without breaking the bank. Your peace of mind matters.

And there you have it! Celebrate your wins, learn from challenges, and get ready to rock the financial game in the coming year. With a little practice and consistent effort, you’ll be flexing those money muscles and achieving your goals in no time. Cheers to a financially fabulous year ahead! 🎉💰