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Wednesday, May 18, 2022

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Take an honest look at your finances - This is the year to create long lasting growth

We can all agree that 2021 was a year of many hurdles and challenges. We know that change is inevitable, and just when you think you have everything under control, life seems to throw some more curveballs your way. File Image: IOL

We can all agree that 2021 was a year of many hurdles and challenges. We know that change is inevitable, and just when you think you have everything under control, life seems to throw some more curveballs your way. File Image: IOL

Published Jan 18, 2022

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We can all agree that 2021 was a year of many hurdles and challenges. We know that change is inevitable, and just when you think you have everything under control, life seems to throw some more curveballs your way. However, we also know that we are resilient as people, and we find ways to survive and thrive despite these constant changes. 2022 can be the year for you to prosper financially. The year to grow your finances. The year to start that budget you've been putting off. The year to pay off the never-ending debt. The year to protect your family and loved ones. All you need is a guiding hand, some self-discipline, and a re-examination of your future.

“The global pandemic has been difficult - physically, emotionally, and financially. But it’s never too late to turn it all around,” says Lindi Monyae, Managing Executive for Liberty’s Emerging Consumer Market division.

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“We often think that taking a hold of our finances requires dramatic change, where in fact it’s a series of small steps that can change our lives. As a financial services provider, it’s our duty to educate people on how to work with their money and minimise losses, no matter how much income they make.”

Just a few minor financial tweaks and decisions can make all the difference, and a financial adviser can help you to determine the best ways to implement these changes in ways that suit your affordability and needs.

For those of us who haven’t done this before, taking a deep dive into your financial situation can seem daunting. We may not always realise the extent of our debt, what our retirement will look like, or even have a comprehensive view of the insurance cover we’ve been paying for – if we have any at all. But it’s vital to understand exactly where you stand, because that’s when the real planning can begin. The good news is that you don’t have to do it alone. No matter how much income you receive per month, or your level of debt, a financial adviser can help you to plan, protect, and grow your finances. Even just an initial conversation can put you firmly on your journey towards financial freedom.

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Budget, Budget, Budget

“Being able to afford the right protection requires accepting the fact that we have to cut back on our expenditure for the best possible peace of mind – and budgeting can make this possible without changing our lifestyle too much,” says Monyae.

Budgeting gives individuals the tools to identify opportunities for wealth creation and eliminate any wasteful spending. Knowing exactly where your money goes means you can redirect it when necessary.

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Think about you and your family’s future safety

Life. Just. Happens. It’s a lesson we’ve all learned throughout the pandemic, wherein many of us have experienced or seen a tragic loss of lives and livelihoods. However, these events – albeit life altering – do not mean that you and your family’s finances have to be impacted and altered forever. By investing in insurance – be it health, life, or lifestyle protection – we can ease the burden on ourselves and our loved ones in the event of a tragedy. It’s also important to start this investment as early as possible, as it becomes more expensive to insure ourselves as we get older.

You don’t have to start instating all policies at once. In 2022, think about what you can afford and what will ultimately save you the most money in the future.

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“Even just getting funeral cover or an accident plan is a step in the right direction. With the Liberty Funeral Plus plan, for example, you can cover up to 32 family members, and it can be adjusted at any time to fit your budget,” says Monyae.

Start a side hustle with that New Year energy

More and more South Africans are taking up additional work to maintain – and enhance – their lifestyles, and the new year presents an opportunity to see if you can do this as well. Two incomes can help boost your ability to save. Carefully consider the amount of spare time you have available each week, and see where you can utilise those hours for other projects. Start formulating a business plan, identify your market or audience, and get the right financial guidance from your adviser. However, when you’re making not just one, but two incomes, it’s also important to make sure you’re protected in case you are unable to work.

“Set your goals and start 2022 on the right note: let our financial advisers help you plan for a better future,” ends Monyae. This year can be life changing. Make that call or email. Reach out to our advisers who are there for you to help you take the first step.

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