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Good financial planning will help make 2021 a better year

By Opinion Time of article published Feb 3, 2021

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Last year we all put a lot of things on hold because of the pandemic and the subsequent country wide lockdown. It is not surprising that many of us are still trying figure out how to make 2021 a better and more productive year.

For most of us money is still tight, but this should not mean we cannot plan and set realistic financial goals that we can achieve this year. On one level, the solution could simply involve making some tough, yet beneficial decisions, regarding our normal spending habits.

All of this might seem unattainable and impractical right now but planning to better manage your finances could be the change you need to make 2021 a real success. Most importantly, create your plan and stick to it. You are doing this for yourself, so give it your all and make yourself proud. We can still have a great year by planning. As Alexander Graham Bell said, 'Before anything else, preparation is key to success'.

Speaking to the experts will give you the edge

With expert planning and advice, it is possible to upgrade some aspects of your life. This is extremely important when it comes to your finances.

With a view on 2021's economic outlook, most economists have forecasted a slow but steady recovery from 2020's shock downturn, so there are things to be hopeful about when planning for the year. You should be able to take advantage of this with the right advice.

Lindi Monyae, Executive for Liberty Emerging Consumer Market says "now is the right time to start thinking about your financial future and a good place to start is by getting expert advice from an accredited Financial Adviser or Broker. Even though we are all masters of our own lives, we certainly need expert advice and tips when it comes to managing our finances for today and the future".

"A Financial Adviser or Broker will ensure that you have considered everything around your finances. Some of your more emotional decisions will have to be challenged. Ultimately your financial goals need to be clear making your journey towards financial freedom more realistic," she says.

Financial Advisers make it their business to understand your financial needs and offer appropriate solutions that are available on the market. They know how to design a plan to fit your individual situation to the best possible advantage, not to mention cost.

“They have the experience to help you prioritise what's important, find ways to help you be more efficient with money by simplifying your finances, including insurance cover and they can work out the best solutions for you," she says.

The first thing a Financial Adviser will tell you is that planning your finances usually involves accepting some trade-offs in your current spending habits to enable savings to be created elsewhere for your benefit in the future.

One example could be spending less on entertainment. With COVID-19 restrictions currently in force, this exercise should be an easy one to grasp and execute on. Your monthly entertainment budget could be re-directed towards your savings for example. If you're battling, says Monyae, simply ask yourself, do I really need this?

"Taking the first step could really be as simple as setting up a quick and convenient online meeting with an Adviser, where you can discuss appropriate steps to get you on the right track. Begin the discussion and get going," says Monyae. Our physical health is critically important, but we want to make sure that our financial health is also taken care of.

PERSONAL FINANCE

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