FaceApp your savings
The recent FaceApp craze has put aging (not to mention data security) front and centre. While vanity may drive the rate of downloads, a serious undertone nagging at the back of your mind may be… what will your life be like in 20, 30, even 40 years from now?
We all have dreams, and our bucket lists get longer by the day, but how will you be funding all these #LifeGoals? What steps are you taking today to invest in yourself, your family and your future?
André Wentzel, Solutions Manager at Sanlam, says it’s time to FaceApp our savings!
Know your goal
That person that’s staring back at you from the app; what kind of life is he or she leading? Can the "future you" afford to retire early if you wanted to? Have the financial freedom to travel?
When you have a clear understanding of your goals, you can plan like a boss. This personal hit list will fuel your resolve to stick to your savings plan.
Think long term
Seeing the older you on the app, you can begin to appreciate that the choices you make now affect you in the long term. You may even decide to make a few small changes now to live a fuller life later. Why not do the same thing with your money?
Setting long-term savings targets keeps you motivated to save for longer; therefore you’ll take full advantage of compound interest – basically interest on interest – which gives you a substantial boost when you’re building wealth.
Make it easy to stay in control
We all have good intentions when it comes to self-control, but the culture of instant gratification we all fall prey to makes it hard in everyday life. Go easy on yourself and make saving as frictionless as possible. Set up an automatic debit towards your savings plan every month and pay yourself first, before you focus on other needs and wants.
Eye on the prize
When you’re saving towards a goal, you may encounter roadblocks such as poor market performance or the loss of a job. If you stay focused on your financial goals instead of feeling deflated, you can recalibrate your plans and stay on track. Tap into the right expertise and get a financial intermediary on board to adjust your route around the obstacle. The right advice gives you the tools you’ll need to manage your circumstances. With this approach, disruptions don’t become dead ends.
Ask for advice regularly
Wisdom does come with age, but why wait until it might be too late to benefit from it? Seek advice from a financial intermediary. Ideally, these planning sessions should take place annually, so you can gauge whether you need to change your route and whether you need to add new products to your portfolio. This helps you to make sure that you are on track to getting where you want to be.