Financial Planning
Five tips to help you avoid financial sabotage
If you reflect on all the plans you made and goals you put on your vision board at the beginning of the year, how many of them have you actually stuck to? For most people, the truth is that many plans end up at the bottom of a to-do list which now lives under their bed, along with that 500-piece puzzle they promise they’ll finish ‘one day’. This is especially true when it comes to our finances. Are you guilty of financial sabotage?
Financial self-sabotage can come in many forms – e.g., not paying your accounts on time, or buying that air fryer on credit on Black Friday without considering that the interest may amount to more than the discount.
Lee Hancox, Head of Channel and Segment Marketing at SanlamConnect, shares five tips to help you avoid financial sabotage:
Lee Hancox, Head of Channel and Segment Marketing at SanlamConnect, shares five tips to help you avoid financial sabotage:
Work with a plan in mind
If you fail to plan, you plan to fail, as the saying goes. This couldn’t be truer when it comes to your finances. Think short, medium, and long-term when looking at your plans and goals, and remember that nothing worthwhile happens without a solid plan to support it. Speak to a financial planner to help set you up for success.
Budget… then stick to it
Failing to budget will leave you in the dark as to knowing how much you have and how much you need to be able to cover your monthly expenses. No one can make a success of their finances without having a grip on what comes in and what goes out.
Avoid bad debt
Don’t be tempted by material purchases you can’t afford. Purchasing something that you cannot afford to pay cash for, will cost you much more over the longer term and will put pressure on your monthly budget. Rather save for something you need or want than push yourself into the red.
Delay gratification – work towards goals
We all love to reward ourselves for working hard. Just remember, careful planning to achieve a desired outcome at a time when we can afford it, is worth far more than instant gratification at a point when we’re financially under strain.
One last tip
Make saving an imperative, not an afterthought
Doing this will put saving on par with every other element of your financial plan and budget – and that’s exactly where it should be.
Life is fast-paced, and the allure of instant gratification can be hard to resist. With a professional in your corner, a solid plan in place and a commitment to see it through, you will be well on your way to financial freedom.
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