Start the Year on the Right Financial Foot | Antaris BlueStar | Sanlam Financial Planners Gauteng

Financial Planning

Start the year on the right financial foot

The new year is a great opportunity to take control of your finances and set yourself up for long-term stability. Here are 10 actionable tips to get your budgeting and financial planning on track:

  1. Review your spending: Analyse your bank statements to identify unnecessary expenses and adopt a budgeting method like the 50/30/20 rule to allocate income towards needs, wants and savings effectively.
  2. Create a spending plan: Establish a corrective budget to cut down on non-essentials and reset your finances. Tools like zero-based budgeting or cash stuffing can help streamline the process.
  3. Assess your debt: Take stock of what you owe and aim to pay more than the minimum on high-interest debts. Strategies like the debt snowball method can help reduce your debt faster.
  4. Make credit work for you: Use credit responsibly by prioritising “good debt” that can work for you and contribute to your future earning potential.
  5. Plan for the unexpected: Build an emergency fund to cover unforeseen expenses. This can help you avoid taking on additional debt during emergencies.
  6. Track spending habits: Categorise your expenses and identify patterns that lead to overspending. Simple changes, like packing lunch or limiting online shopping, can make a big difference.
  7. Maximise rewards: Leverage loyalty programmes, cashback rewards and discounts from your bank or retailers to stretch your budget further.
  8. Regularly review your financial plan: Life changes, like having a child or starting a new job, may require updates to your financial strategy. Schedule periodic reviews with a financial adviser.
  9. Be transparent with loved ones: Share your financial goals with family and friends to foster accountability and support. Open communication can reduce the pressure to “keep up appearances”.
  10. Plan ahead for the 2025 festive season: Start saving for December early in the year by setting aside a small amount each month or buying gifts during sales to avoid last-minute splurges.

Begin 2025 financially strong

Starting the year with a solid financial plan can feel empowering and rewarding. For expert guidance tailored to your needs, contact a Sanlam financial adviser today and take the first step towards financial security.

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