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Rather than spending 21 days bingeing on TV series, put your finances in order:
Budget: Start that budget you have always intended getting to.
Pull out all your bank statements and store card accounts, and work out how much you really spend. Find out if your banking app offers a budgeting programme or sign up for something like 22seven.com.
Start a notebook in which you write down everything you spend. This will give you insight into your behaviour and you will be surprised to find that there are places you are wasting money.
Get a handle on your true debt levels: Calculate the total of all your debts. How much do you owe in total (not just the monthly instalment)?
How much interest are you paying each month? Work out a repayment plan starting with settling the smallest debt first (follow the City Press/Absa Money Makeover for tips).
Call your financial service providers: There are many emergency measures that have been put in place for people whose income has been affected. Take action now and start speaking to your banks and insurers. Don’t let those debit orders bounce.
Less spending, more cash: If your income is not affected, the lockdown should mean more disposable income. With no transport costs, impulse buying or entertainment this month, there could be money to spare. If you are in this fortunate position, use this cash flow to build up your emergency fund and to settle more debt.
Get your admin in order: Put a file together of all your financial documents and information.
- Your bank details;
- Tax records;
- Retirement documentation;
- Investment policies;
- All your short-term insurance policies; and
- Risk policies and long-term insurance policies.
Create a spreadsheet of your financial documents with all your investments, bank accounts and risk cover – including product providers and account numbers – so that there is a single piece of paper recording all your financial information.
This makes it easier for you to refer to and, as part of your net worth exercise each year, you can update the spreadsheet with your latest investment and retirement fund values.
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| City Press is an agenda-setting South African news brand that publishes across platforms. Its flagship print edition is distributed on a Sunday. |
