by Ronel Jooste, CA(SA), Business & Financial Consultant, Speaker and Author of the award-winning book ‘Financially Fit and Wealthy’
Many people set New Year resolutions at the beginning of a new year. Some people aspire to lose weight, to exercise on a regular basis, to eat healthier, to spend more time with their loved ones or to start a new business. We all have more energy, new ideas and new goals at the beginning of a new year. It is also the perfect time to get your personal finances in order for the remainder of the year. Definitely a resolution that you want to turn into reality, because it will create financial security and stability for you and your family.
Your financial wellness also has a direct impact on your physical and emotional wellbeing. Reducing financial stress will benefit your health, help you to sleep better, create a positive mind-set, and help you feel happier and more satisfied with your life in general. It is also important to get your finances in order should your health deteriorate, you don’t want financial stress to add to the pressure that already exists during difficult times.
This is a checklist that will help you to get your personal finances in order:
Compile a monthly budget for 2023. If you already have a budget, ensure you update it for annual increases, new expenses and inflation. Most importantly keep to your budget as a budget provides the foundation layer to create financial stability and wealth.
Analyse your actual expenses for the last three months and identify expenses that you can reduce or cut out completely.
Review your retirement savings and update it for any increases in living costs.
Ensure that your will is signed and up to date.
Review your life, disability, dread disease, income protection and funeral policies to ensure they still cover your needs.
Update your short-term insurance policy by adding any expensive gifts you received or new items / house improvements you are adding during the December holidays.
Review your debt, the interest rates and repayment periods and compile a plan to repay your short-term debt (credit cards, overdrafts, personal loans and clothing accounts) as soon as possible.
Ensure you have an emergency fund in place to cover any unforeseen events happening.
Think about how you can create one additional income source in 2023. Maybe start an additional business line, rent out a vacant room in your house or buy an additional property. Then implement your idea.
Allocate any excess funds you have available at the end of the month to repay your bond quicker. The quicker you can become debt free, the quicker you can create a secure financial future.
The checklist might seem easier than it will be to actually implement it, but with the necessary discipline and dedication you can implement these 10 items. It certainly will have a positive impact on your financial wellbeing and give you peace of mind that your finances are in order, or that you have started taking action to get your finances in order.
You are responsible for your financial wellbeing. The better you plan and the action steps you implement will determine your financial success. Make 2023 the year that counts. Good luck with implementing this checklist. I wish you a successful financial journey during 2023.
Ronel Jooste adds tremendous value to individuals, entrepreneurs and businesses with more than a decade of experience in the corporate financial services industry and running her own businesses. She is well experienced in the areas of finances, entrepreneurship, leadership, women empowerment, fitness and wellness. By offering consulting services, training and employee wellness programmes she helps people and businesses to reach their full potential and equip them with the financial and business knowledge to realize their dreams.
Ronel is the author of the award-winning book ‘Financially Fit and Wealthy’ that aims to help readers secure a financial future for themselves. A heart after uplifting and empowering the community, the Ronel Jooste Dream Foundation was launched to equip communities, schools, universities and businesses with financial and entrepreneurship knowledge.
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