Africa-Press – South-Africa. “Good riddance 2020” and a well-deserved “Hello 2021” to you (and your finances). The previous year has sure been tough not only mentally, physically but also financially. Excessive bills and the responsibility of paying off undue credit are not at all easy and desirable after a year of first-time (or, all-too-familiar) financial blows and uneasy pandemic territories. But, as tough as it is, don’t you think that your new 2021 year is the ideal time to start and turn your financial situation around? It’s time for you to intervene if your financials are not portraying and reflecting what they’re supposed to. The sooner you manage your finances properly, the better your chances are of getting out of excessive debt.
“The shocking outstanding consumer credit numbers as indicated by the National Credit Regulator (NCR) paints a scary picture. Being proactive and adding some urgency to your financial New Year’s resolutions and goals should, therefore, be your top priority right now. It is the ideal time, after a disappointing 2020 year, to avoid being or becoming part of debt-filled statistics. It’s best to start or keep your mini-economy going, instead,” says Carla Oberholzer – debt adviser at DebtSafe.
Here are four financial fixers, pointers, goals or New Year’s resolutions – call it what you may – that you can incorporate in your financial goals this 2021:
Budget properly & make alterations if and when necessary
It is important to keep track of your finances and what better way than to have a budget outlined according to YOUR needs for each specific month. Start with your net income minus your long-term investments and/or short-term savings and, minus your various expenditures (this will include necessities and your debt obligations) that can equal either a surplus (+) or a minus (-) total that you have left. You will realise if you are on the right track or if you have to do something drastic to get on the ‘financial straight and narrow’ again. If you decide that you have to make amendments to your monthly budget, do it sooner rather than later. Each month brings its own ‘financial responsibilities’, such as school accessories, house or car maintenance. Your budget has to, therefore, be amended accordingly.
‘Take stock’ of your income, necessary expenditures and avoidable costs
It is of utmost importance that your expenses do not exceed your income amount. If you have your budget ready – great. But, NOW is also the time to tackle those unnecessary ‘spending leaks’:
Up your level of involvement
Remember, actions speak louder than words. Are you involved with what is and what has been going on in your finances? Don’t be an ostrich and think, that if you stick your head in the ground, all of your financial woes will poof and disappear. Here are a few tips to ensure your involvement:
To get out of debt is not a one-man show
Lastly, don’t go it alone. There are financial planners, advisors, and bankers available to help you. In severe indebted cases the NCR, as well as debt counsellors, can guide and assist you to safely fix your over-indebted situation.
Kickstart your 2021 year with a clean slate. Especially, when it comes to YOUR goals, YOUR choices, YOUR pro-action, and YOUR perfect TIMING to get your financials on track again. Turn a new leaf and try not to look for excuses or waste time pondering over past misfortunes. Why the wait?
PERSONAL FINANCE
