Following a tumultuous 2020 filled with economic uncertainty and financial instability, it is important to have a sound financial plan to fall back on.
To make sure that you are being WalletWise, go back to basics.
How to set yourself up for financial success in 2021
It is important that you consider budgeting and saving and doing so using the most beneficial saving methods. Zanele Mbere at Standard Bank offers some tips to ensure that you become the financial independence goals you have dreamed of.
“Many people have had to unfortunately adapt to these harsh economic conditions, leaving them with very little money to work with and on the back of this year’s budget speech it is all the more necessary to have the right financial habits,” says Zanele Mbere
“To have a successful year, financially, it is important that you practice healthy financial habits keeping in mind what your goals are for the year ahead. These habits can be inclusive of anything ranging from saving more aggressively, looking for affordable investments and lastly but most importantly, budgeting,” explains Zanele Mbere.
There are many external factors that may challenge your personal finances. Inflation has affected all of us, with the dramatic increases in food prices, and essentials, amongst other things. The best way to get a handle on these is to ensure that you stay in the know and consistently adapt as you move along. Here are some ways to improve your financial habits through budgeting and saving.
Draw up a monthly budget
There are many ways one can protect their finances, but the first point one should consider is budgeting. Breakdown your monthly expenses against your monthly income. Figure out how much money you can afford to save once you have serviced any debt you might have. Furthermore, get rid of any unnecessary expenses to make sure that you can stretch your money even further.
Have a savings account
Once you have figured out how much money you can afford to save look for a savings account that offers you high interest rates and a low month service fee. Before you open any savings account, make sure that you conduct thorough research by looking at all the available options on the market. Look for an option that best suits your pocket, while giving you maximum returns on your savings.
Many people have a savings target for the year, what matters most is that you are putting money away to ensure that you are on good footing when it comes to your finances. This way, you ensure that you are financially independent and prepared for a rainy day.
In these unprecedented times, it is important find ways to make sure that you are on the right track when it comes to achieving your goals. Whether you connect yourself to financial planners or keep track of your spending and savings habits by holding yourself accountable, you are guaranteed a prosperous financial year if you maintain self-discipline. Be WalletWise!