Clean up your money act before Christmas

Plan bonus spend

If you’re counting on a bonus, plan now on how best to use it. Consider topping up your retirement annuity, putting it into your access bond, keeping it as emergency funding or paying off high-interest debt.

Get new short-term insurance quotes

Find an independent, reputable short-term insurance broker who can prepare comparative quotes. Cheaper isn’t always better. Choose a company with a reputable claims-paying record.

Make sense of rewards and loyalty programmes

Ensure you’re maximising the benefits from rewards and loyalty programmes. Avoid “spending-tosave”.

Check subscriptions

Check which services you’re subscribed to – like fibre, DStv, Netflix, Apple music, Deezer and Showmax – how much you pay and whether you get value.

Check cellphone contracts and data usage Most service providers can tailor-make packages based your airtime, SMS and data needs; you may find you can save some money by moving to a better package.

Scan, shred old documents

Scan and file tax and financial documents you’re legally required to keep. The rest you can scan and shred.

e-file

The e-filing deadline is December 4. File your returns timeously and receive refunds soonest.

Clean up passwords and PIN numbers

Consider downloading a reputable password manager app to tighten password security and reduce hacking chances.

Create a digital will

A digital will lists all your online accounts and subscriptions, with details to access these sites if you die. It can also nominate someone to close down your social media sites and deactivate your subscriptions.

Check beneficiary nominations

Ask your financial adviser to print a list of your policies and investments with your nominated beneficiaries. Check that those who stand to inherit are still the people you intend to benefit.

Draft a living will

A living will is a document that sets out your healthcare wishes at the end of your life. You can request that any treatment that would otherwise lengthen your life should be withheld in specific circumstances, including being in a permanent vegetative state, irreversibly unconscious or terminally ill. You can also specify your desire to donate organs/tissue.

Check bond cover

While the value of your home loan may have decreased over time, you may not have adjusted the level of your bond cover accordingly. Check your bond cover against the amount outstanding on your home loan and adjust.

Check your bank charges, shop around

Research what other banks are offering.

Check your default option

In general, employee contributions are allocated to a ‘default option’. You may be too conservatively invested.

Torr is co-founder at Crue Invest

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