Here are some tips to start 2023 financially fit
How are you planning to secure your financial freedom this year?
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It is finally 2023 and a number of people are hoping for a financial breakthrough so that they can build a secure financial future. Can we get a Amen?
A new year presents everyone with an opportunity to start afresh and correct some of the financial mistakes that were made the other years.
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According to the product head for the FNB Integrated Advice, Ester Ochse , “The first step to building a secure financial future begins with creating a budget that allows us to save money and pay off any debts you have. It’s important to be realistic when creating a budget and to make sure that it is something that can be followed.
“You should also consider cutting back on non-essential expenses such as eating out regularly or overspending on luxury items. Additionally, you can explore ways to earn extra income, such as side hustles,” she said.
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Here are some quick and easy financial tips to start the year right and build a secure financial future:
- Setting up automatic payments for expenses: Setting up automatic payments for bills can help you save money by reducing late fees and penalties. It also ensures that payments are made on time, which can help you maintain a good credit score
- Utilising budgeting tools: Using a budgeting tool, like smart budget can help you stay on top of your finances and track your spending. This can help you save money by helping you identify areas where you can cut down on unnecessary spending and redirect that money to savings
- Opening a high-yield savings account to save for an emergency: A high-yield savings account can help you earn interest on the money you save. This can help you grow your savings over time, assist when there is an emergency and can be a great way to save money.
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- Taking advantage of rewards programmes: Taking advantage of rewards can help you save on things like groceries, travel, and dining. Through eBucks, FNB offers a rewards programme that can help you save money. eBucks allows you to earn points for every rand you spend at any of the eBucks partners. Look for special offers that can help you save even more
- Take advantage of tax-free accounts:Â Tax-Free Investment Account allows you to invest up to R36 000 a year without paying any tax on the returns. The returns you get from the investments held in the tax-free account are not subject to income tax, capital gains tax, or dividend withholding tax
- Save your change: Old school is sometimes cool and when it comes to savings, putting your spare change in a jar or box always works. Save your spare change in a glass jar or box and after a few months see how much it comes up to.
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