We all want to lose weight or get fit, but don’t forget to make financial resolutions too! New year, new me! As we usher in another year, it's the perfect time to reflect on our financial goals and set a few savvy resolutions that will pave the way for a more secure future. Here are just a few to inspire you.
Get rid of all your debt
The most expensive thing you’ll ever buy is debt, especially if you’re paying interest. Make this the year you only buy what you really can’t do without and channel whatever is left over into paying off any debt. If you can, start with the debts that are charging you the most interest and then work your way down the list. You don’t need a new widescreen TV. You need to get rid of what you owe. If you already have a widescreen TV but feel like you’re drowning in debt, consider selling it along with anything else you don’t want or need - nobody needs to wait for spring to have a clear out.
Get more serious about saving
Once you’ve managed to get on top of what you owe, you’ll be able to get more serious about your savings. Ideally, you want to have some cash in an account that’s easy to access to help you out on a rainy day, like the one when someone reverses into your car or your laptop gasps its last breath. (For the record, life will be much easier if you have insurance – MiWay can help you out with both your car and your portable possessions.) Once you’ve created that “instant kitty”, consider investing the rest. Chatting with a financial adviser can help you make informed decisions on how to make your savings work harder than they would if they were simply sitting in your bank account.
Whip up a Will
Most South Africans don’t have a Will and this is bad news for their family. If you pass away without one, your assets will be frozen and you can wait up to years for the court to appoint an executor to distribute your assets. You also might not get the executor you’d have preferred and won’t have control over who gets what as South African law will decide this for you. Rather than leave your loved ones waiting, as well as uncertain about who should receive what, create a Will to ensure your wishes are carried out the way you want them to be. We’ve written a guide on how to create one yourself but MiWayLife can also help you protect your family’s future with a Will today.
Secure your loved ones with life insurance
Life insurance is another powerful tool to help financially protect your loved ones. Simply pay a monthly premium and, when you pass away, in the event of a successful claim, your insurer will pay out a lump sum to your chosen beneficiaries. This way, you can rest assured that they’ll be able to pay off any debts, can afford daily living expenses and even realise long-term goals, such as ensuring your children receive the best education. Remember, even if you do have a Will, it can take a long time for your assets to be distributed. With a life insurance policy, your family can receive that lump sum payout within days to ensure they’re not financially burdened during an already difficult time.
Did You Know:
You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.
