Got big goals for the new year? Being on top of your finances can help ensure you smash them!
We all want to enjoy a more prosperous 2025, which means being financially prepared. If you’d like to kick off the year feeling more in control of your money, making good progress with savings and ready to tackle whatever life throws at you, start laying the foundations today. We’ve got tips on how to get started – including how life insurance and funeral cover can be brilliant tools to ensure you’re set up for success.
Get serious about tracking your spending
If you don’t already, make 2025 the year you start using a money-tracking app or get serious about writing down everything you spend. You can't manage your money if you don't know where it’s going In fact, many people who don’t track their spending end up in debt. Once you’re aware of your income and your expenses, set a goal for how much you'd like to save or pay off each month.
Cut down on everyday expenses
Do you really need to be paying as much for certain things? Get serious about finding more affordable alternatives, be it a new internet service provider or a more affordable brand of coffee. Is your insurer really giving you the coverage you need at the best price? A few savvy swaps can go a long way towards increasing your ability to save while paying off any debt.
Reduce your debt the smart way
If you have high-interest debt, it's usually better to focus on paying that down before building up your savings. Why? Because the interest you're paying on the debt is likely higher than the interest you'd earn on your savings. To make the most of your money, prioritise paying off your highest-interest debts first. Once those are paid off, move on to the next highest, and so on.
Start creating an emergency fund
Once you’ve paid off your debt, get more serious about saving. Ideally, you want to have at least two months’ salary in the bank to create a safety net, but anything is better than nothing. You’ll also want to consider getting insurance. Paying a low car insurance premium to protect a big asset like a car will protect you against having a costly accident that could demolish your savings in a flash and put you back into debt.
A little bit about life insurance
In the same way that it makes sense to insure your car, it’s also a good idea to consider buying life insurance. Without it, if you unexpectedly passed away, your debts could burden your loved ones. Also, if you’re the breadwinner, how would your family afford to pay the bills without your income? Fortunately, MiWayLife makes life insurance simple and affordable.
It works like this - you’ll be offered a set amount of coverage that’s paid out in a lump sum to your beneficiaries in the event of your passing. Our 4-in-1 policy also includes an accelerated funeral benefit, funeral cover for you and your family members and a terminal illness benefit – all for one low monthly premium.
The bottom line
Becoming financially resilient is much more achievable when you have a plan of action. By getting rid of your debt, minimising expenses, building your savings and putting savvy policies in place, you’ll be in a better position to tackle the new year. So, why not get a quick quote from MiWayLife today and let us impress you with our affordable premiums?
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.
