Firstly, let’s hope you’ve got car insurance, in which case, you’d be covered for that. Next, you wouldn’t just waltz into your nearest dealership to replace it with the first one you saw, right? You’d first want to do your research and, if you didn’t know enough about cars, you’d want sound advice from someone you trust.

Despite knowing the importance of making an educated purchase, many people don’t apply this to their financial planning and the pitfalls include investing in things that underperform; being unprepared for life’s curveballs and missing out on the benefits of valuable financial tools. This is why it’s important to empower yourself by learning as much as you can about financial planning, so you can make informed decisions and carry on with peace of mind. It’s also best to do this sooner rather than later as the financial decisions we make when we’re younger will impact us later on. As an example, did you know that if you’re older than 65, it could be very difficult to find an insurer that will offer you a life insurance policy? Also, if you invest in one when you’re younger and healthier, you can lock in lower premiums.

Rather than learning too little too late, make a point of educating yourself now about the importance of financial planning. Better yet, you don’t need to embark on a degree in business to feel comfortable enough to make sound financial decisions. Here are a few ways you can educate yourself for free.

Start with the basics

Begin by familiarising yourself with fundamental financial planning concepts such as budgeting, saving, investing, debt management and insurance products. There are plenty of free resources available online, including articles, videos, and podcasts, that break down these topics in simple terms. Make a point of relying on reputable South African sources as these will be the most relevant.

If you’d like to learn more about life insurance, simply browse our big catalogue of blog posts. It’s a great way to gain a clear understanding of our policy benefits and even learn why every South African should have a Will. Some of the reasons why it’s so important might surprise you!

Once you know what you’re looking for, shop around

Right! So, let’s say you’ve learned all about how car insurance works and can now make an informed decision. Great! But you’re still not going to take a policy with the first insurer that pops up after a Google search, right? You’re going to want to compare them all and get several quotes to find the insurer that offers you the best value for your unique circumstances.

For the same reason, you should apply this approach to every financial product you’ve learned about. In most cases, they’re not all created equally and some will offer you more bang for your buck. As an example, if you choose MiWayLife, our 4-in-1 comprehensive life insurance policy includes accelerated funeral cover, a terminal illness benefit and funeral coverage for your family members – all for one low monthly premium. This way, in the event of your passing due to death or illness, your nominated beneficiaries will receive a lumpsum pay out of your choosing. In a way, you can think of it as the “ultimate insurance” to protect a lifetime of savvy financial planning. Why not get a quick quote today?

Learning about financial planning lasts a lifetime

Remember, financial education is an ongoing process, and the more you learn, the better equipped you'll be to make informed decisions about your financial future. By taking charge of your financial education today, you work smarter, not harder, to achieve your goals in the future and life insurance is a great way to protect all that hard work. However, if you’re still not comfortable making financial decisions on your own, consider consulting with a certified financial planner. After all, if you don’t know anything about cars, you’re not going to tinker with that new one when you can get help from a mechanic, and the same can be said for financial planning.

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.