Life Insurance
Why Year-End Financial Planning Is Important
Why Year-End Financial Planning Is Important
27 Nov 2023

A little financial planning at the end of the year can go a long way towards enjoying a more secure 2024.

While we’re all looking forward to the holidays, this upcoming break is a good chance to pay attention to your money matters as well as take a few steps that can help secure your financial future for the year ahead. Here are a few of our top tips!


Reflect on your financial situation

The first step in year-end financial planning is to assess your current financial standing. Review your income, expenses, debts, savings and investments. Take stock of any significant life changes that occurred during the year, such as a new job, marriage, or the birth of a child. Remember, big life changes might mean that it’s time to ensure your will is still up to date. Don’t have a will? Now’s the time to create one. It’s fairly easy to create one yourself but there are certain things you’ll have to do to ensure that it’s official. We suggest you skip the hassle and apply for a will online with MiWayLife.


Set financial goals and create a budget

Once you have a clear picture of your finances, establish realistic financial goals for the coming year. If you have any outstanding debts, make paying them off a priority, starting with those that are charging you the most interest first. Your goals might also include increasing your savings or maximising your income by switching to more wallet-friendly service providers. For all you know, you’re spending more on that internet connection or gym contract than you have to, but you’ll only know once you’ve gotten a few quotes. You’ll also want to create a realistic budget. If you structure it carefully, perhaps even relying on a free budgeting app, it’ll help you control your spending and lead to more money that can go towards that debt or be saved for a rainy day.

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Save your money smarter

On the subject of savings, if you have any amount of money that’s just sitting in a bank account, look into smarter ways to let it rest. Fixed term deposits, be it a 32 day notice account or a longer fixed term deposit, will give you a better interest rate than you’d get by allowing it to languish in your bank’s savings account. Still, you should always have immediate access to an emergency fund. Life is full of surprises and having to replace your car’s clutch or buy a new washing machine can derail your budget in a day. It’s much better to pay for these “surprises” in cash than take out a loan or put them on a credit card that only leads to more debt loaded with high interest.


Don’t skimp on insurance

Many people think of insurance as being a grudge purchase but don’t underestimate how much money it could save you in the long run. Imagine if you had to come home and discover that your house had burned to the ground or head out to the shops only to have someone drive into the back of your car. Paying a small premium each month to protect the things that are important to you can save you a lot in the long run when you think of what it would cost you to replace these things out of pocket. Again, the holiday period is a good time to get quotes and find a provider that can help you protect what matters. As a rule of thumb, think about the things you’d want to replace straight away if you had to lose them. If buying any of them would derail your budget in a big way or take a serious bite out of your savings, these are the things you want to insure. Why not get a quick quote from MiWay?

Don’t forget about life insurance

If you don’t have life insurance, now’s a good time to consider getting it. It’s a great way to help create a financial safety net for your family and, the younger and healthier you are, the lower your premiums will be. Still, you want to find a life insurance provider that will give you the most bang for your buck. MiWayLife, for example, can give you a 4-in-1 policy for one affordable premium that includes an accelerated funeral benefit; funeral cover for your family members and a terminal illness benefit. In the event of your passing, your family will receive a lump sum payout that will be exempt from taxes.

We know you can’t wait to relax but with a little savvy financial planning, you can look forward to a more financially secure year ahead.

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.

Need more information on MiWayLife? Read about our life insurance product, or get a life insurance quote in 30 seconds. Alternatively, call us on 0860 64 54 33 .
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Terms and conditions apply. Eligibility, cover and benefits are determined on individual risk profile. MiWayLife is an authorised FSP (No. 45741) and its product offering is underwritten by Sanlam Life Insurance Limited, a registered long-term insurer. MiWayLife is a division of Sanlam Life Insurance Limited - Reg No. 1998/021121/06