Some of the key considerations one needs to keep in mind when reflecting on their money affairs are self-reflective questions such as, \u2018What are the next financial moves that I should be making?\u2019, \u2018What are some of the things that I could be doing better with my money?\u2019 and \u2018How can I ensure my family is protected while I change or optimise the way I manage my money?\u2019.<\/p>\n
Ester Ochse, programme head at FNB Money Management said, \u201cAmid all the uncertainty and financial pressures consumers are facing, one could also view the lockdown period as an ideal time to review and go through their finances, to ensure that they\u2019re not only in the right standing, but that they\u2019re also still on track in keeping to their financial goals.\u201d<\/p>
There are four major financial principles we tend to cast a blind eye or even procrastinate to look at.<\/p>\n
However, what we don\u2019t realise is that these principles set a great foundation to how well we manage our money.<\/p>\n
\u201cWhile one reflects on their finances, it\u2019s important to review your spending and align it to what you value also ensuring that your family is protected.<\/p>\n
\u201cEqually as important is to review how you\u2019re saving for retirement,\u201d added Ochse.<\/p>\n
<\/p>\n
ALSO READ:<\/span><\/p>\n Considering debt counselling, find out more about it<\/a><\/p>\n Financial preparation is of vital importance for prospective parents<\/a><\/p>\n <\/p>\n Key points to consider when using this time to conduct a lockdown money review:<\/b><\/p>\n \u2022 Take stock of what\u2019s important to you and how you align your spending. \u2022 Prioritise \u2013 what is of value to you. \u2022 Trade-off and action – how much of what you spend every month is going to your value list? \u2022 Review and repeat – make it a habit. \u201cLockdown continues to be a great opportunity to develop good financial habits.<\/p>\n \u201cUse this time to assess and explore what you value and how you can apply that to your financial life.<\/p>\n \u201cImplementing these simple changes in your financial behaviour could give you the necessary room to save for a better life,\u201d Ochse said.<\/p>\n <\/p>\n * Notice: Coronavirus reporting at Caxton Local Media aims to combat fake news<\/strong><\/em><\/p>\n Dear reader,<\/em><\/p>\n As your local news provider, we have the duty of keeping you factually informed on Covid-19 developments. As you may have noticed, mis- and disinformation (also known as \u201cfake news\u201d) is circulating online. Caxton Local Media is determined to filter through the masses of information doing the rounds and to separate truth from untruth in order to keep you adequately informed. Local newsrooms follow a strict pre-publication fact-checking protocol. A national task team has been established to assist in bringing you credible news reports on Covid-19.<\/em><\/p>\n Readers with any comments or queries may contact National Group Editor Irma Green (irma@caxton.co.za<\/a>) or Legal Adviser Helene Eloff (helene@caxton.co.za<\/a>).<\/em><\/p>\n <\/p>\n Hav<\/strong>e a story?<\/strong><\/p>\n Contact the newsroom by emailing: Melissa Hart (Editor)\u00a0<\/span>germistoncitynews@caxton.co.za,<\/a>\u00a0<\/strong>Leigh Hodgson (News Editor)\u00a0<\/span>leighh@caxton.co.za\u00a0<\/a><\/strong>or Busi Vilakazi (Journalist)\u00a0busiv@caxton.co.za.<\/strong><\/a><\/p>\n Also follow us on:<\/p>\n
\nUse the time you have during lockdown to reassess, explore what you value and how you can apply that to your financial life.
\nIt is important to clearly outline what you need versus what you want.
\nAt times, we tend to focus on the things we want instead of what is essential and needed.
\nFor those with a partner, it will be great for both of you, but first do this exercise by yourself and then agree to what this picture looks like for you together.<\/p>\n
\nDecide which of the wants you deem as most important and value.
\nThereafter, start directing your money towards them.
\nMost of us have a limited amount of money so it\u2019s crucial to first choose the ones that are most important to you.
\nPredominately, the ones that will set you up for financial wellness in the longer term.<\/p>\n
\nOnce you have listed your priorities and what you deem valuable to you, you then have to align and direct the money you spend to cater for the things you have listed.
\nGoing through your bank statements will assist you greatly to give you full insight of your spending and mark opportunities to eliminate over spending.<\/p>\n
\nTo make this a habit, it can\u2019t be a once-off \u2018lockdown\u2019 exercise.
\nSet a time in your calendar to review this and going through the above steps on a quarterly basis.
\nValues change over time and you have to check in with yourself and adjust where needed.<\/p>\n
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