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Here is a financial diary for 2017 that will help you to create order in your finances.
You will enjoy a year with more peace of mind and hopefully less debt too!
January and February
This is the time to review your budget for the year ahead. Take a day to work through six months’ bank statements.Try and determine where your money is not managed correctly and how you can change it.
If you feel that your debt is out of control, put away your credit and retail cards for a few months and try to pay twice to three times the minimum amount due on these accounts.
Plan what you need for larger expenses like replacing car tyres, servicing your car or going for annual doctor visits.
Save enough every month so that you can pay these expenses later in the year without making debt.
March and April
Once you have a proper budget in place, you will know if you have any spare money to save. The best is to first build up a cash emergency fund in a bank account that gives high interest.
If you have that in place, speak to a financial advisor about starting to save for your retirement. Options include a unit trust account or a retirement annuity.
If you already have policies, contact your broker to review the values and premiums on your policies and to make sure they still address your current financial needs.
May and June
Now is the time for bigger expenses and hopefully you saved up enough money from January 2017 to tackle car services and annual doctor visits for you and your pets.
Also use these months to gather your tax documents if you need to submit a tax return in tax season (between July 2017 and November 2017).
If you need to visit a branch office of the South African Revenue Service (SARS) to sort out any tax details, plan it for May 2017 to avoid long queues when tax season has started.
July and August
Now is the time to submit your tax return. If it’s your first return, visit SARS for assistance or contact a tax practitioner to explain the process to you.
Winter months at home are also the ideal time to update your inventory on your household content in order for you to review your short term insurance policy.
It is important not to be under insured otherwise claims will not be paid in full.
Read more: What documents should you have ready when you're submitting your tax return?
September and October
If you do not have a will, arrange to set it up especially if you have :
- assets like a car, house or expensive household content and equipment;
- savings in bank accounts, policies or unit trust accounts;
- any debt (no matter how small);
- children; and/or
- a business.
If you already have a will, go through your last copy and see if everything is still correct in terms of your current financial situation.
If anything in the will does not make sense, make an appointment with your banker or financial advisor and discuss your questions with them.
November and December
At the end of the year you need to review your budget a second time.
Go back to your budget from January 2017 and compare it with what you actually spent during the year. See what worked with your previous budget (and what did not work) and make the necessary changes.
If you have a medical aid, it is also the time to review your benefits. If you want to stay with your current medical aid but move to a cheaper or more expensive option, you can only do this once a year in November or December.
Read more:
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