Essential financial wellness tips for 2022
Financial wellness is a significant part of human health. This is because of poor financial
security and choices have adverse effects on the well-being of individuals and households and, by extension, businesses.
To be financially well in this regard simply means taking well thought out steps and making prudent decisions to be in a healthy financial position currently and for the future. There is no better time to do this than at the start of the year.
Here are some key financial wellness tips for the new year?
Budgeting
How well you budget will play a crucial role in attaining your financial wellness goals. Write down your income, expenses and savings.
You can then compare this to your immediate and future purchasing plans, especially items with higher price tags like cars, laundry machines, etc. You need to leave room for adjustments without resorting to seeking debt.
Credit report
A credit report provides a comprehensive view of your debt obligations. This report can assist you in making debt repayment plans and seeking debt counselling if need be.
It’s important to know that you are entitled to be provided with 3 free credit reports annually. You can request a free report from https://www.mycreditcheck.co.za/or https://www.mycreditexpert.co.za/.
Credit cards
Credit cards have proven problematic for many people who find themselves highly indebted. You need serious financial discipline to have a credit card.
If you are already in debt through a credit card, you need to determine how much you will pay back during the year and avoid adding more debt. To avoid finding yourself in this cycle, once the credit card has been settled consider cancelling it.
Save for retirement
Retirement, especially for the relatively young, may seem too far to begin thinking about it.
The truth is, the best time to start saving for your retirement and securing your current and future financial wellness is now. Not only does this allow you to save more, but you will be able to do it without undue pressure.
Set up a personal retirement savings account, but you can also use company retirement contributions facilities if you are formally employed.
Save as much as possible
You need to make saving your money a habit. Avoid overspending on luxuries that don’t provide returns. There is no harm in spoiling yourself now and then, but you need to make sure a set percentage of your income goes into your savings.
Not only can this be used for rainy days, but if saved in an interest-earning account or business venture, it can provide great returns and assist you to be financially healthy.
Shop on discounts and specials
Most of us love shopping, but you can do it in an intelligent way. Instead of spending vast amounts of money, keep your eyes on retail discounts and specials. These specials will assist you in buying the products you desire at a fraction of the regular price.
This will allow you to save and have some money for other pressing needs. Guzzle can assist you in searching for product deals and comparing prices.
Guzzle features over 20,000 products on special every week from retailers around the country. This is why approximately 700,000 retail shoppers use Guzzle to help them to plan their shopping every month.
Financial records
Tracking your revenue and expenditure is of utmost importance. But first, you need to have a good idea of where your money is going every month.
Do this by keeping grocery receipts, medical bills, tax records, banking and insurance information, and other relevant expenditure
documents in a secure place. The digital space has tailormade tools for this use, such as Quicken and Mint.com, designed to help you manage financial records with ease.
Financial literacy
Knowledge is power, so they say. This applies to finances too. You need to make a deliberate effort to learn and know as much financial information as possible.
This will allow you to make sound financial decisions and seize investment opportunities. Read and find resources
to help you understand basics like opportunity costs, retirement planning options, business investment, property investment, compound interest, interest rates, credit rehabilitation, etc.
Family and household
Your family and household are essential partners in achieving financial goals and being financially well. Your personal efforts towards financial wellness can easily be derailed if your family or household is not involved.
Get them involved in writing a savings plan, teach and educate your children and young ones around you about healthy financial habits and plan household expenses together where necessary.
The tips listed above, if well implemented, will see you move from financial struggles to wellness this year. For all your shopping needs, let Guzzle be your partner.
You can use Guzzle to search for diverse products, compare retail prices and access great deals.
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