A physical and financial workout

Many people hit the gym ahead of the December holidays. But your body should not be the only thing you worry about getting into shape. You also need to become financially fit for the new year ahead of you.

The race is on as people try to squeeze in some last-minute healthy eating and fitness plans in a bid to rock their best bodies this summer.

It’s all good and well that you are taking care of your physical health but are you taking care of your financial health and challenging yourself to get into gear for the new year with a healthier financial status?

Given just how closely linked your financial and physical health are and how financial stress can affect your overall health, we all need to start considering a plan towards healthier finances today!

With this in mind, here is a list of tips on how to achieve financial fitness to make sure that you enter the new year in the best health – physically and financially:

• Stretch your budget

Every financial plan starts with a budget – so be sure you know what your income and expenses are – including all the day-to-day expenses that are easy to ignore. Once you have a realistic picture of how much money you have and how much you are spending, see what you can do to make your budget stretch through December and January so that you don’t start the New Year with a negative balance. Cut costs, make sacrifices, and when the money is gone, stop spending.

• Focus on your essential expenses

Make sure that you are up-to-date with all of your monthly payments by making provision for them for both the December and January month-ends. And be aware that many of your products and policies might incur an increase in January, so make sure that you are aware of the new costs for 2017. Create a spreadsheet and keep track of everything from bond and car repayments to life and household insurance, so that you budget for these expenses first.

• Detox your debt

Debt doesn’t have to be a part of your monthly budget. Look at all the different lines of credit you hold, including store cards and personal loans, and be honest with yourself about how much the repayments and interest are really costing you. Try pay your highest interest accounts first or, if you are lucky enough to get a bonus, use this to clear some or all of your debt. Avoid getting into any further debt over December, and make a New Year’s resolution to get rid of debt in 2017. The only way to do this is to pay back more than the minimum installment and to avoid dipping back into that particular line of credit. If you make it a priority, you can do it!

• Rope in a financial fitness partner

Getting fit is easier if you do it with a friend. Find someone that you trust and who has the same financial goals as you, and use the buddy system to encourage each other to control spending and beat debt. You can both complete a free financial advice course from www.truthaboutmoney.co.za, to empower you to become financially fit for the New Year – together.

Getting your finances healthier ahead of 2017 may seem like hard work, but if you stick to the basics of financial planning and take a little help where it’s available, it can be completely uncomplicated and could change your life.

Do you perhaps have more information pertaining to this story? Email us at krugersdorpnews@caxton.co.za or phone us on 011 955 1130.

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