Lockdown – a time to check your finances
“First lesson: Reviewing your bank statements, no matter how bad this might be, is important as it sets a great foundation to how well one manages money.”- Financial expert.
Financial literacy has never been more important in our lives than now as South Africans try to stretch their money to survive under the Covid-19 crisis.
FNB money management programme head Ester Ochse shared some financial tips.
She said during these difficult times one needs to reflect on their finances and consider a few things such as:
- What are the next financial moves that you should be making?
- What are some of the things that you could be doing better with your money?
- How can you ensure your family is protected while changing or optimising your money management?
Ochse said checking your finances helps to ensure one is not only in the right standing but also to see if they are still on track with set financial goals.
She said, even if the sight of one’s bank statement looks shaky and unbearable, the review was important.
“While one reflects on their finances, it’s important to check your spending and align it to what you value, also ensuring your family is protected.
“Equally important is to check how you’re saving for retirement,” she said.
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Ochse provided the following detailed key points to consider:
– Take stock of what’s important to you and how you can align your spending
Use the time you have during lockdown to reassess. Explore what you value and how you can apply that to your financial life. It is important to clearly outline what you need versus what you want. At times, we tend to prioritise things that we want instead of what is essential and needed. For those with a partner, it will be great to do this exercise by yourself and then agree to what this picture looks like for you together.
– Prioritise what is of value to you
Decide which of the wants you consider as most important and valuable. Thereafter, start directing your money towards them and fulfil it. Most of us have a limited amount of money, so it’s crucial to first choose the ones that will set you up for financial wellness in the long term.
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