Now that the South African Government has announced its 2019 budget, the tone has been set for us as the consumer to insure we plan better regarding our personal finances and make better financial decisions. Perhaps this could also be a new chapter for us to achieve financial freedom.
There is no clear cut, one-stop way in which to do this, as each individual will be in a unique financial situation, but there are a few key ways in which you can take charge of your finances, starting today.
1. Your debt
If you’re already avoiding endless calls from debt collectors or feeling the pressure of mounting debt, it may be time to consider enlisting trusted professional help. At DebtBusters, we assist consumers who are struggling to keep up with their debt obligations by offering a number of debt solutions such as debt counselling. Debt counselling is a formal solution that allows for one of our skilled debt counsellors to negotiate a restructured payment plan on your behalf.
A debt consolidation loan is another one of the sophisticated debt solutions you could consider. This constitutes you borrowing one large amount of money in order to pay off all your smaller debts with the goal of becoming debt free. Basically, you consolidate your debt into one amount, eliminating the hassle of making multiple payments.
Deciding which debt solution is suited to you and your financial needs can be tricky. For this reason, we recommend contacting us, for a free debt assessment.
Lastly, avoid incurring more debt. It may seem obvious, but before you know it, you’ve swiped yourself into a debt trap. Instead, consider saving for what you want. If you simply step back from the spend you may find that a) it’s not that necessary or b) it would be wiser to save towards it.
2. Your insurance
Each year it is advised that you reassess your insurance policies. This extends to everything from your vehicle insurance and home insurance to your medical insurance.
Why? Because during the year there are things that may arise and change the required cover or value of your insurance. While you may be aware that your claims history may have a bearing on your cover and premium, there are other things to watch out for too.
Examples of these include car depreciation or the immediate drop in premium price upon turning 25 in the case of vehicle insurance. Having moved or gotten married in the case of home insurance. Or falling pregnant or ill can impact your medical insurance.
Not only is reassessing your policies necessary to ensure that you’re not caught unprepared at claims stage, but it can also save you money.
Insurance experts claim that shopping around for the best competitive rate could shave hundreds off your premiums.