Manage your finances

2017-09-27 06:00

“SPRING has sprung and while we looking forward to some time off during the summer holidays, we should maybe start looking at how we plan our finances for 2018,” says Ester Ochse, Product Specialist FNB Advisory.

This year has been characterised by uncertain economy conditions which continue to affect the financial situation for consumers and businesses.

“In some instances this causes financial­ gaps which contribute to a culture­ of people living way beyond their means and getting trapped in a cycle of short-term debt,” says Ochse.

She said it’s important to re-evaluate and refresh the way you use money.

Not only will it help in the long run, it will also help you be more organised and disciplined.

She explains that consumers should be able to get their finances in order through these easy steps:

• REVIEW: Compare budgets from last and this year for wasteful and unnecessary expenditures. Base your financial decisions on your needs, wants and responsibilities.

• REUSE AND RECYCLE: Try to be creative and recycle what you have to the maximum instead of throwing it away.

Or alternatively, trade in the item for cash which you can save for something else in the future.

• REDUCE: Your debt and unnecessary household expenses.

Focus on things that matter, like your child’s education, that special family holiday, your retirement or even household groceries that we often take for granted.

- Supplied

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