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As we navigate two further weeks of lockdown, many of us have a bit more time on our hands.
While social media tells us that those hours should be spent slumped on the couch binge-watching Netflix, what if we used them productively?
Work, kids, and lifestyle can eat up your days, which often means that pertinent, time-consuming activities, like getting those finances in order, fall to the wayside.
With a few extra hours in the day, and nowhere to go, the lockdown provides a unique opportunity to get a handle on your personal wealth.
Moneyweb has some great tips to get you started.
Organise A Financial Date Night
Light some candles, put on some music, open a bottle of wine, and sit down with your partner for a thrilling financial date night.
I know it sounds counter-intuitive to romance, but arming yourself with your latest banks statements, salary slips, vehicle and home loan statements, credit card and retail account statements, and investment reports will actually bring you closer together.
Remember, open and transparent communication is the key to making this meeting work.
Here’s how to make “date night” productive…
Go Through Your Budget
Your finances may have been negatively affected by the recession and/or the lockdown. That said. while locked down you will probably save money on expenses like fuel, entertainment and eating out. Other expenses, like gym memberships, could be put on hold.
Take this into account and revise your budget to determine where you’re saving.
Scan Your Bank Statements Carefully
Go through your bank statements from last month very carefully, and check that all debits are accounted for. Then open your banking app and clean it up. Delete old beneficiaries, update your profile, and makes sure that your passwords are secure.
It’s Time To Set Up An Emergency Fund
We have no idea how long this pandemic is going to last so it’s important to plan ahead. Remember those savings we mentioned earlier (petrol, social expenditure etc)? Use some of that to set up an emergency fund. Once you have an idea of how much you will be allocating to the fund, plan for how it will be spent.
Phone Your Bank
If your income has taken a knock, give your bank a call. Many banks have put measures in place to help people affected by the pandemic. They’ll be able to talk you through your options.
Business owners looking for relief measures should also consider these options.
Tidy Up Your Filing System
That accordion folder that you’ve been tossing important documents into for years needs an overhaul. Throw out what you don’t need and organise the rest for easy access.
Make Plans For Life After The Pandemic
This too shall pass, and when you reenter the world, you’ll need to be ready. The process of getting your finances in order will give you a better idea of how much you can save and the items that you can live without, alongside a better overview of your personal wealth.
If this seems like a too much of a tall order, or you’d rather just eat some steak and drink that wine on date night, you can always hand your personal finances over to an expert.
Consequence Private Wealth is available to assist with advice for those who want to start getting their financial affairs in order. In other words, they’ll partner with you to protect and build your wealth.
Drop them an email at info@consequence.co.za, and they’ll get back to you.
[source:moneyweb]
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