Tips for financial health in 2016

Cape Town - Getting your financial affairs in order is one of the best ways to start a new year. Users responded to a Fin24 article entitled 10 financial resolutions for 2016 by sending in their own tips on how to achieve financial health.

Fin24 user Tshepo Shozi believes staying power is key to achieving one's targets. "We just need to be patient," he says. 

"Comparing, competition and lack of patience in short-term and long-term goals can force you to do things by credit. Next thing, you are drowning in debt." Be content, says Shozi, because your life might seem like an answer to prayer to someone who is worse off than you.

Frankbrook keeps it short and to the point: "Cash is king - and read and understand what you are paying for with medical aid and gap cover."

Mimi Korb believes in getting and staying organised. Her road map includes the following measures:

"I am starting by importing my bank (beginning with Oct, Nov and Dec) statements monthly into an Excel document with headings for each and every expense that went through the account.

"By adding up all the different expenses, I will know what my realistic budget should look like and be able to monitor it. I am going to minimize using cash but if I do I will make a note and add it to my spreadsheet.

"I will also be transferring my grocery money into my savings account as well as paying it from this account.

"I am going to use my garage card for all fuel and tollgate expenses and will transfer the budgeted amount to this account monthly in advance. Won't be making use of credit facilities.

"All children's existing stationery will be checked before new ones will be bought.

"Children will get an allowance monthly, but will have to do certain tasks to earn it, like feeding the dogs, taking out trash, making their beds, and packing their own lunch boxes.

"The ones writing exams will get R50 per subject for getting marks of 70% and higher and R100 getting 80% and higher. They need to save this money for something they really want. We will help them to plan towards their goals."

Angela# believes recycling is the way of the future, and has found a way to be fashionable which won't cost a bomb: she advocates taking unwanted clothing items to a second-hand clothes shop instead of just giving them away. "You will get money back and while you are in the shop, have a look at the array of pre-owned, named brands which are in really good condition for a fraction of the price charged in 'name' shops," she urges.

Motlalepula has one wish: "Start my own business."

Fin24 user Sikender Ebrahim suggests the following guidelines:

 - Live off last month’s income
 - Don’t buy take outs
 - Take the supper leftovers for lunch the next
 - You don’t need new clothes for every wedding/funeral
 - Cut out alcohol
 - Don’t get caught out in the hype of Mother’s/Father's/Valentine's day
 - Xmas is about family; the retailers would have you believe it's about splurging on toys (which are broken/forgotten/stolen by New Year's eve)
 - Be content with what you have
 - Don’t envy
 - Don’t look at what others have, look at what others don’t have what you have.
 - Remember the first murder (Abel/Cain) was because of envy, jealousy.

Disclaimer: All articles and letters published on Fin24 have been independently written by members of the Fin24 community. The views of users published on Fin24 are therefore their own and do not necessarily represent those of Fin24.