Best Financial Resolutions For 2017

StartFragmentFinancial resolutions in years past might not have worked; or maybe you've never had a financial resolution. Regardless, this year you are going to change your finances. EndFragment

1. Paying Off Credit Card Debt(s)

Credit card debt costs us hundreds, if not thousands of rands each year, so consider putting this at the top of your 2017 resolutions.

Here's how to speed up the process: It's simple... do whatever you can to lower your interest payments. If you're paying 10-30% interest on your loans, how will you ever start actually chipping away at the debt?

The best way to reduce your interest is with a personal loan or taking additional funds from your home loan that offers you a much lower rate. By spending a few minutes to calculate your savings , you can refinance your debt at rates as low as 10.00% APR... and save thousands in the process. All for free.

If you are interested to chat about various options, give me a call on 082 490 5182 or email warrenb@oraclebrokers.com

2. Creating A New Income Stream

The most important part here is that your quality of life and free time is minimally interrupted so that you don’t even notice. Sure you could get a side job, but who wants to work all day?

A good option: Try finding an affiliate program that pays really well, in this case all you have to do is refer and earn. Speak to me about some various options.

3. Opening An RA ( Retirement Annuity)

We're sure you've heard that the sooner you start saving for retirement, the better off you'll be.

Here's how to ensure success: You need to make a commitment to get over the hump. Think of it like putting your money where your mouth is. Instead of telling yourself you're going to open an RA, do it right this second and put in from R350 per month, whatever you can afford.

The great thing is you can claim tax back from the receiver of revenue, for the amounts put into a RA ( within limits)

4. Asking For That Raise

According to Salary.com, the best time to ask for a raise is right now.

The reasoning is that companies are finalizing their budgets and if the year has been a good year for your company, then your chances of success couldn't be better.

Pro Tip: Go above and beyond when asking. Put together a PowerPoint presentation showing your accomplishments and what you plan to do for the company in the upcoming year.

Empathize with your boss. If they see you as key to their 2017 success, they're not going to want to lose you. If you're unsuccessful, start preparing that résumé because January is one of the best times to start a new job search.

5. Actually Saving Money

Likely at the top of everyone's list is saving money, but it's much easier said than done. The biggest misstep we've found is a lack of "mental separation" in our finances.

If you really want to save: You need to perform a mental trick, and make yourself think you have no more money to spend. The best way to do that, is to open a separate savings account that is hard to reach—out of sight, out of mind.

6. Improving Your Credit Score

It takes time, but improving your credit score is worth it. This number follows you throughout your life and impacts every big financial decision.

Give yourself a head start: Make sure to use one of the many free tools out there to know your score, and to set alerts for changes. To name a few, there is www.mytransunion.co.za, www.experian.co.za, www.compuscan.co.za Our favorite is www.mytransunion.co.za because we love their personalized tips for improving your score.

7. Insurance Review

It takes a little time out of your schedule but could be well worth it for you in the short term and the long term.

An hour of your time with a financial advisor could save you money on a monthly basis, ensure that your cover is correct and meets your needs. Also ensure that the growth on your investments are performing above the inflation rate.

Give me a call on 082 490 5182 or email me warrenb@oraclebrokers.com

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