Make moneywise decisions with this checklist:
Do you have a strategy?
Financial planning can be exciting – view it as a strategic way to live the life you want, instead of an uninspiring accounting assignment. Set big savings goals for every 3 to 5 years, like buying a car or travelling, or perhaps saving towards further study or starting a business.
Have you prioritised your expenses?
Deciding on whether to buy something based upon looking at your bank balance may seem like a practical approach, but it only takes into account a short-term view. Use our online calculator to plan how much you need to save for bigger future purchases. Learning to balance your short-term needs (and wants) and long-term goals is vital to managing your money well.
Have you set up your big 4?
You should have 4 big savings goals, which include:
- An emergency fund for unexpected expenses and managing debt
- Saving towards retirement
- Saving for that dream purchase (home/trip/holiday)
- A general savings fund
Our Global One account has up to four individual savings plans and you can divide them according to your goals. Fixed deposits work well for longer-term savings and offer higher interest, while you can open a tax-free savings account to boost retirement funds.
Are you prepared for big unexpected expenses?
Living with an “it will never happen to me” attitude is bliss, until something happens. One of your savings funds should go towards irregular expenses, like car repairs or medical emergencies. Putting funds away for worst-case scenarios can prevent disaster down the line.
Do you have a financial mentor/coach?
Identify people who have made a success of their finances. These can be trusted financial coaches who share their knowledge in resources such as books or training videos, a financial adviser or even a family member.
Have you thought about retirement?
It’s literally never too early to start putting something away – and the older generation agrees. Choose a realistic amount to save each month and add it to your list of monthly expenses as a non-negotiable. A culture of saving is a big gift you can give yourself as a young person.
Are you insured against loss?
Insurance can be an affordable way to protect yourself against greater financial losses. Car, medical and disability cover are all options. So is life insurance, especially if you have a family. We also offer funeral insurance.
Is your debt under control?
We all have debt at some point in our lives, from retail or cell phone accounts to student loans and car payments. No matter how daunting it is, paying off that debt consistently each month is worth it. Maintaining a good credit score means that later it’ll be easier to borrow money for bigger things, like buying real estate.
Life changes all the time. You might get a promotion and have more funds to invest. You might become a parent. Make sure that your savings goals match your life stage and let that financial adviser help. Chat to them every six months or so to see if you’re still on track.
With these habits, you’re going to be the one posting those #winning pics.