3 simple steps to financial health

Early in the year, when you’re still enthused and committed to a stable bank balance, is the best time to pencil in a date for a financial review. Even if you haven’t planned a regular financial assessment, it’s a sensible habit and halfway through the year is as good a time as any.

Here are three things to consider when you do:

If you are not setting goals for your financial stability you won’t be reaching anything anytime soon.

Step 1 

Assess your financial goals, be practical and realistic. Setting too many goals can be as bad as one, huge unrealistic goal.

Reaching attainable targets will give you a sense of achievement and will encourage you to continue improving your financial wellbeing. Ask yourself if the goals you set at the beginning of the year are still achievable. Be honest.

If reaching your savings target will only require a little belt-tightening in the second half of the year, then stick to your plan.

Checking your credit score often is crucial with help from online financial tools such as Pulse enable you to get a free credit rating.

Step 2 

Check your credit score, everybody from banks to retailers, landlords to car dealers decide about your financial dependability based on the three figures that comprise your credit score.

It provides an indication of how consistent and reliable you are financially.By law you’re entitled to one free credit report a year from any of the credit bureaus, however, this can be difficult to understand and usually doesn’t  give you much information on what you can do to improve a poor score.

Review your spendings to assure your budgets are being met and financial stability in your future.

Step 3  

Review your budget it’s something even the finance minister does – he calls it the mid-term budget review.

Read more: Budget Speech 2018 Anticipation, predictions

The reason for reviewing your budget is that some of the assumptions you made at the beginning of the year may no longer be true. For example, VAT has gone up and the cost of fuel has increased.

This may mean you’re spending more than you anticipated and might need to try and cut back further in order to reach your goals set in step 1.

When your review your budget you may find that you’re on track with paying off debt but aren’t saving as much as you’d intended. You may want to look to see where else you can save on monthly expenditure to make up the shortfall.

Read more: Six things you should budget for, but don’t 

  AUTHOR
Lowvelder

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