Reaching the end of yet another year is always a bittersweet feeling. As we say goodbye to a year of hard work, fun and adventures, challenges, and hurdles, we are getting ready to welcome in a new chapter at the same time.

With this comes the opportunity to look back at the last 12 months and reflect on our choices, progress, wins, and losses and to think of ways to do things differently going forward.

This should be especially true when we look at the financial choices we have made and how we can make better ones in the new year.

In this article, we share some tips on how to make good financial choices that are focused on helping you reach your goals.

Making Good Financial Decisions Starts Here

If you follow our articles, you will find that we emphasize the importance of having a personal financial plan in place to help guide the decisions you make both now and in the future. Keeping a close eye on your finances gives you the upper hand and helps prevent you from wasting money unnecessarily on a whim.

Our financial advisors have learned over the years that financial planning does not have to be over-complicated and although it may feel overwhelming to some, all it really comes down to is taking small, calculated steps towards a bright and stable financial future.

It’s also important not to dwell on the past but rather to look forward with hope and a sense of determination to increase your “wins” and minimize your “losses”. All you need is a few useful tools to help you along:

• Stay away from debt – If you already have debt, work hard to settle it and close your accounts. Know the difference between bad and good debt
• Budget, budget, budget – Having a budget in place helps you allocate your money to the right places and stops you from spending it on things you don’t need
• Start saving – And forget the idea that it’s too late. Saving from an early age is always the best way, but it really is never too late so start saving now, even if it’s a small amount every month. Every bit counts
• Research – We know that sometimes it’s good to follow your heart, but when it comes to financial decisions, doing your homework is always advisable. If you want to invest in something but you aren’t sure if it’s a good idea, speak to one of our financial advisors
• Be honest – Honesty is always the best policy, especially when it comes to things you want versus things you need and when you really think about it, you will realize that a lot of the things you think you need, you really don’t. Let your honesty guide you
• Save for emergencies – An emergency fund is one of the most useful things any person can incorporate into their personal financial plan. An emergency fund bails you out of trouble without forcing you to dig into your salary or life’s savings

Olemera Financial Services – Financial Advisors in Johannesburg

The end of the year is approaching and it’s a good time to reflect on our choices. If you are ready and willing to start the new year on a good foot, get in touch with our financial advisors so we can work together to reach your financial dreams.