The past few years have been challenging for many South Africans as the unexpected has become reality for many of us. Whilst you cannot control the circumstances that take place around you, the great news is that you can take control of your finances and take practical steps to ensure your bases are covered. Let’s take a look at how you can do this…
 

1. Staying the course
   We live in a challenging world. Consumerism is rife, it’s never been easier to access quick loans to purchase anything you want (large or small) and it’s become tricky to stay focused on what is really  important whilst avoiding unnecessary stresses. We cannot recommend enough the importance of having a watertight financial plan in place, which can act as a roadmap, keeping you on course as you journey toward a future of financial satisfaction rather than being distracted by all of today’s glittering objects. 

   There’s an old saying that goes: “If you buy things you do not need, soon you will have to sell the things you do need.”

   This could not be more true in today’s consumeristic world. Our advice? Set out a clear roadmap of where you want to go in the future with your RRR broker, and stay the course, letting it guide you as a True North. Your future self will be eternally thankful that you did this. 

    

2. Life is full of risk, are you prepared? 
   “The key to risk management is never putting yourself in a position where you cannot live to fight another day.”Risk planning is the art of ensuring that you are not financially impacted should certain events occur. It helps ensure that you are left in the same financial position you were, before a life changing event occurred. Within our business, we have seen first hand the life raft that effective risk planning has been to our clients at times they’ve needed it most. Don’t wait until the ship is sinking to build the raft, the time for that is before the ship sets sail. 

   How can you effectively manage risk? Here are some of the insurable benefits that help with this: 

   • Car and Household Insurance
   • Commercial Insurance
   • Medical Aid and Gap Cover
   • Income Protection
   • Lump Sum Disability Cover
   • Lump Sum Critical Illness
   • Life Cover
   • An updated Last Will and Testament
   • A Living Will

      

3. Save

   “The trouble is, you think you have time.”

   A rule of thumb when it comes to savings is that you should save first and only spend what you have left over. This may seem impossible for some, but there are simple tools and habits that can greatly assist in saving successfully. One of these tools is the debit order. When set up property, a monthly debit order will make automatic deposits into your savings account, ensuring that you become a regular saver without even having to think about it. 

   Need to reconsider your spending and saving? Here are some tips to guide you: 

   •   Review your debit orders and monthly budget
   •   Clear your debt
   •   Build up an emergency fund of at least three month’s worth of expenses
   •   Set up a Children’s Education fund (if you plan on having or already have children)
   •   Make sure you are preparing for retirement

   
   Whilst there are many other bases that a financial plan covers, the 3 we have just discussed are key areas where we often see clients struggling with. If you desire to take better control of your financial well-being and cut the stress from your life, book a meeting with one of our RRR financial advisors today.