Leon Bart Financial Services

Improve Your Finances

10 TIPS to improve your Finances in 2020

(Start the year on a Financially savvy note)

Use the new year as a chance to improve your financial future fitness by adopting resolutions around your finances. We’d all like to be healthier and wealthier, so cutting back on unnecessary expenses, saving or investing more into your investments and Retirement, are goals we should all AIM to achieve on one’s financial journey?

Here are some steps on how to re-address your finances this year:

1.   Start the year with the end in mind.

Decide what you want to achieve personally, physically and financially in 2020 and set daily, weekly and monthly goals aimed at your end goals. 

2.   Review your Insurance Portfolio’s

With another year gone, you and your assets are a little older. Review your risk, short and long-term insurances to make sure you are not overpaying based on last year’s asset values and adjust your risk cover policies to make sure you are sufficiently covered against life’s unforeseen realities.

3.   Seek advice from a Trusted Financial Advisor

Financial problems can cause stress for you and your loved ones. Make time to discuss your financial situation, fears, and hopes, and get everyone in your family with you on the journey to financial freedom. 

4.   Schedule a meeting with your Financial Planner

Meet with your Financial Planner to review your investments, update him or her on what has changed in your life – marriages, the birth of a child or death of a spouse – and ensure your current investment plans are still in line with your future financial goals, dreams, and objectives.

5.   Make smart investments

A book can be the most entertaining investment you can make providing you with useful insights packed with great financial advice, tips, and tricks to enjoying some reading with a purpose.

6.   Savings and Investment Goals

If saving is not already a habit make 2020 the year you go from being a spender to a saver. Just start by spending less and saving more – it is always good to put money away at the beginning of the month rather than at the end when you’ve spent it, and very important set up a budget to serve as the plan on how you are going to spend and save your money. A budget is a great way to keep track of your expenses and determine how much you have for expenses, savings, and discretionary spending. 

7.   Spend less and save more

Audit your bank statement to eliminate all those unnecessary expenses for stuff you don’t use or need, like the good-intentioned gym membership or the book subscription from a previous hobby. 

8.   Don’t forget about your Tax-free Savings Account

You can invest up to R33 000 into your tax-free savings account for the current tax year. Don’t miss out on this opportunity as once it has passed, the opportunity to use this investment vehicle in the tax year is gone. 

9.   Pay yourself FIRST

Being the one earning the Income, importantly we tend to forget investing and paying one’s self first, before considering paying your Debts and creditor’s, invest in yourself and consider your own want to have’s and the nice to have’s, this will provide a sense of gratitude knowingly that your Income shall provide for the things in life that matters to you most – your lifestyle requirements.

10.   Update your Will and Testament

Not having a WILL and Testament you need to create one as soon as possible. If you have a WILL you should review this document to make sure it reflects your current wishes. Don’t forget to update your beneficiaries on your Retirement funds, Investments, and Life policies as these are not covered by your WILL – seek help from a professional to assist and advise you on the importance of estate planning?

Please engage me on the topics on hand to see how best I can assist you with your Financial planning needs achieving your future goals and dreams.


Improve Your Finances