Give your finances a clean sweep

Getting ready to give your home a spring clean? While you’re at it, why not add your finances to your to-do list? Organising your money matters is a great way to take charge of your financial wellbeing. Here are five easy steps to get you started:

Step 1: Sort out your filing

There’s something very satisfying about organising your important information and knowing that it’s stored in a secure place. So take a day or two to gather your documents and file them appropriately – this goes for your physical documents as well as your electronic filing. Remember to include your wills, marriage certificate, investments, insurance policies and so on.

Step 2: Check your credit report

Know your credit standing by accessing your credit report through the bureaus. Once you know your credit score, you can see whether you need to take any steps to improve it. Also check that the info listed in your report is correct, that there aren’t any accounts you don’t recognise, and that there aren’t credit enquiries from institutions you don’t know.

Step 3: Get to grips with your debt

Make a list of your debt and prioritise which you want to pay off first, starting with higher-interest facilities like credit cards and personal loans. Set yourself goals to pay off your debt and be sure to include these payments in your budget. Which brings us to the next step…

Step 4: Do a budget review

If you already have a budget in place, make sure it’s up to date and that it includes any new payments. If you don’t have a budget, now’s the time to make one. It’s a great tool to help you see where your money is actually going, and allows you to allocate your hard-earned cash appropriately so that you can achieve your financial goals.

Step 5: Relook your insurance

If you have insurance policies, take some time to review them. Do you need to update your beneficiaries? Have you experienced any large life changes like getting married or having children? Do you have sufficient cover? These are all good questions to ask yourself when assessing whether your insurance meets your current needs.

If you’d like to know more about cover from Standard Bank’s direct life insurance services, get a quote or request that a customer service agent call you back.
 
Sources
forbes.com
business.time.com
mentalfloss.com

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