Mini Budget Coming
Mini Budget In November
On November 11th 2021 the new Finance Minister, Mr. Enoch Godongwana will deliver his first Medium Term Budget Policy Statement (also known as the “mini budget”).
It is unlikely that this “mini budget” will see any big changes from what was set out previously by his predecessor. Normally, the MTBPS is a chance to adjust anything due to big changes or to fine tune the existing budget plans to match policy plans.
Review Your Personal Budget
If you were really good and actually made a monthly budget earlier this year then it is good to now review (1) if it is working and (2) how you might need to adjust it given changes to prices or circumstances.
Given how the price of food has shot up this year you may find your groceries bill is now a lot higher than you thought it would be. So, you may need to adjust your budget to correspond.
It is good to review your budget as the end of the year approaches. If you are self employed, then your income may shift over the end of the year depending on if you work through the holidays or not.
Not only might you need to keep any additional spending in December in mind (perhaps due to gift giving or holidays) but also big bills that may roll around in January due to things like school books and uniforms etc.
So, it may be time to take a leaf from Government’s book and review your personal budget to see if you are on track.