Top Tips For The Silly Season

The end of the year gives us all the chance to review our situation and maybe make needed adjustments.

Here are some tips for December & Jan:

1) Check your subscriptions and contracts. Review recurring subscriptions such as gym memberships and streaming services, and cancel those you no longer use.  Figure out when your contracts are up for renewal. Can you get more or the same for less? Do your homework and check other service providers.

2) Check Your Insurance. Compare quotes for insurance renewals to ensure you are getting the best deal.

3) Check your medical aid plan. Medical aid providers often allow members to change their plans at the end of each year. Ensure your plan still meets your needs.

If you consider switching to a new provider, be aware of possible waiting periods or exclusions.

4) Make the most of your bonus. If you’re lucky enough to receive a year-end bonus, use it wisely. Consider paying off a smaller debt, adding to your emergency fund.

5) Check your investments. If you have investments, consult your financial adviser to ensure your investments still align with your risk tolerance and goals.

6) Plan for holiday spending. Set a realistic budget for gifts, travel, and entertainment. Take advantage of discounts and loyalty points, and consider DIY gifts to save even more.

7) Plan for Jan. Prepare now for coming school expenses. Start budgeting now for school fees, uniforms, and supplies for the new academic year. Saving towards these costs over time throughout the year can ease the pain in Jan.

8) Plan for tax season. Start gathering documents such as medical expense receipts and proof of retirement contributions now. Making an additional retirement annuity payment before 28 February can reduce your tax liability.