Hitting the refresh button when it comes to finances is something that we all need to do once in a while to give room for growth. Here is a handy list of ways for you to get started to make your finances work for you instead of the other way around.

Before we start

This is a general guideline that we have put together to help you start your journey of financially planning your future and should not be taken as financial advice. Although these points are great starting points, speaking to a financial adviser will make finding the right fit easier for you.

It’s Ok to start over

As the well-known adage goes, "Insanity is doing the same thing over and over again and expecting different results." When it comes to finances, fortune favours the brave, and the bravest act that you can undertake is not being afraid to start over. Look at where you currently stand financially and look at what you can cut back on or change. Start from the beginning to pave your way forward.

Have direction

Improving your financial health usually boils down to planning. Having a financial plan can let your money know where you want it to go and also give you a clearer view of how you can save. Create short and long-term goals that can give you direction and keep you going when the going get's tough. Include options that will help you save and work with your budget. It can be hard, but always keep the bigger picture in mind.

Be honest with yourself

Be honest on what you can and cannot afford, especially when it comes to the 'treat yourself' moments. This doesn't mean slashing your funds to a point where you do not have room to have fun. It means having an honest conversation on what will serve you and your finances in the long run. This is even more crucial when it comes to family.

Set realistic saving goals

It's easy to start dipping into savings and credit to cover expenses, but what some people don't know is that this could be robbing your future self. When it comes to saving money, setting an amount that you can contribute to consistently is important, even in those down months. When it comes to using your credit card, always make sure to check the interest rate and whether you will be able to afford it in the long run.

Consider a passive income stream

The pandemic has given rise to what has been dubbed The Great Resignation -an informal term for the widespread trend where a significant number of workers are leaving their jobs during the COVID-19 pandemic. However, for others, it has also led to finding ways to earn other streams of income that will serve as passive income. Finding your sweet spot by looking at skills you have that can work for you to earn another stream of income can also be beneficial. Set a plan on what you wish to achieve and get started.

Invest in protection

Get rich quick schemes have been around for some time but have become rife during the pandemic. Be careful where you invest your money. Choosing financial products that are aimed at protecting your finances and growing it such as life insurance, investing in shares, and trusts are some of the reputable ways in which you can do this. Always protect your finances and your ability to earn an income. 

Pay off debt

Start small. Dealing with debt can be overwhelming for some people. However, breaking this down into smaller and manageable chunks can see you paying it off in no time. Snowball your debt by starting small and moving on to the bigger ones. It is crucial to be consistent than to pay nothing at all. This will give your finances more breathing room.