As the year winds down, now is the perfect time to take stock of your finances and set yourself up for a strong start to 2025. Sarah Nicholson, operations manager at JustMoney.co.za, advises that a little planning now can save stress and money later, allowing you to enjoy the holiday season with peace of mind.
Start by reviewing your medical aid plan to ensure it meets your needs for the new year. Providers allow changes at year-end, effective January, so check your dependents’ coverage and optimise your benefits. If you receive a year-end bonus, allocate it wisely – pay off debt, boost your emergency fund, or invest in future goals like education or property.
Audit your subscriptions and insurance policies to cancel unnecessary expenses and secure better deals. For investments, consult a financial adviser to align your portfolio with your goals and risk tolerance. Holiday spending should be realistic and budgeted, taking advantage of discounts and loyalty rewards to stretch your money further.
Prepare for upcoming school expenses and review your credit report for inaccuracies and signs of fraud. If debt is weighing you down, focus on paying off high-interest loans and explore consolidation options.
Finally, gather tax documents and consider retirement annuity contributions to reduce liabilities before February 2025. Reflect on your progress and financial goals to make 2025 your most financially secure and rewarding year yet.
