Make saving your goal

27 January 2020 | Banking

It’s a new year and for many people this is a time to start afresh by setting new goals. In the midst of setting new goals, it’s important to also include financial resolutions.
Elzita Beukes, communications manager at FNB, says that facing up to one's financial situation is not the easiest of tasks, especially when things are not looking good. “Having come out of the festive season, it's possible that some may have misspent their hard-earned money on festivities. The beginning of the new year is an opportune time to look back at financial mistakes committed in the past and chart a way for a new start.”
She says that getting your finances in order takes a lot of commitment and dedication. “It's not a once off process and it may require facing some hard truths about your spending habits.”
Here are a few questions to help you to gauge if you need to relook your financial position:

Are you in a financial whirlwind?
The ideal situation is to track what you are spending on. If you are unable to track your expenses, even the smallest amounts, then it's time to pause and take a proper look at where your money is going and if it's being spent wisely. This is the only way to put a lid on wastage.

Do you have financial goals?
Set financial goals, a budget and put a timeline to accomplish them. For example, you may want to devise a plan for settling all or part of your debt or start saving and investing. It all depends where you are now and where you want to be. While it's good to set goals, following through is important - you must commit to your goals.

Do you give in to societal pressure?
One of the reasons some people never have a firm grasp on their finances is because they succumb to societal pressure. Understand your personal financial aspirations and work towards them. Never try to mimic the lifestyles of others because everyone's personal circumstances differ. Have your plan and stick to your financial plan.

How can I avoid wastage?
Sometimes it can be difficult to spot wasteful spending simply because once you have fallen into the habit of frivolous spending it's hard to stop and take note. The most effective way to identify wasteful spending is to have a budget in which you record expenses, both fixed and unfixed. A budget will help you have a clear sense of where your money is being spent and enable you to pick up areas where wastage occurs. Monitoring your statements will help you identify financial leakages.

Do you have savings?
Remember, it's never too late to start saving, whether it's for emergencies, education or retirement - if you haven't started don't procrastinate further. Start doing some homework about the different options that are available for you to start saving. While you may have to play catch up in areas such as retirement, it's better than not having any savings at all.

“Looking at your finances is something that should be done on an ongoing basis and not only at the beginning of the year. The start of a new year is, however, a good time to look back and see what you can improve upon financially,” Beukes concludes.

Similar News


Local bank announces repayment holidays

2 days ago - 31 March 2020 | Banking

“We are extending relief in the form of capital and interest repayment holidays for up to six months until 30 September 2020 to all our...

Bank waives app fees

2 days ago - 31 March 2020 | Banking

As of 1 April and until 30 June 2020, FNB will be making all transactions done on the FNB App completely free.This discount was announced...

BAN explains payment relief

3 days ago - 30 March 2020 | Banking

The Bankers Association of Namibia (BAN) has provided further clarity to customers on the case-by-case funding relief which is handled according to each bank’s respective...

Water tanks, hand sanitizers donated

3 days ago - 30 March 2020 | Banking

With life as we know it possibly changing, government and businesses alike should do their part. In the absence of a vaccine or cure, two...

Banks to help on case-by-case basis

1 week ago - 26 March 2020 | Banking

After extensive consultation with the Bank of Namibia (BoN), the Bankers Association of Namibia (BAN) has collectively advised on measurements put in place by all...

Keep banking like this

1 week ago - 26 March 2020 | Banking

In support of government’s approach to curb the spread of Covid-19, Bank Windhoek urges clients, stakeholders and the public at large to adhere strictly to...

Fill up and earn

1 week ago - 25 March 2020 | Banking

FNB Namibia Fleet Services launched a Commercial Card campaign in collaboration with Engen Namibia.Commercial Card holders can now fill up at any Engen and increase...

Digital banking in the comfort of your home

1 week ago - 24 March 2020 | Banking

As Namibians and the international community continue to intensify efforts to curb the spread of Covid-19, FNB says it is committed to help its customers...

New note to celebrate independence

1 week ago - 23 March 2020 | Banking

The Bank of Namibia (BoN) on Saturday launched a commemorative N$30 banknote in celebration of the country’s 30th Independence Day celebrations. The launch took place...

Prepping for an interview

3 weeks ago - 11 March 2020 | Banking

Chantelle Reid After applying for a position, you finally receive that call saying, “You have been shortlisted. Please join us for an interview”.This in itself...

Latest News

Germans back home

7 hours ago | Transport

Since Monday, German airline Lufthansa has repatriated close to 1 200 passengers to Germany from Namibia, due to the global Covid-19 outbreak.The airline said in...

Jy kan ver ry met...

8 hours ago | Art and Entertainment

Windhoek • [email protected] almal nou gehok is, is dit ’n tyd om dinge anders te doen en nuwe maniere te vind om jouself besig te...

Taking hands to wash hands

10 hours ago | Business

Windhoek • [email protected] Workshop Namibia and the Namibia Chamber of Environment have launched a joint emergency response to Covid-19 in Namibia and aims to set...

Tip that tap for your...

11 hours ago | Social Issues

RMB Namibia through the FirstRand Namibia Foundation Trust donated N$500 000 to assist a Covid-19 emergency response programme directly targeting Windhoek’s informal settlements.RMB Namibia’s chief...

Garden Town seeks former glory

11 hours ago | Infrastructure

Okahandja interim municipal council administrator Linus //Garoeb said will be a challenge to get the town to where it is used to be.At the moment...

Sport in the spotlight

12 hours ago | Sports

The African Union Sports Council (AUSC) Region 5 Council of Ministers Troika is convening an emergency risk assessment virtual meeting to discuss the devastating effects...

NAMDIA comes on board

1 day - 01 April 2020 | Business

NAMDIA, through its foundation, allocated N$2 million for the fight against Covid-19. Thus far, the funds have been allocated as follows:• N$1 million to government’s...

Lockdown no excuse to violate...

1 day - 01 April 2020 | Transport

Windhoek • [email protected] Roads Authority (RA) said the agency would only attend to applications for driving licence renewals for vehicles being used for the provision...

Work as usual

1 day - 01 April 2020 | Infrastructure

Windhoek • [email protected] current coronavirus pandemic raises questions and brings challenges regarding waste management practices and procedures, as well as safety and health measures for...

Load More