Quick and easy tips to start the year financially fit

eating out regularly or overspending on luxury items. Additionally, you can explore ways to earn extra income, such as side hustles.

Himal Parbhoo, CEO of FNB Retail Cash Investments, agrees that instead of being overwhelmed by unnecessary expenses this new year, look at ways or areas where you can save and invest your money. He says that unplanned expenses can push people to unnecessarily accumulate debt, which should always be the last resort.

By Staff Writer

Anew year has dawned, bringing fresh hopes of financial security. For those who may have previously stumbled financially, this is an exciting opportunity to reset and make corrective steps toward a secure future.

Ester Ochse, Product Head, FNB Integrated Advice, says, “The first step to building a secure financial future begins with creating a budget that allows us to save money and pay off any debts you have. It’s important to be realistic when creating a budget and to ensure that it can be followed. You should also consider cutting back on non-essential expenses such as

Ochse and Parbhoo share quick and easy financial tips to start the year right and build a secure financial future:

1. Setting up automatic payments for expenses: Setting up automatic payments for bills can help you save money by reducing late fees and penalties. It also ensures that payments are made on time, which can help you maintain a good credit score.

2. Utilising budgeting tools: Using a budgeting tool, like smart budget available on nav» Money on the FNB App, can help you stay on top of your finances and track your spending. This can help you save money by helping you identify areas where you can cut down on unnecessary spending and redirect that money to savings.

3. Opening a high-yield savings account to save for an emergency: A high-yield savings account can help you earn interest on the money you save. This can help you grow your savings over time, assist when there is an emergency and can be a great way to save money. Given that inflation is increasing, look at appropriate savings vehicles that can help you save or invest.

Short-term savings accounts help you contribute monthly through either immediate availability or 7 days. Having these savings accounts will help you better manage any emergencies that might creep up as life happens. A good rule of thumb for emergency saving is to have one to three months of expenses saved.

4. Taking advantage of rewards programmes: Taking advantage of rewards can help you save on things like groceries, travel, and dining. Through eBucks, FNB offers a rewards programme that can help you save money. eBucks allows you to earn points for every rand you spend at any of the eBucks partners. Look for special offers that can help you save even more.

5. Take advantage of tax-free accounts:

Tax-Free Investment Account allows you to invest up to R36 000 a year without paying any tax on the returns. The returns you get from the investments held in the tax-free account are not subject to income tax, capital gains tax, or dividend withholding tax.