Greetings, fam! it’s 2021 and no matter what lemons get thrown at us this year, we will be making an epic jug of lemonade.
To make sure that we have enough money to sweeten the deal, we have to start setting some financial goals to keep us on track and living our best lives. Whether it’s setting a goal to buy your first flat, to pay off debt or just to start piling up some savings, there is no better time than the new year to start taking control of your finances and getting those #MoneyRewards.
Shout-out to the peeps who followed our advice in our previous article! Setting and sticking to these goals will be super easy, because you spent your money wisely during the festive season.
Here are our top tips to setting some shweet money goals for 2021:
1.Create a monthly spending plan and stick to it.
This is super simple. All you need to do is write a spending plan for each upcoming month. This will help you take control of your spending and budget for things like birthdays and anniversaries.
This is also a great way to track your savings from the previous month and put them into a MyPocket savings wallet, which you can use for an item on your long-term plan later, like a car or a house.
2.Keep track of your spending.
You need to become more aware of what you are spending your money on. Open a notes app (or a notebook if you are old-school) and write down everything you spend your money on and how much you have spent. I know this sounds like unnecessary admin, but this will enable you to see and track your spending habits.
3.Stick to your monthly budget like glue.
The basic rule is that you should always spend less than you earn. Whatever you save needs to go into your savings. If you budget well and set realistic goals, you could be saving a significant amount of money each month.
4.Open a #MyPocket for rainy days.
MyPocket is Nedbank's hassle-free money management facility that can be linked to any Nedbank current account. No matter your age, income or budget, you can start saving for daily expenses, emergencies or goals from as little as R1. Set savings goals and save at your own pace while earning more interest. And get access to your money immediately when you need it.
Some features and benefits:
i.Get immediate access to your money – no notice period needed.
ii.Enjoy zero monthly maintenance fees and no minimum account balance requirements.
iii.Open up to 10 MyPockets per savings or current account and earn interest on each one.
iv.Make free interaccount transfers using our digital banking channels.
v.Use the goal savings calculator to help you reach your savings goals.
vi.Save towards short-term goals, eg paying your school fees, vet bills, car expenses or travel costs.
vii.Split your money to cover different needs such as essential expenses, financial priorities and lifestyle expenses.
viii.Earn interest on each MyPocket at a competitive rate.
ix.Enjoy easy setup on Nedbank digital channels, including Online Banking, Cellphone Banking and the Money app.
5.Create a long-term financial plan.
It’s time to draw up a realistic plan of your dream life. When will you get a house, get married, go on honeymoon, buy a car or even have a kid? This will enable you to make financial decisions that help you achieve these milestones comfortably.
Source:
- https://www.thelittlefrugalhouse.com/money-saving-tips-for-the-new-year/
- https://www.savethestudent.org/money/student-budgeting/7-new-year-money-savers-to-act-on-now.html
