06 August 2018 – As conversation around women intensifies this month; we need to look at ways that will uplift not only ourselves, but the women around us.
Whilst much focus is placed on empowerment, we need to also ensure that our financial wellbeing is secure and in good standing. “We rarely invest in ourselves financially, which can put a strain on our wellbeing and relationships with loved ones. Painting a financial canvas of yourself serves as a colourful reminder of what your financial commitments and goals are,” says Aneesa Razack, CEO Share Investing, FNB Wealth and Investments.
Like a well-coordinated wardrobe, make sure your finances are well looked after. Razack says, “No one needs to be frugal with money but rather look at ways in which you can save and invest in the things that matter. In the myriad of your life events focus on the top five financial goals which can help you become financially savvy and independent.”
Razack believes that we should start small and understand what we want out of our savings and investment goals.
“A good starting point is to identify your goals. Short-term goals look at investing for unforeseen emergencies, going on a family holiday or even eliminating your current debt. Whereas long-term goals look at investing in your retirement, for your child’s education or even buying Krugerrands. These initial steps are vital in any household, as they will help define your financial path for the year.”
In addition, think about your investment options carefully. Nothing worse than investing in something that you don’t know or not aware of.
“Investments are like uncharted territories for many, but can be a simple process. The key to a well-defined investment strategy is understanding the fundamentals to your investment goals, its structure and your affordability,” says Razack.”
Tailor-make your budget to ensure that it encompasses your daily expenses, emergencies, investments and those luxury purchases.
“Set aside a personal finance day, where you can take stock of your finances and align it to your budgeting framework. This will also help you review and ascertain where there is wasteful or unnecessary expenditure,” she adds.
In the event of a loved one passing on, ensure that your estate or Will is in order. This is the most important legal document that you will own and needs to be aligned to your financial plan outlines the effects to your financial strategy.
“There is nothing wrong with making yourself a priority, but be aware of your spending habits and how it affects your income. The common notion of ‘You are what you wear’ is true for many. Seen as your armour to the world, your fashion choice can leave you empowered to take on challenge. This coupled with the right financial behaviour, can help your investment in yourself grow,” concludes Razack.