By Lee Hancox, 14 December 2021
For most people, the truth is that many plans end up at the bottom of a to-do list that now lives under your bed along with that 500-piece puzzle you promise you’ll finish ‘one day’. This is especially true when it comes to our finances. Are you guilty of financial sabotage?
Financial self-sabotage can come in many forms. This includes not paying your accounts on time or buying that air fryer on credit during Black Friday without considering that the interest may amount to more than the discount.
Here, Lee Hancox, Head: Channel and Segment Marketing at SanlamConnect, shares five tips to help you avoid financial sabotage.
If you fail to plan, you plan to fail, as the saying goes. This couldn’t be truer when it comes to your finances. Think short, medium, and long term when it comes to your plans and
goals, and remember that nothing worthwhile happens without a solid plan to support it.
Speak to a financial adviser to help set you up for success.
Failing to budget will leave you in the dark when it comes to knowing how much you have and how much you need to be able to cover your monthly expenses. No one can make a success of their finances without having a grip on
what comes in and what goes out.
Don’t be tempted by material purchases that you can’t afford.
Purchasing something that you cannot afford to pay cash for will cost you much more over the longer term and will put pressure on your monthly budget. Rather save for something you need or want than push yourself into the red.
We all love to reward ourselves for working hard. Just remember, careful planning to achieve the desired outcome at a time when we can afford it, is worth far more than instant gratification at a point when we’re financially under strain.
Doing this will put saving on par with every other element of your financial plan and budget – and that’s exactly where it should be.
Life is fast-paced, and the allure of instant gratification can be hard to resist. With a professional in your corner,
a solid plan in place and commitment to see it through, you will be well on your way to financial freedom.