Financial GoalsIn line with starting the year off right, your plans should have been made and goals set. Whether it is paying off debt, going on holiday or saving for your child’s tertiary education we all have things we want to do with our lives which then means those things require money.

While many people have goals, not enough people achieve them. What holds people back and how can you avoid the traps and actually achieve your goals?

  • Assess your finances and write the goals down: Be clear on your goals and write them down. Written goals are more likely to be achieved than ones kept in your thoughts
  • Be realistic: There’s no point in wishful thinking because you will be demotivated very fast when those ‘goals’ don’t become a reality. Know yourself well enough to be true to yourself in setting those goals
  • Have a written plan: Unfortunately having goals is not enough. Having a plan/budget will help to insure you achieve those goals
  • Diligence and discipline: Without these two D’s the best plan means nothing.
  • Avoid insanity: Einstein defines insanity as “doing the same thing over and over again and expecting different results”. Nothing good will come from repeating the same actions that got you into your current financial situation. You will in fact only make your situation worse

Achieving your goals shouldn’t be about impressing people it should be about you. Bettering your financial situation should be part of your goals and it will benefit you and those you care for financially. Now wouldn’t that be a great thing. Remember that every step taken to achieve your goals is a step closer to success and living in the reality of that achievement.

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

*** Consolidated is a national financial planning and financial wellness practice with offices in Western Cape, Johannesburg, Tshwane, Eastern Cape and KwaZulu-Natal. For more information visit www.consolidated.co.za

new year 640x411We are now two weeks into 2016. Another year has come and gone and the New Year is in full swing. We as people often feel the need to start the New Year in a certain way.

Whether it is starting the year with a braai, a jog or hoping to live up to your resolutions we all have some or other way of starting the year. We often forget to start the year right in terms of our finances.

Depending on the state of your finances in the previous year, some of us may have more work than others but we all have to work at our finances.

What do we have to consider and do to make sure we start the year of right:

  • Review your budget and expense: As we get older our needs change and so the things we spent on last year may not be relevant for this year. Assess your needs and wants
  • Gather and store your important documents in one place: Things like policy documents, tax records and all important documents need to be put in one secure place so that if they are needed they are easily accessible to you but SAFE!!
  • Update and review your policies: Update the beneficiaries on your investment policies and check whether they are still on track. For insurance review the policies to make sure you are paying the correct amounts for the cover you require
  • Establish financial short/medium/long term goals and plan as to how they will be achieved: We all want to do things with our money, find the things you want to do and make sure you put a plan in place to achieve them

Remember that managing finances isn’t only for those who have large sums of money but it is for everyone. No one can afford not to take care of their money, in the economic climate of today the money you take care of today will take care of you tomorrow. Find out what financial mistake you made and make sure you don’t repeat them again in this year. Start 2016 with a renewed hope and make sure that when December comes around again you are better off financially than you were the previous year.

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

*** Consolidated is a national financial planning and financial wellness practice with offices in Western Cape, Johannesburg, Tshwane, Eastern Cape and KwaZulu-Natal. For more information visit www.consolidated.co.za

2015 2016budgetsignsThis past year, 2015, has been an interesting year, so much has happened. We have seen interest rate hikes which made our debt more expensive. We have seen petrol prices rise and fall. All these events have had an impact on the every single consumer. These events were out of our control. What we do control is our spending and where we choose to use our money.

As the year draws to a close. One should reflect and take stock of what has happened in the year. More specifically for Finance-On-Friday there have been some very big lessons which need to be reflected on, continually practiced and even perfected if one is to successfully navigate through the finances of life. Here are those big lessons:

  • Budgeting and planning our finances: A budget is not a restriction but rather a plan that allows you problem free spending within guidelines set by you. Financial Ill-discipline will prove to be one of the biggest threats to financial wellness
  • Life consists of major financial events:
    i) Marriage
    ii) Buying a house
    iii) Having children
  • We all have dreams and goals that we want to achieve and it goes without say that those dreams will cost money. These goals need to be planned, in order to make sure that you don’t spend a cent more than is necessary
    We need to start seeing reality around our financial decisions: Facing reality today means you walk into any financial situation fully aware and financially ready but it means you walk out of it financially well
  • Saving: Start to create peace of mind for yourself and move away from lending money unnecessarily. It has been said that the money you save today will save you tomorrow

The most wonderful thing about one year ending and another beginning is that there is a renewed hope that comes with the New Year. Hope that you can turn you financial situation around. Remember it is never too late or too early to start putting sound financial principles into practice. The truth however is that there is no time like the present. Give yourself the gift of peace of mind this festive season by effectively managing your finances you will thank yourself later.

Lesetja Madiba
Financial Wellness Consultant at Consolidated Financial Wellness

*** Consolidated is a national financial planning and financial wellness practice with offices in Western Cape, Johannesburg, Tshwane, Eastern Cape and KwaZulu-Natal. For more information visit www.consolidated.co.za

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Finance on Friday

Personal Financial Coaching with Lesetja Madiba

IMG 3437Lesetja Madiba is a Financial Wellness Consultant and has a B.Comm Statistics.
He discusses Personal Finances live on a Friday during Changing Gear at 17h00.
Podcasts of these talks are also available.
Click HERE  for Lesetja's Profile and contact details.
Click HERE to read Lesetja's latest Financial Advice Blog.

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