Expert SAVINGS secrets: Work towards a CALENDAR

The cost of living is rising and everyone from CEOs to minimum-wage earners can benefit from these savings secrets. Managing your money with these foolproof savings secrets will have you en-route to a healthier bank balance and financial freedom within a year.

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We spoke to Rita Cool, the head of individual consulting strategy at AlexForbes, and she believes in savings secrets such as working to a calendar. Better still, stick to it so it forms a habit, and a year from know you’ll be happy you started the journey when you did. Here’s what calendar-based savings secrets are all about …

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SAVINGS SECRETS

For anyone trying to save money, there are a number of guaranteed events that happen each calendar year. Implement savings secrets geared towards these and watch a strong financial foundation start to form all around you.

OCTOBER 2023 – TAX SEASON CLOSES

Submit your tax return on time before Monday 23 October 2023 to avoid any penalties. If you work from home be sure to claim a home office and qualifying expenses like electricity and internet.

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NOVEMBER 2023 – TAX REFUND

Here’s where the savings secrets get fun. If you receive a tax refund, no matter how small, use it constructively. Set up a tax-free savings account. Alternatively allocate it to debt repayment that’s been racking up throughout the year.

DECEMBER 2023 – PLAN AND BUDGET

Use this time to set budget goals for 2024. Review your bank balance and cash flow throughout the year. Don’t forget to consider those occasional but unavoidable annual expenses like vehicle license fees. Anticipate the more expensive months in the year that include holidays like Easter long weekend, when you draw up your budget.

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JANUARY 2024 – RETIREMENT CONTRIBUTION

Otherwise known as ‘Januworry’, don’t forget to maximise the tax benefits of your tax-free savings accounts and retirement annuities. You can contribute a yearly limit of R350 000 (27.5% of your taxable income) into retirement funds.

FEBRUARY 2024 – SET FINANCIAL GOALS

After two months at work you’re probably hankering for a holiday. Budget, plan and book one for later in the year if you’re able. Having a positive reward to work towards will keep you motivated now that the year is fully in stride.

MARCH 2024 – STRETCH THOSE RANDS

With annual goals set, identify areas where you can reduce or revise expenses. Stuff like your debit orders for medical aid, household and car insurance. Cancel subscriptions you no longer use. Save, save and save some more.

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Working within these calendar-based savings secrets, you can start developing a year-round savings mindset. Stick with it and soon financial planning will become second nature and you’ll be well on your way to a brighter future.

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