31 August 2022 | 8 – 10 min read
5 financial tips to get you ready for summer!
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Whichever way you prefer to spend your holidays, our financial tips will get your money ready to go with you whether you're planning to hit the beaches, the club or even just the couch!
1. Learn to budget
Getting a holiday-ready bank account starts with a budget. We keep promoting this tool simply because it is the most important step in managing your money. By starting with a budget now, you can set yourself up for a relaxing holiday season while also avoiding using credit for your summer holidays!
So many Velocity Club clients have shared feedback with our team, confirming that starting with a budget has dramatically impacted how they view their spending and saving behaviour.
If you don't have a budget, you'll get to the end of every month or the end of the year without achieving anything financially speaking, and you'll wonder where all your money went!
Successfully budgeting is a lot like exercising: It's difficult at first but easier with time. The longer you work with a budget, the better you'll become at sticking to it. So don't wait - get your financial fitness regime started - you might be surprised by the insights you learn about yourself!
Use our budgeting template - just copy the sheet, save it and USE IT!
Book a free consultation with Velocity Club today.
2. Build an emergency fund
Things happen. These things often happen unexpectedly. And sometimes with a disastrous effect on our finances.
When unexpected things happen, it's super important to have an emergency fund available to bail you out.
Whether it's unexpected car repairs on your way to chill on the beach in Durban, a medical bill, repairs to a broken appliance, or anything else, the emergency fund is there to take care of those unplanned expenses so that you don't have to dig into savings you put aside for something else.
Open a separate bank account, put a specific amount away each month, and try to build it up to between 3-6 months' worth of your monthly expenses. Make this a habit - part of your monthly budgeting. Regular contributions will ensure that your emergency fund becomes a reality.
3. Start small to get big
Getting significant results at the gym doesn't happen overnight. It's the same with managing your money.
Set small, achievable financial goals to help you stay motivated while you build up to big financial goals.
For example, if you're saving up that emergency fund, put aside a realistic amount each month that you can afford to save. Whether it's R100, R500 or R1 000 per month - just start!
4. Take good care of yourself
Fitness is as much about having fun as it is about taking care of yourself. The same principles apply to financial management. When you gain financial fitness, part of it means being able to take care of yourself so that you're not a financial burden on your children or other relatives.
But it also means teaching your children good money lessons to understand that they can't have everything they see. Just like you, if they want something, they need to learn to budget for it and save towards it.
Book a free consultation with Velocity Club today.
5. This summer, make it about you
Decide what your personal priorities are, and then stick to them.
Just because your friend, neighbour or relative bought a flashy new car or phone or they're splurging on an overseas beach holiday doesn't mean you have to go out and do the same.
Understand the trade-off of every financial decision you make, e.g., spending R2 000 on a night out versus putting R2 000 towards saving for a deposit on a house.
In other words, what's important to others might not be important to you, which is totally okay.
Why not unpack what's important to you financially in a free consultation with one of our money experts? Book a session, and let's work together to get your money working for you. Remember, you can achieve financial success - you just have to start!
Book a free consultation with Velocity Club today.
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