Fostering Financial Resilience: Top Tips

With the economy in a state of upheaval and many businesses having closed or struggling to keep afloat, we all need to foster some financial resilience right now. But when you’re financially stretched, it can be hard to focus on anything else.

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When you’re financially stretched, it can be hard to focus on anything else. To help you adapt your mindset, here are some top tips from the Sasfin team:

1. Get started on your financial plan or Ensure you have a financial plan

Holistic financial planning is a key part of financial resilience and is made up of wealth creation (investment), wealth protection (life, disability and medical) and wealth preservation (wills, trusts and estate planning). Wealth, after all, is about more than just money. It includes your physical and mental health, the wellbeing of your loved ones and your dreams and aspirations. Listen to this panel discussion by our Head of Advice, Johan Gouws, to find out more.

2. Check your medical scheme

As your financial and health needs change, it’s important to review your medical scheme option to see if it’s still right for you. Things like hospital networks, co-payments, chronic conditions and your required day-to-day benefits all influence the plan you should choose and the monthly premiums you’ll pay – read our full article to find out more. Also think long and hard before you simply cancel your medical cover in order to cut your monthly expenses, as this could have far-reaching consequences.

3. Track your spending

It can be scary to assess how much you’re spending each month, but if you stick your head in the sand, this actually makes it worse. You need to make a budget, organize and track your monthly bills and spending, and only then can you get closer to starting to save, and achieving your goals. Watch our series of financial literacy videos to learn how to get started with setting up your budget.

4. Manage your debt

Do you know what good debt is versus bad debt? Do you need to buy that fancy new car, or do you just want it? Do you have your debt under control, or do you need some help? Watch our videos about debt management to learn more about debt, plus what a credit rating is and why it’s important.

5. Investing

An investment refers to any mechanism used for generating future income, and it is different from your savings. Investments include the buying of bonds, stocks, or property, among other things, with the goal being to hopefully sell them at a higher price than you bought them for. Watch our video to get more details.

It’s tough out there and we hope these tips help you develop better financial resilience so that together we can weather the storm.

Tip - Prepare yourself by remembering to take care of your own mental health during this difficult time. This may mean making extra time for self-care activities. even though it feels like that is the last thing you have time for. keep up your exercise, get enough sleep, take vitamins, eat healthy, practice meditation and generally amp up what you would normally do when going through a stressful period of life or a transaction.

Want to better understand the mental health benefits offered through your medical scheme? Click here or Contact your Sasfin Healthcare Consultant today.

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About the Author
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Charleen Rix

Head of Healthcare, Sasfin Wealth

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