Start the New Year on the path to financial freedom

Feel free to reach out to PSG Wealth adviser Jeandré Eygelaar directly.

1.Create a budget

Track your income and expenses to understand your cash flow. You should spend less than you earn.

2.Eliminate expensive debt

Prioritize paying off high-interest debt, such as credit cards and personal loans, as quickly as possible.

3.Build an emergency fund

Save enough to cover at least three to six months’ worth of living expenses. This fund should be easily accessible and carry low risk, as it acts as a safety net for unforeseen events.

4.Save for retirement

A general guideline is to save at least 15% of your income for 40 years to secure a comfortable retirement. The later you start, the higher this percentage needs to be.

5.Invest wisely

Use investment products and asset classes tailored to your goals. Diversify to balance risk and return effectively.

6.Leverage tax advantages

Make full use of available tax allowances to maximize your savings and investments.

7.Insure adequately

Protect yourself and your family with the necessary insurance, including both short-term and
long-term insurance.

8.Consider medical aid/coverage

Ensure you have medical aid or at least a hospital plan to guard against healthcare-related financial risks.

9.Keep your will updated

Regularly review your will to ensure it reflects your current wishes and circumstances.

10.Seek professional advice

Avoid making financial decisions based on emotion
or casual advice at social events e.g. around the braai. Rather consult a Certified Financial Planner (CFP®) to make informed decisions.

If you’d like tailored guidance on your financial journey, feel free to reach out to me at eygelaar.jeandre@psg.co.za