Festive finances: relax, reflect and plan

Feel free to reach out to PSG Wealth Manager Lizna de Villiers directly.

In this newsletter, I share a couple of good reads for your December holiday, at the poolside or on the couch, or to gift to others. I also touch on a few aspects to take into account for your 2024 planning.

Reflecting on 2023

It is important to take a moment to reflect on your financial journey this year. Consider your achievements and setbacks, and establish where you are in terms of your various financial goals. Checking your financial status and setting new goals for the coming year will enable you to be better prepared for the financial challenges and opportunities it will bring.

Financial tips for 2024

Here are a few additional tips to help you plan for 2024:

• Review your budget: The South African economy is under pressure, with high inflation and interest rates affecting our pockets as consumers. Take the time to reflect on how to approach the new year.
• Set clear financial goals: Set financial goals for the new year to keep your financial journey on track. 2024 may be a year of market volatility, so it’s important to look beyond the noise and stick to your financial plan. However, a large part is to ensure that your short- and medium-term plans are in place, and allowing your long-term capital to grow.
• Assess your investment portfolio: Use the opportunity to review your investment portfolio making sure that it is in line with your goals above, that your emergency fund is in place, and that you maximise tax benefits. Also check your risk cover, short-term insurance and will.

Holiday reads

I would like to share some of my holiday reads with you. Covering a wide range of subjects, these books can help us seize 2024 with new vitality.

1.     Productivity

In Atomic Habits, James Cleat highlights that small but constant changes in your habits may have a significant impact on your life.

2.     Communication

How to talk to anyone by Leil Lowndes provides practical tips and techniques on conversation, body language and effective listening. The book aims to teach readers how to navigate various social settings.

3.     Personal finances

Psychology of money by Morgan Housel looks at the complex and often irrational relationship people have with money, and the psychological factors that impact financial planning.

4.     Business

In Your Next Five Moves, Patrick Bet-David explores strategic thinking, decision-making and the psychology of success.

2023 has been a challenging but an exciting year too. Thank you for entrusting your financial wellbeing to PSG Wealth Pretoria East and myself. I look forward to taking on 2024 with you and helping you achieve your goals.