The end of the year is upon us, and once again we will exclaim to one another: Where did this year go to? It was Easter yesterday, and now Christmas decorations are appearing.
It’s the time of year when we are tired and slightly irritated. The children are writing exams and it seems colleagues do their best to bring out the worst in us.
But there is something we really should attend to, because time waits for no man or woman.
It is a good time to take half an hour and just sit down and think about where we are. This is especially a good plan if you will see your financial adviser and discuss your progress this year towards year end.
But first things first, how are you? What have you done this year that you are proud of, and what would you have done differently? I’m asking, because in making every day happen, we forget the importance of our life dreams. What do you still want to achieve? And will your financial goals enable you to arrive at your planned destination?
Again, we’re so busy making ends meet that we forget to budget for dreams. Life is hard, and it’s a challenge to stay afloat while inflation and fuel prices are running away. But isn’t that little something to keep our dreams alive worth the sacrifice? I’m a great believer in the power of hope, and the advantages of keeping hope alive. Surely, we live for more than just keeping the house clean, drinking vitamins to keep our health up and working to keep the boss happy?
When last did you make a list of things that are important to you? Don’t laugh, but high on my list is to be a better parent, and to be there for my family in times of need. Of course, I also have ambition at work, travelling plans and other romantic dreams.
I also still want to improve myself, and am even considering a reading plan for December.
But above all, I want to start shying away from the admin of my finances. They are simply too important to ignore. And as with any uncertainty, a plan and a structure can point the way.
So, when my financial adviser comes around, I will ask these questions. And if he doesn’t come around immediately, I will sit down with a notepad and dot some things down for myself.
- What are my options regarding emergency savings?
- Have we listed my dreams together? For myself and my family?
- Are my money goals aligned with my dreams, and if not, what can we do about it?
- How much of my retirement money will keep me alive, and how much will I have for gallivanting or my dreams? Will there be enough for medical surprises?
- What do I need to change if the above is not on track?
- What can you do to help me if the above is not on track?
- How should we prioritise for my financial needs that are not yet met?
- Let’s discuss what big coming needs I’m anticipating.
- Is my risk aversity constant, or is it changing because of my life stage?
- Do we need to see each other more to make sure I stay focused?
For me, it’s a great way of taking stock of what I still want from life.
By Andile Jonas, Head of Marketing at Momentum Savings