New Year’s Resolutions – sort out your Personal Affairs

For some reason, few people pay enough attention to their personal affairs and ensure that all the basics requirements are covered. Not doing so often causes a serious problem when something unexpected or catastrophic happens.

It does not need to be so! There are many excellent sources of help and guidance on what to do.

ShowMe’s suggests 4 cornerstones of well-managed personal affairs.

Personal and asset insurance.

Important types of insurance to consider are:

–          personal death and disability cover

–          medical or, at minimum, hospital cover

–          home and contents as well as motor cover

–          all-risks cover for personal items carried around.

There is a wide variety of insurance cover available to suit every need and every budget. Act immediately to investigate and take out appropriate insurance. The nearest and lowest-cost source of advice and insurance policies is your bank. Resolve to give your bank a call and ask to discuss your requirements with their insurance consultant.

Have an updated personal Will.

Dying without a Will can create a nightmare for those left behind whereas having a correctly drawn up Will makes settling an estate a straight-forward matter. Sometimes there’s a Will but conditions have changed – divorced? (re-)married? new children? different property? Updating a Will is just as important as having one in the first place. Tomorrow is not guaranteed so resolve to provide for your loved ones by ensuring that your Will has been properly drawn up. Call your bank or contact Steyn Coetzee Attorneys for assistance.

Personal accounts and tax

It is a legal requirement that we all maintain proper records and regularly submit our tax returns. How well are your financial affairs organized? Do you get all the tax allowances to which you are entitled? Do you have a budget and do you keep proper track of your expenditures so that you remain within available income limits? Do you struggle to factor in the multiple-year effects of long hire purchase and leasing arrangements? Are you faced with soon having to spend a lot on a new asset and are not sure how best to go about it or what is the best and lowest-cost way to borrow?

Nothing substitutes for good records and sound financial advice. It is easier than you may think, but not everyone has personal bookkeeping knowledge and many often feel overwhelmed. JG Accounting offers affordable, accurate personal accounting services. Resolve to have someone competent assist you with personal accounts and tax so that you no longer have to worry about it.

Control debt

Do you have that problem where more money seems to be going out than is coming in? At some point we all need some help in getting our finances back in order. Have you lost sight of some commitments and not budgeted for it? Sometimes things just go badly wrong and new problems pile up on old problems, all of which typically have a financial impact. Occasionally a member of the family faces difficulties and needs your financial help. Whatever the case is, when the going gets financially tough, often the best thing to do is to consult a reputable debt counsellor who can accurately analyse your needs and work out the lowest-cost and most effective way back to financial stability. If you are in this unfortunate  position then we suggest get assistance from Van Dyk Debt Counsellor to control your debt.

Read more here for New Year’s Resolutions about home improvement and your quality of life.