Financial resolutions to live by in 2021

16 January 2021 | Opinion

Windhoek • Jerome Namaseb



We are often left feeling overwhelmed and guilty from the excessive spending and increased expenses after the holiday season. As much as we plan our budgets for the year or any event for that matter; we often don’t stick to them.

We tend to overburden ourselves over the holiday season with unexpected expenses like gifts, getaways, or entertainment. Our budget gets consumed quite quickly and without us noticing at all.

With the recent travel limitations, many Namibians may not have spent as much or had more time to reflect and review their December spending patterns, plan better and save more in 2021. This initial step of re-evaluation and consolidating expenses at the beginning of the year is a great starting point to your savings journey.

Thanks to the global pandemic, Namibia like many other countries has seen a further decline in a savings culture. We need to start saving now for the future and any other unforeseen expenses that may arise.

Consider the following financial resolutions for 2021:

1. Conduct a needs analysis for a 12-month period and determine what your needs, wants and responsibilities are especially in the current economic environment.

2. Identify your financial resolution. The list is endless from shopping less to planning to buy your dream home. Whatever your financial resolution is, live it and ensure that you stick to it.

3. Consolidate your budget. Review your 2020 budget by looking at places where you overspent and where you can save. Budget with long and short term goals in mind as this will help you identify what you need now and in the long-run.

4. Find a savings mechanism. There are many tools and apps available which can assist in kick-starting your savings goals. The FNB Savings Pocket and Bank Your Change can help you save money as you spend it.

5. Have a personal finance day. Set a day aside to manage your monthly spend and expenses. Time spent on managing your budget and expenses can help you understand where those unforeseen expenses are going. Ensure that your will is updated and check that your long term risk cover is appropriate for your goals. This is a form of self-care.

6. Financial advisor. Financial advisors are a great asset as they guide and provide immense value in helping you manage your money better. This guidance will help your money go a long way

7. Consolidate debt. We live in a credit active culture, where interests are high resulting in higher debt levels and less savings. Start the year right by clearing your debt. It will be a difficult process but once you are debt-free; you can focus on things that matter.

We live in our own financial bubble and assume that savings is not that important. Getting up to speed and ensuring that you are financially savvy should be a focus for everyone. Given the economic climate and rising costs we need to ensure that we have enough for the future.

* Jerome Namaseb is FNB’s Head of Retail Transactional Banking.

Similar News

 

Cyber security protection tips for the new year

2 weeks ago - 13 January 2022 | Opinion

Windhoek • Martin Hamukwaya The Government Institutions Pension Fund (GIPF) has in recent years increased the shift and reliance in the use of information...

#stayHEALTHY_staySOBER

1 month - 14 December 2021 | Opinion

Windhoek • Romanzo Steenkamp Namibia braces itself for more socio-economic problems as food prices increase by 26.2%, but alcohol only with 12 %. Shocking!...

Spotlight on Shark Island

2 months ago - 27 November 2021 | Opinion

It was on this fateful day, 2 October 1904, when German imperial genocide general Lothar von Trotha declared genocide against the Ovaherero people, and extended...

Wellbeing strengthens employee engagement

5 months ago - 22 August 2021 | Opinion

Windhoek • Agnes Yeboah Change is constant in life, and it exempts no systems or people. The onslaught of Covid-19 has altered how the...

Why appointing a proxy and executor is vital

5 months ago - 14 August 2021 | Opinion

Windhoek • Taswald JulyMost of us have probably faced death and thought about our own mortality more often, and however daunting the prospect may be,...

Stay home, stay safe

5 months ago - 08 August 2021 | Opinion

In line with the very challenging times we are in due to the Covid-19 pandemic, and the increase in positive cases and deaths throughout the...

Bridging the healthcare divide saves lives

6 months ago - 27 July 2021 | Opinion

Windhoek • Celia Sofia Stephanus In December 2019, Covid-19 became something for the world to worry about. It was no longer something that was...

The ‘silent pandemic’

6 months ago - 25 July 2021 | Opinion

Windhoek • Dr David Emvula Infertility is a global health problem characterized by failure to achieve a pregnancy. It affects both women and men...

Career success positioning is vital

6 months ago - 30 June 2021 | Opinion

Windhoek • Agnes Yeboah The Covid-19 pandemic has accelerated the fourth industrial revolution. These days, because career paths are rapidly evolving, securing and maintaining...

The impact of Covid-19 is not gender impartial

6 months ago - 30 June 2021 | Opinion

Windhoek • Ruusa Nandago The impact of the Covid-19 pandemic on the economy has laid bare the many inequalities that exist in our societies....

Latest News

Namibia drops on corruption index

19 hours ago | Local News

Windhoek ∙ [email protected] Namibia has been ranked 58 out of 180 countries by Transparency International, the leading civil society organisation fighting corruption worldwide, on...

Two-year pandemic exposes vast schisms...

19 hours ago | Local News

Windhoek • [email protected] Nearly two years after the World Health Organisation first sounded the alarm about a novel coronavirus outbreak spreading across the globe,...

Don’t bank on oil yet

19 hours ago | Business

Windhoek ∙ Jo-Maré Duddy No commercial discovery of oil has yet been made in the Graff-1 exploration well offshore Namibia in the Petroleum Exploration...

Safety audit underway after freak...

19 hours ago | Accidents

Walvis Bay • [email protected] A full internal investigation has been launched by Erongo Marine Enterprises (EME) after a freak accident that claimed the life...

Forensic analyst says THC is...

21 hours ago | Crime

Swakopmund • [email protected] The state’s last witness in the ongoing trial of Swakopmund resident Cheryl Green (59), in which she is facing charges...

Highly contagious bird flu confirmed...

1 day - 27 January 2022 | Environment

Swakopmund • [email protected] The suspicious deaths of Cape cormorants along the coast between Walvis Bay and Swakopmund about two weeks ago is caused...

NAMFISA cautions the public on...

2 days ago - 26 January 2022 | Business

The Namibia Financial Institution Supervisory Institutions (NAMFISA) is cautioning the public on microlenders retaining possession of bank cards and PIN codes, original identification documents, original...

MTC completes 271 houses in...

2 days ago - 26 January 2022 | Infrastructure

Breaking the archaic patriarchal status-quo on land ownership, 75% of the 271 houses built by the Mobile Telecommunications Company (MTC) were awarded to low-income earning...

Namport welcomes new executive for...

2 days ago - 26 January 2022 | Infrastructure

Walvis Bay The Namibian Ports Authority (Namport) announced the appointment of Richard Mutonga Ibwima as the new executive for port operations from 17 January 2022....

Load More