MyMoney Online

A year-end checklist on your personal finances

It is the final week before many of us set off to have a great holiday and enjoy a well-deserved break. What a year it’s been! Just before you take off here is a personal finance check list...

Listen to Paul chatting to Sam on Weekend Breakfast...

Medical plan for next year You still have time to consider an appropriate plan for next year. Ensure that your option has been received and applied ready to cover you from the 1st January 2016.

Short term insurance valuations adjusted Contact your insurance broker and ensure that your possessions are accurately covered. You want peace of mind that should something happen over the festive season, your policy will comfortably replace any loss. You don’t want to get caught in a wrangle with your insurer because your goods are under insured.

Check and service your alarm system A probable condition with your insurer is that your alarm system is in working order. So, whilst you are updating your valuations you will do well to service your alarm system ensuring it is working while you are away.

Cover your January expenses It’s a long way for most to January’s pay day as many get paid early in December. Make sure there are sufficient funds in your account to cover your debit orders which will come off on the 1st January. If you don’t have enough funds you could have a claim repudiated on your short term insurance, life assurance and medical aid policies if you miss a premium.

Clean out your Loyalty Rewards You may have rewards on various loyalty programs which could be bundled together to give you some value over the festive season. You could use these rewards towards paying for your trip or for a few gifts for family and friends. You probably are paying to be on the loyalty program, so use this time of the year to get something back.

Update your will Before you take off on holiday, ensure that your will is updated and that someone close to you knows where to find it.It is such an important document which many of us ignore. Don’t be complacent and leave it for another day. This time of the year is risky for all South Africans.

A sound financial plan provides peace of mind that your affairs are in order. You will have a much better time over the festive season if you have prepared yourself that much more for the New Year. Happy holidays….

Read more from Paul Roelofse on www.investforlife.co.za


This article first appeared on 702 : A year-end checklist on your personal finances


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