Steps to build resilience

MONEY: STRENGTHEN YOUR FUTURE

- Hannah Myburgh

If your finances feel uncertain, now is the perfect time to take proactive steps to strengthen your financial position. Small, intentional changes can make a significant difference in ensuring financial stability and peace of mind.

Here are some key areas to focus on to fortify your financial standing.

Ensuring emergency funds are accessible: Uncertain economic conditions highlight the importance of having quick access to emergency funds. If your savings are held in an account or investment vehicle other than your bank account, ensure you understand the process of accessing those funds. Check how many working days it takes for a withdrawal to reflect and whether there are any penalties for early access.

Reviewing income protection benefits: If you have an income protection policy, verify that your benefit is linked to inflation. In the event of a permanent disability that prevents you from working, your income protection benefit will replace your salary until retirement. If it is not inflation-linked, its value will diminish over time.