Quick money health check

IMPERATIVE: EVERYONE SHOULD TAKE A CLOSE LOOK AT FINANCES AT LEAST ONCE A MONTH

- Hardi Swart

Managing your finances doesn't have to be complicated. Here's a simple guide to check your financial well-being in no time.

1. Review your savings (two minutes)

Start by assessing your savings and emergency fund.

→ Emergency fund: Do you have at least three to six months of living expenses saved for unexpected events?

→ Short-term goals: Are you saving for specific goals, such as a holiday, car or renovations?

→ Long-term savings: Are you contributing to retirement funds or investment accounts?

Action tip: I use linked investment service providers (LISPs) such as Allan Gray, Ninety One and Momentum. These platforms allow you to set up multiple accounts for various purposes - emergency funds, short-term goals and long-term savings - all in one easy-to-use interface.

2. Check your debt levels (two minutes)

Understand how much you owe and ensure you're managing your debt effectively.