SMART MONEY MOVES

From starting where you are right now to ending strong and secure, this expert advice is designed to help you take control of your cash, future and financial confidence.

- By Pnina Fenster

LEARN YOUR NUMBERS

As financial guru Suze Orman notes, 'If you expect your money to take care of you, you must take care of your money.' Apply these practical strategies to gain control of your money and your quality of life.

List all sources of income, including salaries, freelance work and any other revenue. Categorise your expenses into fixed (such as rent, home loan and insurance) and variable (such as groceries, entertainment and clothing). In addition to understanding your overall picture, see if you can find money-saving options in areas like insurance, groceries and clothes.

Start a money diary, writing down absolutely everything you spend for a month. Then use that information for a full picture of your spending patterns and to identify where you can save. Redirect those funds to savings, debt repayment or other financial goals.

Set clear, achievable goals, including short-term objectives such as paying off a credit card or building an emergency fund, and long-term goals such as saving for a home or retirement. Be specific about the amounts and set realistic timeframes.

'If a child, spouse, life partner or parent depends on you and your income, you need life insurance,'

Orman says.

Take the long view when it comes to investing. Investing is primarily about long-term financial goals, so don't chop and change, and don't get distracted by short-term market fluctuations.

Review your goals and financial picture every four to six months to assess your progress. Make adjustments where necessary to ensure that you stay on track, while also accommodating changes in your financial situation.

DON'T THINK IT'S TOO LATE