Member Newsletter
Quarter 4 • 2021
Think about what you want or need in life and set yourself some financial goals. Planning for your retirement is also an important goal. One of the best tools to help you achieve these goals is to use a monthly budget. In this newsletter there is a step-by-step guide on how to create your own monthly budget. On our website you can download these helpful budget sheets. This is a great way to shrink debt and achieve financial wellness.
In This Newsletter:
HOW TO CREATE A MONTHLY BUDGET
Create a monthly budget and start saving towards YOUR FINANCIAL GOALS.
A budget can help change your spending habits so that you save money, shrink debt and achieve financial wellness.
1
First, set your goals
Think of your goals as a destination, and your budget as a map. This gives you a clearer understanding of a budget and how important it is.
Some guidelines for setting your own goals:
2
Track your spending
Next, record your day-to-day spending in a spending diary. This will help you find out exactly where you are spending (or squandering) your money. In order to draw up a realistic monthly budget, it is important to know your spending patterns.
Some handy tips:
3
Create your monthly budget
One of the most important things that you can achieve for you, your family and your future is financial wellness.
Your step-by-step guide
1
Track your spending and add up the daily amounts for one month. The ideal way to do this is to use a spending diary.
2
Fill in your spending totals on a monthly budget sheet. You can visit our website and download helpful budget sheets.
You will find the following budget sheets that you can download and use:
3
Study your budget sheets and see where you can reduce costs or save money.
4
Your fixed monthly expenses will include your mortgage or rent, insurance and school fees. See where you can cut down on your monthly expenses, as this will have a recurring impact on the amount of money you save every month.
5
To save money, it is sometimes easier to adjust your day-to-day spending habits. Visit our website and see some examples of how to reduce your spending. Go to Create a Monthly Budget.
6
Pinpoint your expenses by looking at your accounts, such as your credit cards. This will help you to identify where you are spending and where you can save.
7
Remember, every rand you save helps.
8
You can use the money that you save every month to help achieve your financial goals and look after the future you.
A MONTHLY budget is an empowering tool that allows you to take charge of your money.
Take control of your financial future with AF Connect
Do you know WHETHER you’re on track to reach your retirement savings goals?
With AF Connect, you can enjoy real-time access to:
Improve your retirement planning
You can find investment values and performances, and use valuable financial planning tools to track and improve your financial wellness.
Visit online.alexanderforbes.com to register for AF Online.
