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Things to kick off your financial bucket list before the end of the year

by | Nov 23, 2022 | Personal Finance

The end of the year is usually an exciting time in South Africa. Everyone is generally in high spirits, gearing up to spend time with friends and family without the burden of responsibility. However, whenever anything ends, it also presents an opportunity to reflect and take stock of your goals. Before we officially say goodbye to 2022, here are some things to kick off your financial bucket list before the year is through.

 

Create a passive income

Whether you’re working on a side gig or just looking for some extra cash, passive income can be a great way to increase cash flow. In good times, passive income can help you generate more income, and if you lose your job suddenly, it can help you to tide you over until you can find work again. Whatever your situation, a passive income can provide you with extra security. Some things you can try out, include blogging, letting out property, becoming an uber driver, selling NFTs, running an affiliate marketing business.

 

Increase your credit score

Your credit score is a reflection of how well you manage your debt. In the eyes of lenders, the higher your score, the more responsible you appear. When a person has excellent credit, they get better rates on mortgages, auto loans, and everything else related to financing. A bad credit score, on the other hand, can affect your ability to rent an apartment, rent a car, and even get life insurance because it affects your insurance score. So, getting your credit score to a healthy level is a great item to kick of your financial bucket list this year. You can do this by reviewing your credit reports, getting a handle on bill payments, limiting new credit, keeping your old accounts open, and dealing with delinquencies.

 

Sort out your insurance

Even though we cannot prevent the unexpected, we can sometimes protect ourselves and our families from the brunt of the financial fallout with various types of insurance. In most cases, life, health, long-term disability, and auto insurance are the four types of insurance that are essential for any given employer. Check with several providers, because many of them offer discounts if you purchase multiple policies.

 

Scale down debt

With low interest rates and readily available credit, many consumers have fallen into the habit of ‘having now, paying later’ ending up with mountains of accumulated debt. So, if there is one thing we would all appreciate happening on our financial bucket list it would be effectively reducing overwhelming debt. One clever way to do this is the snowball method whereby you pay your highest-rate debt first, then add the payment you made on that debt to the payment you are making on your next highest-rate debt, and so on until all your debt is paid off.

Having a bucket list of any type is always a great idea. Their contribution inspires people to take on greater challenges in order to reach certain goals in their lives. Money and cash flow bucket lists are the best because they teach and motivate us to manage our money and cash flow better. It is important to step outside your comfort zone and realize that things are possible, even if they seem impossible now. Even if you do not get to successfully tick off all the items on your bucket list before the end of the year, reviewing the discussed areas is also a very healthy move in the right direction for your personal finances.

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