Finance: Events that trigger the review of your financial plan

The key to a financial plan is actually having one. Too many people think that it is something you put off until you have enough money or will only have to think about when planning for retirement. A financial plan, however, is important from the get-go. A financial plan should be with you like a good friend from the day you start working and throughout your life until well into retirement.

Each year, across all savings, investments and accounts, you should revisit your priorities and your strategy for reaching them. Monitor your goals and check if they are still aligned with your current situation. If your conditions have changed, make adjustments as necessary to ensure that you still meet timeframes and risk tolerance in order to bring your portfolio profile in line with relevant market performance.

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How to plan your holiday budget – without losing sight of important commitments

December is generally a hectic month. And it creeps up on us – catching us in mid-stride as we strive to finish projects, tackle school holidays and (for those who celebrate Christmas) shop for all those last minute gifts. And then there’s that time to take a break and, if you’re able, get away on a well-deserved holiday.

And like much else of December, that holiday can be upon you quite suddenly, leaving very little time to plan and save costs on a host of discounts already snapped up by the early birds. Here are some tips on how to plan better, save better and ensure that you are still meeting your financial commitments on the first of January.

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Death and Taxes: inheritance and estate duty

Death, while inevitable, is also unpredictable. You could just as easily die of a heart attack while fishing in a peaceful river as of rage and apoplexy in the office. That is why, as soon as you have attained property of your own and other assets, you need to draft a will. And despite what you may write, the law will still take a sizable lump of your assets in the form of estate taxes.

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The Safety Net: income protection for the salaried and self-employed

In today’s fast-changing and competitive world, one of our major concerns is loss of income due to retrenchment, illness or injury. The latter two circumstances are more often the ones for which you can carry insurance – but with increasingly uncertain economic times, the option of insuring against job loss is one you can investigate to shore up loss of income in the event of company downsizing or closure.

Depending on the terms of your disability policy, you can cover up to 75% of your pre-tax income for the period you are off work – or up to the age of 65 if you are close to reaching that age. The time covered will be set at date of purchase of the policy. Premiums will obviously depend on the options chosen. If income is insured against job loss, then you might be able to insure for up to six month’s salary recompense should you not be able to find new employment during that time.

Whatever your choice and situation, there are risk services to meet your needs. Planning ahead is vital to both peace of mind and financial security when the unexpected strikes. Sometimes the risk we take is life itself.

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