In Touch November 2016
Spend your annual bonus wisely
So many people spend their annual bonus before they even receive it. It is therefore a good exercise to plan how you intend to spend it before you get your bonus. By following these easy steps, your bonus can make a significant difference to your finances.
- Split your bonus in terms of percentages, rather than rand value, to help guard against reckless spending.
- Allocate a sizeable percentage to reduce high-interest short-term debt and a portion as an additional payment into your home loan. Then set aside a percentage for short-terms savings to cover school fees, home maintenance, holidays and any unexpected costs.
- Also look out for yourself and allocate a portion for retirement savings.
- Finally, set aside a small percentage to spend over the holidays.
Click here for a practical example of how to split your bonus. If you would like advice on how to save or invest your bonus, please talk to me.
Review medical aid options
Medical aid schemes allow members to change from one benefit option to another once a year, in November or December. Take this opportunity to assess your scheme’s benefits, so you can balance the benefits you want with the contribution you can afford.
When deciding on the best option, consider your medical expenses over the past year, your individual circumstances and if your situation is likely to change next year (for example, if you are starting a family). Keep in mind that cover for major health events is vital, as medical care can be costly.
Going on a road trip? Get there safely!
Driving off to your holiday destination, you should not be worrying about an accident, break-down or flat tyre. Roadside assistance offers the support you need to get to your destination and back safely.
Roadside assistance packages include benefits such as repairs in the event of a break-down, locksmiths, tyre changes, jump starts, towing, safe storage of a vehicle, medical evacuation, vehicle hire, accommodation and directions if you get lost. Some also offer a designated driver service to ensure their members arrive home safely after a night out.
Find out more about roadside assistance services here. Speak to me about getting your cover in place before you drive off on holiday.
Cover for dread disease
We are reminded during October and November that cancer is amongst the most serious diseases South Africans face. According to CANSA, the lifetime risk of breast cancer in women is 1 in 29, while men have a 1 in 27 lifetime risk of prostate cancer.
Losing a family member to a critical illness can be devastating. Not only does the family face the loss of a loved one, but also the medical costs associated with illness and possibly the loss of a breadwinner’s income.
Policy holders are significantly underinsured when it comes to risk cover. This is mostly because they do not know about the benefits of risk cover and the risks of being underinsured.
To find out more about cover for dread disease, click here. If you would like to discuss or review your dread disease cover, please call me.
Keep in touch
Please contact me if your circumstances or needs have changed and your financial plan needs to be updated.
Title : Mr.
Name : Kiba
Surname : de Klerk
Tel no. : 023 342 5161
Email : firstname.lastname@example.org
Looking forward to hearing from you!