By Tokiso TKay Nthebe
2023 has been a tough year for many of us. From rising interest rates to high inflation and the ever-growing cost of living, our wallets have taken a beating. But if you’re reading this—you made it through. Now is the perfect time to pause, reflect, and reset your finances so you can start the new year strong.
Whether you’re a young professional in Maseru, an entrepreneur in Johannesburg, or a Mosotho building a life abroad, now is the time to get serious about your money.
Here are 5 simple, DIY steps to help you build a better relationship with your money before the year ends.
1. Reset Your Financial Mindset
Your mindset matters. One of my favourite frameworks is the 3Ms of Financial Success: Mindset, Money, and Method by Sudarshan Sukhani which I often cited in many financial wellness programs.
Ask yourself:
- Do I believe I can be debt-free?
- Do I believe I can reach my financial goals?
- Do I believe I deserve financial success?
Start by visualising what financial freedom looks like for you. Then commit to making it real—one smart money decision at a time.
2. Set SMART Financial Goals
Vague goals = vague results. The most effective financial goals are SMART:
- Specific: What exactly do you want?
- Measurable: How much will it cost?
- Achievable: What steps will you take?
- Realistic: Is it doable with your income?
- Time-bound: By when will you reach it?
💡 Example: “I want to reduce my debt by 30% by 31 December 2024.”
What financial goal will you crush before 2023 ends?
3. 🩺 Review Your Financial Health
Do you know your current financial status? Take an honest look at:
- Your bank statements (Where is your money going?)
- Your income streams (Can you earn more?)
- Your spending habits (What can you cut?)
- Your savings rate (Are you saving enough?)
- Your debt repayment (What’s your plan?)
Treat this like a personal audit—your roadmap for 2024 starts with knowing your reality.
4. Build a Simple Financial Plan
Think of your finances like planning a trip. You wouldn’t leave without:
- A destination (your goals)
- A map (your budget)
- A place to sleep (your emergency fund)
A solid financial plan should cover:
✅ Budgeting
✅ Debt repayment
✅ Savings & investing
✅ Insurance & risk cover
✅ Retirement planning
✅ Tax and estate planning
📌 Tip: A qualified financial planner can help create a plan that matches your lifestyle and goals. And no—financial planning isn’t just for the wealthy. Everyone needs one.
5. Find Balance: Live Today, Plan for Tomorrow
Financial freedom isn’t about depriving yourself. It’s about intentional living—spending money on the things that matter today, while still planning for tomorrow.
This means:
- Enjoying life within your means
- Saving and investing consistently
- Paying your taxes
- Having a will to protect your estate
Balance is what brings peace to your financial journey.
Final Word
As we wrap up 2023, ask yourself:
📝 What money habit am I leaving behind?
🌱 What new money goal am I embracing in 2024?
Take time to reflect, reset, and realign your financial path. You don’t need a perfect year. You just need a clear plan, the right mindset, and consistent action.
Wishing you health, love, and financial prosperity!
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Originally published in Insure Digest, 2022. Updated for www.mymoneyadventures.com.
Disclaimer: This blog is for educational purposes only. Please consult a certified financial planner for personal advice.
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