{"id":142111,"date":"2024-01-23T08:23:44","date_gmt":"2024-01-23T08:23:44","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/01\/23\/turn-resolutions-into-actions-and-have-a-prosperous-new-year-old-mutual-ghana\/"},"modified":"2024-01-23T08:23:44","modified_gmt":"2024-01-23T08:23:44","slug":"turn-resolutions-into-actions-and-have-a-prosperous-new-year-old-mutual-ghana","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/01\/23\/turn-resolutions-into-actions-and-have-a-prosperous-new-year-old-mutual-ghana\/","title":{"rendered":"Turn resolutions into actions and have a prosperous new year \u2013 Old Mutual Ghana \u2013"},"content":{"rendered":"<p><\/p>\n<div>\n<p>January often brings a financial crunch, as holiday spending leaves pockets empty, and unpaid bills start piling up.<\/p>\n<p>According to Tavona Biza, the Group Chief Executive Officer (GCEO) at Old Mutual Ghana, crafting a list of New Year\u2019s resolutions has been a common approach to \u201cmaking things better for the year ahead.\u201d<\/p>\n<p>However, resolutions can be challenging due to our tendency to set overly rigid rules for ourselves. We often adhere to these resolutions briefly before reverting to old habits. Keeping your financial resolutions simple and having as few as possible makes success possible.<\/p>\n<p>Mr. Biza outlines five fundamental financial planning strategies\/resolutions that can have a profound impact on your life. Incorporating these principles into your resolutions can make 2024 a significantly smoother year financially.<\/p>\n<p>The first strategy should be to reduce spending and increasing savings. A budget is essential for achieving this goal. Adopting the 50:30:20 budgeting can be an effective approach.<\/p>\n<p>This guideline allocates:<\/p>\n<p>50% of your income to Needs: This portion covers essential and fixed expenses.<\/p>\n<p>30% to Wants: This portion focuses on non-essential lifestyle spending.<\/p>\n<p>20% to Savings: This portion helps build a financial cushion for the future and supports your financial goals.<\/p>\n<p>Using this guideline as a framework and adjusting the ratios as needed can help you stay on track.<\/p>\n<p>While reducing spending may seem daunting, it can be achieved by identifying and eliminating small, everyday expenses that often go unnoticed. By tracking your daily spending patterns, you may be surprised to discover that these seemingly insignificant purchases add up to a substantial amount over time. For instance, if you spend GH\u00a220 on small items every day, it translates to GH\u00a2140 per week, GH\u00a2600 per month, and a staggering GH\u00a27,300 annually. By identifying and eliminating these unnecessary expenses, you can improve your financial well-being.<\/p>\n<p>The second, is to spend less and reduce debt. Start by understanding your spending patterns and identifying areas where you can cut back.<\/p>\n<p>Limit the amount of cash you keep, cancel debit cards that are not essential for your daily purchases, avoid borrowing and making deposits that yield no interest. This will help you avoid impulsive spending and stay focused on your spending goals and debt repayment, if any. Don\u2019t fund entertainment with credit.<\/p>\n<p>The third resolution is to distinguish between wants and needs. Recognize that what you desire may not always be essential.<\/p>\n<p>\u201cPurchasing luxury retail items through instalment plans can be a costly attempt, especially with interest rates hovering around 30 percent. Consider saving for desired items instead. Often, you may find that the desire for the item diminishes once you have the funds,\u201d Mr. Biza added.<\/p>\n<p>The fundamental principle of financial management is that if an offer appears too good to be true, it likely is.<\/p>\n<p>\u201cIt\u2019s unfortunate that people seeking financial success often fall prey to unrealistic promises that lead to disappointment. Steer clear of any investment scheme that offers abnormally high-interest rates or unrealistic returns on your money. Your fourth resolution should be to stick to reputable financial institutions for your investments,\u201d he said.<\/p>\n<p>Finally, there\u2019s one resolution that could have a life-altering impact on you and your family, Tavona emphasizes.<\/p>\n<p>\u201cAs we transition through life\u2019s stages, from our first jobs to retirement, having a trusted financial adviser can be invaluable. Their expertise can guide you in structuring savings, investments, and long-term financial planning, ensuring you build a lasting legacy for your family.\u201d<\/p>\n<p>\u201cAs with all financial endeavours, swiftly translating your resolutions into action is the cornerstone of achieving prosperity,\u201d he concludes.<\/p>\n<p><strong>About Old Mutual Ghana<\/strong><\/p>\n<p>Old Mutual Ghana\u00a0is one of Ghana\u2019s leading financial institutions offering innovative Life insurance and Pensions solutions. Founded in South Africa, Old Mutual has been consistent in championing mutually positive futures by offering excellent financial services to a wide range of customers across the African continent.<\/p>\n<p>The company established a branch in Ghana in 2013. It operates with a skilled knowledge of the Ghanaian market, backed by the expertise of an international brand.<\/p>\n<p>In Ghana, the company is currently made up of Old Mutual Life Assurance Company Limited and Old Mutual Pensions Trust, offering a diverse portfolio of financial solutions including, Savings plans, Group life benefits, Funeral plans, Travel insurance and Pensions schemes.<\/p>\n<p><strong>Source:<\/strong>\u00a0Old Mutual Ghana<\/p>\n<p><!-- AI CONTENT END 1 --><\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>January often brings a financial crunch, as holiday spending leaves pockets empty, and unpaid bills start piling up. According to Tavona Biza, the Group Chief Executive Officer (GCEO) at Old Mutual Ghana, crafting a list of New Year\u2019s resolutions has been a common approach to \u201cmaking things better for the year ahead.\u201d However, resolutions can [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":142112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[],"class_list":["post-142111","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Turn resolutions into actions and have a prosperous new year \u2013 Old Mutual Ghana \u2013 - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/01\/23\/turn-resolutions-into-actions-and-have-a-prosperous-new-year-old-mutual-ghana\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Turn resolutions into actions and have a prosperous new year \u2013 Old Mutual Ghana \u2013 - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"January often brings a financial crunch, as holiday spending leaves pockets empty, and unpaid bills start piling up. 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