A few years ago, Time magazine published the 10 most commonly broken New Year resolutions in the United States. Getting out of debt and saving money - in other words becoming financially fit and healthy - was fifth on the list, behind losing weight, getting fit, stopping smoking, and learning something new.
In a UK survey of the 50 top resolutions for 2014, spending less money came in eighth on the list, behind learning to play a musical instrument, exercising more and spending less time on Facebook and Twitter.
Salem Dyafta, brand manager: consumer at South African credit bureau, TransUnion said that with the latest TransUnion (Q3) South African Consumer Credit Index (CCI) report indicating that more South African consumers are resorting to borrowing money in order to pay off debt or for general expenses, one would hope that money-related New Year resolutions would feature close to the top of a South African New Year resolution list.
"New Year is the ideal time for consumers to appraise their current financial situation and make goals for where they want to be at the end of 2016. However, sticking to New Year resolutions and achieving one's financial goals will require determination, planning and hard work. TransUnion has therefore come up with five, easy-to-follow tips to help consumers get financially fit in 2016," Dyafta added.
2. Know your score: Understand what affects your credit score and take the necessary steps to reaching healthier credit.
3. Create a monthly spending plan and stick to it: Determine your current spending habits and set a monthly budget to determine just how much disposable income you have so you can manage it wisely.
4. File a dispute: It is your right to question information on your credit report that you don't recognise or that may not accurately reflect your credit history.
5. Guard against identity theft: To help minimise your risk against it, sign up for a credit monitoring service that will quickly alert you to any changes in your report.
