A very warm seasons greetings to all Namibian consumers of financial services
and products. 2016 is yet another year full of new resolutions and added
financial challenges.
Constructing a New Year’s resolution to improve your finances is simple. However,
following it is the difficult part. According to research done by John Norcross,
a Psychologist from the University of Scranton, only 8% of people successfully
achieve their resolutions each year. NAMFISA has a word of encouragement on
financial mistakes and setbacks as we start a new financial year.
Don’t be panicked or discouraged when dealing with financial mistakes and
setbacks, but let it be a stepping stone to an important skill in your personal
finance arsenal.
You need to know how to pick up the pieces as nothing will make things whole
again, but there are a few things you can do to minimise the overall damage.
It’s amazing how a short period of time can provide increased perspective. Don’t
be overwhelmed, take time to reflect where you went wrong with your personal
finances, some small mistakes can be reversed. A highly motivated and defiant
character will be required to resolve the mistakes. If you are feeling buyer’s
remorse on an item you purchased, return or cancel the contract immediately
during the grace period.
Not all mistakes and setbacks can be rectified. Make the best of the situation
under your control and focus on your long-term goals by compiling a list
of options available to you. Don’t sit back without a good defence on your
financial mistakes.
Educate yourself by talking to friends that you know have control over their
finances. They will be happy to give you financial advice.
Make sure you have a budgeting system in place. Once you have a budget,
it’s important to stick to it. Make budgeting a part of your daily routine. Most
importantly make sure to build a system of occasional rewards into your budget.
Learn from your mistakes and trust that there is always room for improvement.
Budget Wise, Save Wise and Spend Wise.
Wishing you a happy reading,
Mr. Kenneth S. Matomola
NAMFISA ACTING CEO
