1st November 2017 marks National Stress Awareness Day in the UK, and the South African government even declared the whole month of October to be Mental Health Awareness Month, “with the objective of not only educating the public about mental health but also to reduce the stigma and discrimination that people with mental illness are often subjected to.”

Even though there may not be a public holiday to mark the event in South Africa, stress is clearly an issue that needs to be addressed in the country throughout the year, as a study by Bloomberg revealed in 2013 that South Africa was the second most-stressed country in the world, following Nigeria.

This could be contributed partly to the results of a global study by Ipsos and Reuters that revealed that more than half of South Africans do not take their annual leave, which is only equal to 15 working days in the first place. Comparatively, in Europe, the average worker takes five weeks of holiday a year.

With all this in mind, here are five tips to help you to manage workplace stress and focus on prioritising stress management in your life.

1. Watch out for signs
If you start to develop any symptoms that may cause you to become less productive at work, such as anxiety and depression, loss of interest, insomnia, fatigue, speak to someone or try to address the possible causes. Ask yourself what the potential correlation could be between your stress symptoms and tasks you do on a daily basis. It could be worth trying to keep a diary for a few weeks to spot trends and pinpoint issues.

Some factors may be beyond your control, but if there is a problem that could and should be corrected, then it’s up to you to determine if and how you can make a change. If the cause of your stress is something that violates your basic rights then it should be raised with the appropriate higher authority. This could be anything from bullying, to an unhealthy work environment or offensive colleague habits.

2. Take care of yourself
It’s important to take care of your physical and emotional health to build up your internal resilience against stress. Regular exercise and eating healthily can help significantly. Try to consume less oil and sugar, and eat more fruit and vegetables. Drink lots of water, and be sure to get enough sleep every night. You can enhance these aspects of your wellbeing by taking meditation breaks at work, walking during lunch, or standing at your desk for periods of time instead of sitting.

Work out a way to always take a time-out each day. Time away from your desk for lunch and regular breathers should help to alleviate stress, and planning holidays at evenly spaced intervals throughout the year can also make a big difference. It’s important to make an effort each day to disconnect from the stresses of your job, so try to set yourself boundaries by not taking work home with you, or working too much overtime, or postponing holidays.

Often we don’t prioritise managing our stress as it’s easy to justify that there’s something more urgent to do. However, the less we manage our stress, the more inefficient we can become. As a result, it’s important to set aside time to do things for our greater good, such as exercising, reading, meditation, or connecting with friends and family.
Try to be firm in your resolve and stick to prioritising your needs, even when other pressing matters arise. Cognitive restructuring and mindfulness are two techniques that can help you to do this. Cognitive restructuring is a way in which to recognise and change any irrational thinking patterns, such as negative self-talk. Mindfulness teaches you how to live in the present moment and be liberated from any future-oriented thinking or angst from any events that happened in the past.

3. Be organised
Managing your time well can help to reduce stress. It could be worth investing in an online project management platform or a time management app on your smartphone. Or just do simple things like make a list, set realistic time scales, prioritise your workload, and even delegate tasks. Focus on achieving a balanced schedule that does not put unnecessary pressure on you — work smart, not hard so that you can leave work on time and give yourself breaks during the day.

4. Work on your Emotional Intelligence (EQ)
How you deal with external stimuli can impact your daily stress levels and self-control. Learn to communicate with your colleagues in a way that reduces tension and encourages everyone to solve problems proactively as a team.

Notice when you or other people are stressed, and try to give and receive feedback compassionately. Make use of your support network and learn to talk about your feelings with family, friends, health professionals, or even your manager or supervisor. Simply talking about difficult situations and your feelings can help to relieve stress and help those around you to be aware of any triggers you may have.

5. Take a Stress Quotient™ assessment to measure your stress
TTI Success Insights South Africa aims to help organisations to diagnose stress and uncover the causes. A Stress Quotient assessment can show you how to explore seven common causes of stress in the workplace, and to make a plan to address problem areas and lower stress levels.
If your financial situation or future goals are stressing you out, then don’t hesitate to arrange a meeting to address any issues that are causing your anxiety. Don’t suffer on your own in silence when solutions can sometimes easily be found.

A smartphone may be considered to be a pricey accessory, but it could actually save you money in the long run. According to this article published on Essentials, having a smartphone could be just the device you need to help you manage your financial situation and save you Rands overall.

1. Comparison-shopping app
Nowadays, most prices and product information are available online, so it doesn’t take much more than a few clicks of the mouse to do a bit of research and comparison-shopping. However, things start to get a bit trickier when you’re actually in the shop and not sure whether an item is fairly priced or available elsewhere.

Luckily, Price Check — South Africa’s leading price comparison app — gives you a retail shopping search engine in the palm of your hand. Thanks to this app, you can research a range of consumer goods, and even flights, using keywords or bar code numbers, and the app surveys a long list of retailers to find the best price available.

2. Budgeting app
When times get tough, you may need to put yourself on a good old-fashioned budget. However, this doesn’t have to be a painful experience. Your smartphone can make budgeting simple with an expense-tracking app, such as Pennies, Spending Tracker, Personal Finance or Saver. It may seem contradictory to spend money on an app to help you to save money, but it really can help you to streamline your expenses and review your financial situation clearly.

Each app offers something slightly different so you’ll have to decide which one suits your own habits and needs best. However, the general idea is that these apps give you the chance to enter your monthly spending allowance, then enter the amount of every purchase and assign it to an expense category. As the month goes on, you will see how much you have left to spend, and statistics will show you your daily spending average and top expenses. After a month of tracking your transactions, you should have an informative idea of your spending habits, which will allow you to work out where you can cut back.

3. Social entertainment app
The Entertainer is an app that initially requires an upfront annual fee of ZAR395+, but if you like to dine and drink out, go on holiday, or enjoy a healthy fitness and beauty regime, it can end up saving you money over the course of the calendar year that is valid.
This app gives you access to almost 2,000 buy-one-get-one-free offers, from restaurants, spas, hotels, activities and even some retail stores. There is currently an app for each of the following areas in South Africa — Cape Town, Johannesburg and Pretoria, or Durban — and the price of the app varies for each place. So if you live or go out frequently in one of these cities, then it’s worth buying the area-specific app to start enjoying savings while being social.

4. Energy-saving app
There are even smartphone apps that can help you to control the energy consumption and costs of your home or business. By downloading an energy-saving app, your commitment will not only be to the environment, but also to your bank account, as a good way to start cutting energy costs is to keep tabs on how much energy you consume in the first place.

Watching your electricity meter rise and seeing how much money you burn every month is a great motivation for making small changes, such as unplugging appliances and turning off lights when not needed. So, get a grip on your monthly energy costs by using an app, such as Meter Readings or Wiser, on which you can record your meter readings and get estimates on your monthly energy consumption. Turn energy efficiency into an enjoyable challenge with an app that gives you energy-saving tips and notes your achievements, then save cash while saving the planet.

5. Fuel-tracking app
Many people’s budgets are feeling the pinch of the high price of petrol and diesel nowadays. So it can be very useful to track on a Fuel Log app how much you’re spending and how far your money is taking you. Every time you fill up at the petrol station, use the app to record your current odometer reading, litres and total price. As time goes on, you’ll be able to track your fuel consumption and find out whether you’re being as cost-efficient as possible.

6. Loyalty card app
Keeping organised is key to managing your household budget, and while loyalty cards can be a great way to save money, it can be annoying to keep a wad of them in your wallet. Luckily, apps like Stocard for Android phones and Wallet for iPhones have been designed to help you to digitally store your loyalty cards and say goodbye to all those loose bits of card and plastic that are causing clutter. These apps are not to be sniffed at as loyalty cards can allow you to save a sizeable amount when you tally up all your cashbacks and freebies.

As with all aspects of financial health, a smartphone is just one way to help you to save money. It can help you to be organised, maximise discounts and offers, and to avoid making foolish expenditures. However, it’s all part of a balanced financial diet, and if you wish to review your financial situation and discuss other ways to save money for your present and future, then don’t hesitate to arrange a meeting.

According to a 2016 Fin24 interview, Nicola D’Elia, the managing director for Airbnb Africa and Middle East, noted that Airbnb hosts in South Africa earn on average ZARR28,000 a month by letting their property on a short-term basis through this popular rental website. Furthermore, Nested released an encouraging report that found that South Africans could recuperate their house value quicker through Airbnb than via traditional rental options.

With such prospective returns, it’s clear that Airbnb can potentially offer an exciting income stream. However, an interesting article on Maya on Money analyses whether it’s worth the investment.

The article highlights that it is important for South Africans to not just see Airbnb as a get-rich-quick scheme, but to do careful research before buying a property if it’s intended to be used specifically for this purpose. It’s important to be aware that the average income in South Africa will be skewed by properties in popular locations. If you wish to achieve a near full-occupancy, you should look to invest in a place that is well situated near the heart of busy tourist hubs, and is also close to landmarks of note. The same property in a less central location might only be able to get bookings over the peak periods.

Depending on where you buy the property and the state it is in, as well as your own financial capacities, it’s also important to understand that there is a lot of extra work involved in running an Airbnb property compared with having a long-term tenant. As a result, the co-founder of Property Fox, Ashley James, advises setting “a goal of securing at least 60% more income from an Airbnb property than you would from a long-term tenant. Anything less than this, and you should consider very carefully whether it is worth it.”

If you are considering investing in a property to let on Airbnb, then it’s advisable to study its feasibility before you make any commitments. Start by researching what’s already available online. Websites like AirDNA provide area-specific Airbnb information, with details on the number of rentals in the vicinity, occupancy rates, the average price per listing type, and price shifts according to seasonality.

Spend some time on the Airbnb website learning about the area in which you wish to buy. While researching, act as though you are a potential renter and select the ‘check availability’ option to look at calendars over an extended time period. This will give you an idea of occupancy levels and any seasonal dips to expect. Also have a look at the map alongside the listings to see where there are clusters of rentals, so you know which places are popular or where there is too much competition.

If you do decide to invest in a property to let on Airbnb, there are ways to maximise your returns, such as adjusting your rates to suit low and peak periods, and uploading a short video to show off any attractions in your area. Find a few places that are similar to your prospective property and chart what each place offers in terms of amenities and prices. You can then determine what price will undercut your competition and what extras will set you apart.

Take into consideration that you will also need to budget for a regular cleaning service and welcome gifts for guests. Nice decor, modern amenities, secure parking, unlimited WiFi and special little touches will all help you to get referrals and great reviews.

Before making any decisions, pay close attention to all the expenses and legalities involved. Your accommodation needs to comply with zoning restrictions, and you may need to apply for permission from the city if you wish to buy an entire property for short-term lets. If your property is in a sectional title block or development, it is also important to check whether Airbnb and short-terms lets are actually allowed.

Airbnb does provide host protection insurance, but it’s advisable to understand what this entails and to be prepared to pay for extra coverage if necessary. In terms of tax, you will also need to declare your new revenue and understand any tax implications this investment may have. Deciding to buy an investment property is an exciting and potentially financially rewarding step, but there are lots of elements to consider before making any choices. If you wish to discuss any issues before committing, don’t hesitate to arrange a meeting.

Many South Africans are unfortunately ill-prepared for retirement, and it’s an unsettling prospect that so many citizens of this developing nation may not be able to support themselves in their golden years.

However, the beauty of compound interest means that if you start saving from an early age, investing in your future doesn’t have to be the heavy financial burden that many people fear (and thus postpone). The power of compound interest actually makes saving from an early age much cheaper and less stressful than if you were to put off saving until you’re older.

Albert Einstein referred to compound interest as “the greatest mathematical discovery of all time”, and he declared it to be “the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it”.

In a recent article published by CNBC Africa, the power of compound interest is explained with the following example.

“Based on a growth rate of 10% per annum, if one saves R1,000 a month, the capital amount after 20 years would be R759,300. If one saves R1,000 per month for 40 years, the value would be R6.3 million… The total contributions for the client who saved for 20 years was R240,000 and the contributions of the client who saved for 40 years was R480,000, yet the difference in their values at retirement was a massive R5.5 million.”

This is because compound interest is the interest calculated on the initial principal, compounded with accumulated interest. It is essentially the result of reinvesting interest so that interest is then earned on the principal sum and previously-accumulated interest combined. To put it simply, it can be thought of as ‘interest on interest on interest,’ and it will make a sum grow at a faster rate than simple interest, which is is calculated only on the principal amount.

The company that you work for may make monthly contributions to your retirement either in addition to your wage or through salary sacrifice. According to the article, if “you begin with your company retirement fund at age 25, then 19% of your salary should be sufficient should you continue with this for the next 40 years and not cash-in your funds on resignation or retrenchment, but rather preserve them. Should you start working later, then you would need to invest a higher percentage of your salary to compensate for your lack of compound growth in previous years.”

Time is of the essence when it comes to taking advantage of the effects of compound interest to build a healthy savings pot that will provide for you in your autumn years, as well as potentially allow you to support your children with their financial goals. The bottom line is that the longer you wait to start saving, the more money you will need to save to achieve the same financial goal. And this is particularly the case when it comes to retirement savings, as this could benefit from a 40-year saving term.

The power of compound interest lies not in saving vast amounts, but instead when you start saving. Don’t underestimate its power, and don’t hesitate to arrange a meeting to find out how much you need to save per month to reach your retirement goals. Calculations will be based specifically on your current age, desired retirement age, and future requirements, so don’t delay in making compound interest work for you.

Please note that all figures in this post are average examples and don’t represent an actual financial plan. Each plan is unique and needs to be tailored inside of a host of influencing factors.

It may not be a nice topic that we wish to think about or discuss very often, particularly as it can be a sensitive subject if you know someone who has suffered from breast cancer or a scare. However, the disease’s prolific nature is exactly why we need to talk about it — and why a whole month is dedicated to increasing awareness about this malicious malady that so many women are bravely fighting on a daily basis.

As many as one in eight women experience breast cancer in the United States — every two minutes a woman is diagnosed and it is the second leading cause of death among women. According to the World Health Organisation, breast cancer is the most common cancer among women worldwide, and it affects those in countries at all levels of modernisation.

Although it cannot be prevented yet, it can be detected early in order to give women the best chance to lead a full life. October is Breast Cancer Awareness Month and, as part of this annual campaign, here are just a few of the ways you can help to give the women around you the life-saving information and compassionate support that they need.

1. Host a fundraiser
2. Share educational content on social media to spread awareness
3. Download the free breast health guide by the National Breast Cancer Foundation — What Every Woman Needs To Know
4. Make a once-off or regular donation to the National Breast Cancer Foundation or to a local cancer organisation. By donating to the National Breast Cancer Foundation, you will be helping to distribute copies of the aforementioned eBook to women, so as to give them the opportunity to be proactive about their health. Your donation(s) will also contribute towards helping women who have been diagnosed with breast cancer to overcome the fears and misinformation surrounding the disease through the foundation’s Beyond The Shock and Patient Navigator Program initiatives, and it will make sure that every woman who needs a mammogram receives one through the National Mammography Program.

Early detection, education and support are three key ways that we can curtail the effects of this pernicious affliction. Fortunately, death rates from breast cancer have been declining since the end of the 20th century, which is partly thanks to better screening and early detection, continually improving options for treatment, and increased awareness.

If you are a woman reading this, be aware of the need for regular check-ups and ensure you have appropriate medical cover in the event of any such misfortunes. And if you are a man reading this, with women in your life whom you care about, encourage them to do the same. Also don’t be too complacent yourself because everyone is born with some breast cells and tissue that have the possibility to develop into cancer. Breast cancer in men is usually detected as a hard lump underneath the nipple and areola, and although diagnosis is rare, there is a higher mortality rate for men than women because awareness among men is less, which results in greater delays in seeking treatment.

In South Africa, it is important to be correctly insured to ensure that you have access to the services of detection and treatment that you deserve. Take the time this month to read carefully through any current health insurance policy that you may have, to update it if need be, and to organise one if you have been meaning to. Don’t hesitate to arrange a meeting if you would like to make this a financial priority and discuss any elements of your financial health at the same time.

You may be familiar with the 10% savings rule.The idea is that, as soon as you are financially independent, you should save approximately 10% of your income for retirement, and it is a general guideline that gives you a starting point for your savings early on in life. If you consistently save 10% of everything you make from your early 20s, you should be all set for a happy and healthy retirement.

However, you may need to go the extra stretch if you only start giving serious thought to your retirement later in life. Everyone’s financial situation is different and has its own considerations, depending on age, income, family obligations, and lifestyle choices. The 10% savings rule may not apply to everyone, but saving 10% of your salary, or any amount regularly, is certainly better than nothing.

If you’re unable to save 10% of your income, don’t be discouraged — the important thing is to set a savings goal that you can achieve. You can always increase this amount when you are in a position to do so. Alternatively, if you have a luxury lifestyle and have always been used to earning a healthy wage to support it, then you may want to consider saving much more than 10% of your income to maintain your way of life.

However, there are also different options, such as downsizing or changing some of your spending habits after retirement instead. These are all aspects that can be discussed in a meeting, so that you can weigh up your priorities and make decisions for your future accordingly.

In many cases, it can take around 90% of your energy and income to make ends meet, and the last 10% is where you can build your wealth. Think of it like doing exercise — the first 90% is just the warm-up and the last 10% is where the real workout happens for you to make progress.

Some people argue that this 10% is not just about savings, but it’s also a question of how you apply your energy. If you want to go the extra mile in achieving financial success, you may want to use your last 10% of energy each day to improve your financial intelligence and control expenses. Basically, accumulating wealth requires putting in that extra 10% of hard work that takes us past just being comfortable. You may not want to spend your evening after a day at the office reading investment strategy articles or fixing the leaky faucet to keep expenses down, but these are the type of small contributions that will accumulate towards your future financial freedom.

The principle is that wealth is built at the margin, and most people can only dedicate 10% of their hours towards their financial freedom. But by reviewing how much of your effort is spent maintaining current lifestyle needs versus achieving your future financial goals, you can look to refocus your energy where possible. The higher the percentage of time that you can dedicate towards your financial freedom, the bigger the impact on your future. A series of incremental changes can multiply your gain, thereby creating financial success at the margin.

If you want to discuss how you can best make small changes and save for your future, do not hesitate to arrange a meeting for some personal training to help you get on track. Think of it like starting a work-out regime — you just need an appropriate fitness programme to guide you towards good financial health.

Watches can now double as fitness trackers… and if you ask anyone who has one – they are considerably more aware of their activity. Sure – they may not actually exercise more, but with an easier way to monitor how active they are, they are more likely to change any behaviours that they are unhappy with. Building on this principle comes a brand new wearable…

A hip new bracelet by Sanlam called the MNA NAM bracelet has been marketed as a fashion accessory that helps the wearer to remain conscious about their spending habits. There is a QR code embedded in the bracelet design that allows you to scan and save, instead of scan and spend, as is often our forte in today’s technologically advanced culture of consumerism.

The bracelet is linked to a WeChat wallet, powered by Standard Bank, and you can transfer any amount of money from your bank account to this wallet, which helps you to save for short-term goals with the ease of simply scanning your wrist. Saving has never looked this good, and the more you wear the bracelet, the more valuable it becomes. It is also linked to a competition where you stand the chance to win a custom-style piece by Ngxokolo by scanning and saving.

A recent trial of the bracelet was recently analysed on Maya on Money and makes an interesting comparison about the bracelet with a FitBit. Just like a FitBit tracks your daily steps and heightens your awareness to take a few extra steps and exercise a bit more, this new bracelet could act as a constant reminder of your savings goals.

The bracelet doubles up on the goods — not only is it a stylish accessory that has been designed by South African fashion designer, Laduma Ngxokolo, but it also acts as a reminder to not make any impulsive purchases and to become more mindful about spending on non-essential items.

Its psychological power ultimately still lies with the owner of the bracelet but, according to the article, “it is a clever concept to use designer fashion to stop impulsive fashion spending”, and raises the question of whether tech wearables could change our money habits.

Maybe tech wearables provide just the incentive and reminder that people need to contribute to helping them achieve financial goals and advance in their understanding of their financial health. Could fashion help the future of finance?

It’s important when buying an investment property to do your homework so that your property becomes an asset rather than a liability. While astute investors can make good money, there are significant holding costs and initial fees, and a property is not as liquid as other investments.

An interesting article in City Press reviews the considerations that savvy investors should take into account.

It is important to be aware that even in high growth areas like the Western Cape, property does not always outperform shares and, over the past decade, residential property has actually underperformed the JSE. Contrary to what some people believe, buying an investment property is not necessarily less risky than investing in the stock market.

If you had invested 10 years ago, an investment linked to the average return of the JSE, with dividends re-invested, would likely be worth more than an investment property and the holding costs would have been significantly lower. However, people are still keen to invest in property as there is there is the ability to leverage a property, and a steady rental income can significantly boost your overall return.

The good news for property investors is that there are signs of improvement in rental yields in South Africa. According to FNB property economist John Loos, relative rental yields will start to rise as property prices start to weaken this year, which means that now could be a good time to consider buying an investment property. Loos expects average gross yields to gradually increase to 9.3% during 2017. However, it’s important to be realistic about annual rental increases as, according to the Tenant Profile Networks (TPN), escalations are only currently at around 5% per annum, but running expenses – such as levies and rates – may be increasing at a faster rate.

If you are considering buying an investment property, some experts have some important advice. Tommy Nel, Head of Credit at FNB Home Loans, warns against trying to time the market. Don’t get carried away with get-rich-quick tips and big talk, and don’t just view property as a simple way to make a fast buck. He believes that if you have at least a five-year time horizon and don’t buy in a property bubble or in a degenerating area, then property can deliver a reasonable return. However, it does also require achieving good occupancy levels.

Andrew Van der Hoven, Head of Home Loans at Standard Bank, emphasises that it is important to fully understand your financial position before making any decisions, as there are costs involved — such as insurance, garden services, renovations, and rates and taxes — that easily add up. He advises that you should have at least three to six months’ worth of payments in reserve to cover any costs if a tenant defaults on rent or if you can’t find occupancy. Before you make any purchases you should do your research about the property and be sure to have the house examined for any defects, such as electrical, structural or plumbing issues.

You should also do significant research on the area and take the time to find out the average property value and the rental demand in the neighbourhood. If it is close to schools, universities or offices, then you may be able to find tenants easier. It is also important to do your research on tenants, and review the TPN Credit Bureau, which has a database that provides information on tenants’ payment behaviour and whether they can afford the rental.
Before you buy a property, be sure to do all the calculations to work out whether the rental you will receive, minus the costs and maintenance, will make it a viable investment or not. For a property to be a good investment, it is important that your rental yield is sufficient to cover your costs, and to take into consideration that there is the risk of mortgage interest rates increasing.

If you want to buy an investment property, you may need to be prepared to put down quite a big deposit and be able to fund any monthly mortgage installments from your salary, as banks cannot consider any potential income streams from the property that do not already exist. Ewald Kellerman, Chief Risk Officer at Absa Retail, emphasises that it is also important to keep in mind that the income you receive from a rental property is taxable. “Interest on a bond and some maintenance costs are often allowed to be deducted as an expense, which can reduce the taxable amount considerably. Certain capital gains exemptions also only apply to your primary residential property, but not to an investment property. Make sure that you take this into account when calculating total return, and consult a tax practitioner to understand the full tax implications.”

If you have both a residential home and an investment property, you would, therefore, want the bulk of the mortgage to be on the investment property, in order to benefit from tax deductions.

Buying an investment property can prove a very fruitful exercise if you have critically analysed certain factors and considerations. However, it is not always a successful short-term proposition, depending on your financial circumstances. There are risks and running costs involved, and it is important to not rush into any decisions blindly.

Do not hesitate to arrange a meeting if you are considering investing in a property, so that you can be sure you understand the costs, potential returns and how they fit in with your current financial situation.

National Wills Week is from 11th to 15th September 2017 and is a time when participating attorneys in South Africa will draft new, basic wills free of charge. To make the most of this time of year, simply contact us and let’s help you sort out your will!

However, if your circumstances are not simple enough to take advantage of a free basic will, it’s still worth making the effort at this time of year to draw up a will that suits your circumstances. You never know what the future holds, so it’s best to face this reality sooner rather than later.

HOW A WILL CAN BENEFIT YOUR LEGACY
In a recent article published on Wills Worldwide by Cindy Leicester, the author highlights the importance of having a will to ensure that your assets are disposed of after your death in accordance with your wishes. This is called ‘freedom of testation’. If you pass without leaving a valid will, your assets will be distributed according to the provisions of the Intestate Succession Act, which are generally fair and ensure that your possessions are transferred to your spouse and children.

However, you should be aware that your assets may not be left to the person of your choice, there can be unnecessary costs involved, and it can take a long time for an executor to be appointed. If there are no clear instructions on how to distribute your assets, this can result in additional unhappiness or even conflict among your family members, at an already difficult time.

DIY OR USE A PRO?
Drafting a will on your own or by using a web-sourced template can sometimes be sufficient, but these will not be applicable if you are residing outside of your country or origin, if you have young children, if you have assets in different countries, if you are part of a blended family, or if you are likely to inherit money yourself. These are just a few of the factors that would not be covered by a DIY basic will.

Attorneys are qualified law professionals who can establish your needs and offer professional advice on any problems that may arise, before forming your estate plan and drafting your will. They should have the necessary legal knowledge and experience to ensure that your will not only complies with your wishes, but is also valid and meets the requirements of the law.

If you are unsure whether an attorney is in good standing, it’s worth contacting the relevant law society or asking for advice. Once you have chosen an attorney with which you feel secure, you can arrange a one-to-one meeting in which you will be required to bring your passport or identity document to prevent fraud.

If you wish to arrange a meeting to discuss tax and insurance before you sign your will, do not hesitate to get in touch. A bit of foresight, preparation and research is key to ensuring that all your affairs will be dealt with in the best way possible for your loved ones after you’re gone.

The temperature is starting to climb and it’s almost safe to leave your scarf at home. Spring is in the air and, as flowers bloom and citizens emerge from hibernation, it’s the perfect time to start afresh with some spring cleaning. Once you’re done dusting the shelves, take a look at your finances and see where they could do with a polish too.

This summary of a five-step guide that was published on Clark will help you to clean your financial cobwebs to start the spring season with vigour.

1. Evaluate your financial situation
First things first — you can’t make any changes until you know what you’re dealing with. Start with the big picture by looking at your assets and liabilities, then work your way down to the nitty gritty by reviewing your monthly expenses and budget. Do you manage to keep to your budget every month or is it unrealistic? Your budget should be life-centered – allowing space and provision for the priorities that you have set.

Ask these kinds of questions for all your money matters to work out if your financial processes are working for you or not. A healthy financial situation is simply one that fits your needs and goals — if it’s not working for you, fix it.

It’s also worth taking a few minutes to review your bank statements to make sure everything is in order and there is no fraudulent activity, overdraft fees, or charges for services you don’t use anymore.

2. Cut any unnecessary costs
Lifestyle inflation is hard to avoid and it’s easy to get sucked into the trap of spending way more than we need to. This spring, take the time to review whether anything unnecessary has creeped into your budget and become more of a burden than a bonus. Decide what you really need to live a happy life within your means, and cut back on anything that isn’t helping you to lead a carefree existence. If you can’t cut some costs completely, see if you can at least reduce them a bit.

Also review your debt payments to ensure you’re not paying more than you have to. If you have a credit card, for example, try to look for a 0% balance transfer card. Then try to keep paying the same amount on the card each month so that you can clear your debt quicker.

3. Check your investments and insurance
As life changes, so do our needs with regards to investment and insurance. Make sure that you’re aware of what your insurance covers and that everything is up-to-date if you’ve had any major changes recently. Also make sure that your beneficiaries are listed correctly and that everything is clear in the event of an emergency.

Do similar checks for any savings plans. Investigate any contributions, asset allocations or fees that are unclear in your investment portfolio, and arrange a meeting if you’re unsure as to how anything works. Ensure that everything is still in line with your risk appetite, and don’t hesitate to ask questions if concerned.

If you have time, it’s also worth getting a credit report to check that everything is correct, and consider investing your tax refund if you were given one so that you won’t be tempted to spend it.

4. Organise any clutter
Are you not quite sure where all your tax returns are hiding? Can you dispute an incorrect charge by locating your statements at the click of a finger? If not, then it’s time to keep track about all aspects of your financial situation for ease and efficiency.

A little organisation goes a long way, and this could be as simple as dedicating a filing cabinet to all your paperwork, or creating folders on a computer or in a cloud for different aspects of your financial regime. It doesn’t have to be fancy, it just has to work for you; and it will save you a lot of hassle in the long run.

5. Reconnect with your goals
Financial goals and priorities can shift for reasons in and out of our control, so it’s important to check in with yourself to see if you’re on track to to achieving what’s important to you.

If you’re way off path, don’t worry — just review your goals and make sure that they’re SMART (specific, measurable, actionable, realistic and timely). Rethink your priorities and reconsider your plan of action if need be.

Make a habit of checking in with yourself so that you can achieve your financial goals and make them a reality. Put a spring in your step and get cleaning in any financial nook or cranny that you’ve been leaving to gather dust for too long.