Here are a couple of checks and exercises to do, to ensure you’re on top of your financial game:

Here, you want to figure out what your total net worth is, by adding up all your assets (what you own) and subtracting all your liabilities (what you owe). Draw a line down a piece of paper – or use an Excel spreadsheet – and start putting all your assets in one column, and your liabilities in another. Then, start putting down each one’s respective value – this may be an easy figure at hand by checking your online banking profile, for example, or it may require a little work, like contacting brokers or finance houses for a statement.
 

Your assets are going to be things like your home (if you own it), your cars, positive cash balances in bank accounts, savings and investments accounts, retirement funds, jewellery, paintings, and larger household items that maintain some kind of value. Your liabilities would include any mortgage bond you may have, vehicle finance, overdrafts on your bank account, credit card balances, store accounts, personal loans, etc. Once you have a relatively representative total in each column (don’t worry, it doesn’t have to be perfect), subtract the liabilities total from the assets total, and this answer will be your net worth. Do this at least once a year, with the idea that your net worth should be growing every year.

You then also want to get a realistic view of your monthly income and expenses to see if you’re living within your means. (Even if you think you know what the answer is here, it’s still extremely worthwhile to do this exercise, as you may be surprised when you actually start running hard numbers.) 
 

For most people, their income is easy to predict and they’d put this at the top of a piece of paper or spreadsheet. You then want to put down everything that you spend money on in a given month. Start with your predictable monthlies – those debit orders and payments that don’t change from month to month. Then, put down what you know you spend otherwise – transport/fuel costs, food/groceries, entertainment, clothes, etc. Also, take a long, hard look at your bank statements for the last 2-3 months, to see what the actual figures are, and not just what you think they are (you may be unpleasantly surprised). 
 

If your expenses are less than your income, and you’re still putting away money for savings and investments, then congratulations, you’re on a solid footing. If your expenses are more than your income, though, and you find yourself battling every month, then you have one of two options: Either start cutting down on certain types of expenditure, or start looking for ways to make some extra income. 

It’s a good time to have a look at your insurance policies. Are they up-to-date, and reflecting the proper cover for your assets or income, or has that changed? Are they still the right type/product for you, and do you still definitely need that particular cover (or was it just added onto some other policy a while ago without realising). Also, are you still getting the best deal? With a number of new insurance providers keen for your business, it’s worth shopping around to see if there’s not a way to snag some savings on exactly the same product/covering.

Along the lines of what you were asking yourself with insurance, are you still getting the best deal here? Do you really need the fancy card level, with all the bells and whistles, which comes at an extra cost every month? Is there a package option, which included transactions along the lines of your average usage, which is a smarter choice? With bank charges being a significant expense for many, there’s an opportunity to free up a good few Rands every month by being smart about which bank or account offering you go for. And don’t be afraid of the admin of changing accounts – it’s not as painful as you might think. It only takes a month or two to transition fully, and your destination bank will often help you through the process.

Once a year, it’s a smart move to have a quick read through your will, to see if it still reflects your current circumstances and wishes. This is especially important if you’ve had any major life changes recently – a new job (or having lost your job), getting married/divorced, new children, having moved house, etc.

This would be tied to your net worth calculation, but is worth mentioning on its own. What is their current value, and what has their performance been like over the past year? Is this on track for where you should be at your stage in life, or does it serve as a reminder that you need to start putting away more? Ask for clarity on what fees and costs you’re paying, as these can have a tremendous impact on investment results. And look at your portfolio as a whole - are they still the most appropriate investments for your age and stage, or has your risk appetite changed?