Financial Resolutions That Will Change Your Bank Account

Make smart financial resolutions to help make 2023 your best year yet!

Januworry, Februworry, Ma-aaargh-ch. We can carry on if you like: Paypril, Mayday… The start of the year can be a tough time, financially speaking, but there are ways to turn that around to make more months... like, say, Oppor-June-ity. (See what we did there?)

You've made your resolutions for the new year — drop five kilos, drink more water, nap like your cat, avoid road rage — but have you put boundaries in place to help you achieve your financial goals? Let's get started.

1. Budget, Friendly

Nobody likes drawing up a budget. It can feel like you're handing over your money before you've earned it, but it's also an amazing way to pinpoint waste or duplication in your finances. Knowing what's coming in and where it's going out should be a priority.

This will help you make conscious choices when shopping for groceries, reminding you that cooking tonight instead of ordering in is a cost-effective solution, and help you weed out costly monthly subscriptions to apps you haven't used in a year.

Be kind to yourself but be strict. Leave yourself some wriggle room for a treat or two, but stick to your budget. You'll be amazed at how much calmer you are when you have a handle on your accounts — and you might even find a bit extra at the end of the month to stash away for that holiday you yearn for.

2. Relationship Drain

Relationships come at a cost — some at a financial one and others in, well, other ways. Setting a resolution to only nurture the relationships that fulfil you is great for both your mental and your financial health.

Everyone has that family member who comes knocking at the end of the month for a bit of help. Sometimes giving them a hand is unavoidable, but by practising good financial management, you could help them break their own cycle and lift themselves out of debt.

Read more: Collecting Personal Debt from Friends & Family

Some of us are also in abusive relationships — with our car insurers, our mobile networks or our baristas. Make changes! We promise you'll be better off.

3. Find Better

We know that you know that we know that you know that Hippo is a great platform to compare all kinds of deals. Look at insurance, Funeral Cover, Medical Aid, Personal Loans — yes! But also, Travel, Fibre, Cellphone Deals, and even Solar Power now.

And we know you love a deal. It's a match made in heaven, so get a set of bespoke quotes on our site and see how your current provider matches up.

The latest research shows that four out of five people who use Hippo to compare made positive savings on their Car Insurance premiums (saving R478.50* on average !). The same goes for positive savings on when you compare other monthly expenses alongside Car Insurance like Life Insurance, Funeral Cover or Buildings Insurance – updating multiple payments at the same time pushed up those Hippo savings to R593.70*. It's free, it's quick and it'll save you money — like, really.

4. Be the Provider

Whether you're single, married, have kids or have parents — basically, if you're a human being — you'll have at least one person who relies on you. Unexpected things happen. Millions get stolen from couches, coal gets wet, drivers skip traffic lights and your bad eating habits can catch up with you, so you need to be prepared for when you can't provide anymore (and we're not only talking about death).

If you don't have Life Cover, Hippo will give you multiple quotes that match your needs, so you can find the better fit. If you're already covered, stress test your quote by comparing others to make sure you're getting bling for your buck and that your dependants will actually be able to survive on the payout, should something happen to you.

5. Quiet Quit Eskom's Drama

South Africa is one of the sunniest countries in the world, yet we continue to burn dinosaurs in giant ovens built in the Stone Age to power our economy. Your kids need light to study, you need power to cook, as well as connectivity to work from home (shout out to all the entrepreneurs and freelancers fighting for their pay cheques). Electricity is also a big part of how we have fun or chill at home. Ditch Eskom's eight stages of grief and compare Solar Power with Hippo.

This article is for informational purposes only and should not be construed as financial, legal or medical advice. *Based on independent research by Kaufman Levin & Associates, 2022.