PERSONAL FINANCE: Your helpful how-to guide to start and end 2023 on a positive financial footing

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Use this 2023 calendar to take the sting out of inflation and rising interest rates.

This year really has been a ride. Consumers have had to deal with everything from rocketing inflation to rising interest rates, with the prime lending rate climbing 3.25 percentage points since January to end the year at 10.25%.“This is reflected in a 5.1% year-on-year decline in the real average salary recorded in October,” says independent economist Elize ­Kruger.

Though you may not be able to control outside factors such as inflation and interest rates, you can take control of your own finances to ensure that you end 2023 on a positive financial footing.– budget, budget, budget. Your budget is your best tool. This simply means writing down all your expenses and weighing them against your income so that you can ensure you are living within your means. If you need to borrow to cover your expenses, that’s a sure sign that you are living beyond your means.

 

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