Here’s Hoping
The tradition of making resolutions at the beginning of each New Year is thought to date back more than two thousand years, to Roman times when their two-headed god Janus, after whom January is named, was placed at the head of their calendar.
Janus, appropriately the Roman god of beginnings, was always depicted with two faces, one on the front of his head and one on the back. Thus he could look backward and forward at the same time. On the eve of a New Year, the Romans imagined Janus looking back at the old year and forward to the new. The Romans began a tradition of exchanging gifts on New Year’s Eve by giving one an-other branches from sacred trees for good fortune (they didn’t have the expense of the Christmas season back then). Later, nuts or coins imprinted with the god Janus became more common New Year’s gifts.
The New Year has not always begun on 1 January, and it doesn’t begin on that date everywhere today. The Romans traditionally observed the New Year on 25 March, but various emperors continually tampered with their calendar so that the calendar soon became out of synch with the sun. In order to set the calendar right, Julius Caesar, in 46 BC, established what has become known as the Julian calendar, with 1 January as the first day of the New Year. In order to synchronize his
The New Year has not always begun on 1 January, and it doesn’t begin on that date everywhere today. The Romans traditionally observed the New Year on 25 March, but various emperors continually tampered with their calendar so that the calendar soon became out of synch with the sun. In order to set the calendar right, Julius Caesar, in 46 BC, established what has become known as the Julian calendar, with 1 January as the first day of the New Year. In order to synchronize his
calendar with the sun, Caesar had to let the previous year drag on for 445 days.
In the Middle Ages, Christians changed New Year’s Day to 25 December, the birth of Jesus. Then they changed it to 25 March, a holiday called the Annunciation. In the sixteenth century, Pope Gregory XIII revised the Julian calendar, dropping ten days to bring the calendar back into synchronization with the seasons and omitting 3 leap days every four hundred years. With the Gregorian calendar, the celebration of the New Year returned to 1 January.
Non-Catholic countries, not being subject to the decrees of the Pope, initially reject-ed or simply ignored the reform altogether, although most eventually adopted it. Britain and its colonies adopted the Gregorian calendar in 1752 by which time it was necessary to correct by 11 days, causing riots in Britain as people believed their lives had been shortened. Greece only adopted the Gregorian calendar in 1923.
The Julian and Gregorian calendars are solar calendars. Some cultures, such as the Chinese, have lunar calendars. A year in a lunar calendar is less than 365 days be-
In the Middle Ages, Christians changed New Year’s Day to 25 December, the birth of Jesus. Then they changed it to 25 March, a holiday called the Annunciation. In the sixteenth century, Pope Gregory XIII revised the Julian calendar, dropping ten days to bring the calendar back into synchronization with the seasons and omitting 3 leap days every four hundred years. With the Gregorian calendar, the celebration of the New Year returned to 1 January.
Non-Catholic countries, not being subject to the decrees of the Pope, initially reject-ed or simply ignored the reform altogether, although most eventually adopted it. Britain and its colonies adopted the Gregorian calendar in 1752 by which time it was necessary to correct by 11 days, causing riots in Britain as people believed their lives had been shortened. Greece only adopted the Gregorian calendar in 1923.
The Julian and Gregorian calendars are solar calendars. Some cultures, such as the Chinese, have lunar calendars. A year in a lunar calendar is less than 365 days be-
cause the months are based on the phases of the moon. The Chinese New Year begins at the time of the first full moon (over the Far East) after the sun enters Aquarius sometime between 19 January and 21 February.
Today New Year begins on 1 January for cultures that use the Gregorian calendar. Although the date for New Year’s Day is not the same in every culture, it is always a time for celebration and to make resolutions for the coming year. The beginning of a New Year is also the ideal time to review your financial affairs and get them in order, and so to help you, here are ten financial new years resolutions for 2022:
Resolution #1 “Budget” is not a four-letter word. How can we know where our money is going if we don’t budget? How can we set spending and saving goals if we don’t know where our money is going? Keeping this resolution is crucial to one’s financial success.
Resolution #2: Be organised
File all your bank and credit card statements and utility bills. Check your list of monthly debit orders and cancel any that you no longer need. Keep a file for your day-to-day spending, such as receipts for food, entertainment and petrol. Arrange
Today New Year begins on 1 January for cultures that use the Gregorian calendar. Although the date for New Year’s Day is not the same in every culture, it is always a time for celebration and to make resolutions for the coming year. The beginning of a New Year is also the ideal time to review your financial affairs and get them in order, and so to help you, here are ten financial new years resolutions for 2022:
Resolution #1 “Budget” is not a four-letter word. How can we know where our money is going if we don’t budget? How can we set spending and saving goals if we don’t know where our money is going? Keeping this resolution is crucial to one’s financial success.
Resolution #2: Be organised
File all your bank and credit card statements and utility bills. Check your list of monthly debit orders and cancel any that you no longer need. Keep a file for your day-to-day spending, such as receipts for food, entertainment and petrol. Arrange
everything so you can see where your money is going each month. And now’s a good time to get rid of useless financial clutter, like bank statements for accounts you closed years ago and all your payslips from your first job.
Resolution #3: Build up a savings fund
Always maintain an emergency cash fund. Ideally, the fund should be equal to three months’ income. This way you will not have to cash in investments at an inopportune time or take out a high-interest loan if you are suddenly landed with a major expense such as a car repair or medical emergency.
Resolution #4: Pay off your credit cards
Credit card debt is the number one obstacle to getting ahead financially. Those little pieces of plastic are so easy to use, and we tend to forget that it’s real money we’re spending when we whip them out to pay for an impulse purchase. Despite our good intentions to pay the balance off quickly,
Resolution #3: Build up a savings fund
Always maintain an emergency cash fund. Ideally, the fund should be equal to three months’ income. This way you will not have to cash in investments at an inopportune time or take out a high-interest loan if you are suddenly landed with a major expense such as a car repair or medical emergency.
Resolution #4: Pay off your credit cards
Credit card debt is the number one obstacle to getting ahead financially. Those little pieces of plastic are so easy to use, and we tend to forget that it’s real money we’re spending when we whip them out to pay for an impulse purchase. Despite our good intentions to pay the balance off quickly,
the reality is that we often don’t, and end up paying far more for things than we would have paid if we had used cash.
Resolution #5: Review your will
Millions of South Africans don’t have wills. If you have dependents, then no matter how little or how much you own, you need a will. If you have a will, check that it’s current, particularly if you are recently married (or divorced) or have expanded your family. Protect your loved ones: always have an up to date will.
Resolution #6: Review your life cover
It has been estimated that South Africans are massively under-insured. You need life assurance if you fit into any of the following categories: you have minor children; you’re married and your spouse relies on your income; you own a business or you have debt. Have your financial advisor prepare a detailed analysis of your assurance needs, including your need for disability and dread disease cover. Also check that your beneficiary nominations are up to date.
Resolution #7: Get your tax affairs in order
Start collating all your tax documents on a monthly basis to avoid the end of tax-year rush.
Resolution #8: Plan your retirement
Calculate how many more New Years you are due to celebrate before your retirement. Check that you are contributing enough to your retirement funds. If you
Resolution #5: Review your will
Millions of South Africans don’t have wills. If you have dependents, then no matter how little or how much you own, you need a will. If you have a will, check that it’s current, particularly if you are recently married (or divorced) or have expanded your family. Protect your loved ones: always have an up to date will.
Resolution #6: Review your life cover
It has been estimated that South Africans are massively under-insured. You need life assurance if you fit into any of the following categories: you have minor children; you’re married and your spouse relies on your income; you own a business or you have debt. Have your financial advisor prepare a detailed analysis of your assurance needs, including your need for disability and dread disease cover. Also check that your beneficiary nominations are up to date.
Resolution #7: Get your tax affairs in order
Start collating all your tax documents on a monthly basis to avoid the end of tax-year rush.
Resolution #8: Plan your retirement
Calculate how many more New Years you are due to celebrate before your retirement. Check that you are contributing enough to your retirement funds. If you
don’t contribute to a retirement annuity, you’re missing out on one of the best deals available. If you’re already contributing, speak to your financial advisor about increasing your tax-deductible contribution
Resolution #9: Check and improve your credit rating
You are entitled to your credit report from any credit bureau each year – free of charge. Maintaining a good credit rating can save you thousands, particularly when you want to borrow money for big-ticket items such as a home or a vehicle: the better your credit record, the lower the interest rate you can expect to pay. You should check your report for accuracy – mistakes do happen. And if you have defaulted in the past but are now up to date, you may request the relevant institution to remove the listing of your default, or update your report to show that you have settled.
Resolution #10: Keep your non-financial New Year’s resolutions
Successfully keeping your annual resolutions to quit smoking / lose weight / exercise more will have a spin-off benefit for your finances: better health leads to fewer expensive medical bills.
These demanding resolutions should keep you busy well into 2022. Successfully keeping only a handful of them will dramatically improve your finances.
Resolution #9: Check and improve your credit rating
You are entitled to your credit report from any credit bureau each year – free of charge. Maintaining a good credit rating can save you thousands, particularly when you want to borrow money for big-ticket items such as a home or a vehicle: the better your credit record, the lower the interest rate you can expect to pay. You should check your report for accuracy – mistakes do happen. And if you have defaulted in the past but are now up to date, you may request the relevant institution to remove the listing of your default, or update your report to show that you have settled.
Resolution #10: Keep your non-financial New Year’s resolutions
Successfully keeping your annual resolutions to quit smoking / lose weight / exercise more will have a spin-off benefit for your finances: better health leads to fewer expensive medical bills.
These demanding resolutions should keep you busy well into 2022. Successfully keeping only a handful of them will dramatically improve your finances.