This year really has been a ride. Consumers have had to deal with everything from rocketing inflation (onions were up 97% year-on-year in November!) to rising interest rates, with the prime lending rate climbing 3.25 percentage points since January to end the year at 10.25%.

Salaries are still lagging behind headline inflation, according to the BankServ Take-Home Pay Index.

“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.

January – 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.

February – tax time. It’s the shortest month of the year, so get cracking on those documents you need to complete your tax return early in the month. Remember to make a note of your car mileage on Wednesday, 28 February, if you plan to claim for business travel.

March – short-term insurance. Once Christmas and Valentine’s Day are safely out of the way, review your short-term insurance so that you can add on any expensive gifts such as a PlayStation or engagement ring. Marius Steyn, personal lines underwriting manager at Santam, says you want to ensure you are insured for the right amount. The value of the goods insured should equal what it would cost to replace them today, not the original purchase price.

April – holiday budget and bonus planning. Even if you are planning a staycation at the end of the year, everyone tends to spend a little more in the silly season. Start planning and set aside an amount each month.

May – electricity. Since load shedding started in 2007, planning for your winter electricity costs has become a thing. With power cuts a certainty in the years ahead, it may be time to price an inverter, generator or solar panels to power your home.

June – medical costs. It’s the middle of the year. This is a good time to check what’s left in your medical savings account if you belong to a medical scheme. Schedule annual checks such as eye tests, mammograms, pap smears and prostate tests. Then plan how you are going to manage your medical costs for the rest of the year based on your savings.

July – estate planning.  Estate planning does not end with the drafting of a will. A financial planner can help you work out the value of your estate and the associated costs that will kick in when you die.

August – long-term insurance. Life insurance is intended to help your family maintain the same standard of living when you die. Typically, you need a policy that is worth 10 to 12 times your annual income, but a financial planner can help you run the numbers. If you get divorced, remember you have a three-month grace period to change beneficiaries on your insurance policies. If you fail to do so, your insurance policy could well be paid out to a former spouse.

September – get your will done. National Wills Week takes place this month and a participating attorney will draft a will for you, free of charge. If you die without a valid will, your assets will be distributed according to the Intestate Succession Act. This may result in your assets being inherited by people other than those you intended.

October – annual financial plan. If you haven’t already got a financial plan in place, find a qualified financial planner to help you build one. Your plan should be reviewed annually, as well as when you experience life-changing events such as a wedding, divorce, death in the family or new baby.

November – medical scheme. The cost of membership is high, so this is something you cannot afford to overlook. Speak to an adviser. It may work out more cost-effective to use a hospital-only plan, together with gap cover and medical insurance for day-to-day costs, than to belong to the most expensive option on your medical scheme.

December – festive and education. The temptation to splurge is strong, but keep a tight rein on your spending and remember that your January payday is a looong way off. Set aside funds for stationery, uniforms and school fees before you spend anything, to avoid a month of Janu-worry. DM168

This story first appeared in our weekly Daily Maverick 168 newspaper, which is available countrywide for R25.