Nicholson gives tips to help you manage your finances:

Review your medical aid plan: Medical aid providers allow members to change their plans at the end of each year, effective on January 1. Ensure your plan still meets your needs. Double check that dependents are adequately covered and that you’ve optimised your annual benefits. If you consider switching to a new provider, be aware of possible waiting periods or exclusions.

Make the most of your bonus: If you’re lucky enough to receive a year-end bonus, allocate it wisely. Consider paying off debt, adding to your emergency fund or investing in goals such as tertiary education or property ownership.

Audit subscriptions and contracts: Review recurring subscriptions such as gym memberships and streaming services and cancel those you no longer use. Compare quotes for insurance renewals to ensure you get the best deal.

Check your investments: Consult a financial adviser to ensure your investments still align with your risk tolerance and goals. Make adjustments if needed, but keep in mind that successful investing is generally about time in the market, not timing.

Plan for holiday spending: Set a realistic budget for gifts, travel, and entertainment. Take advantage of discounts and loyalty points and consider DIY gifts to save even more.