For some there is no way of ensuring they or their families financial future looks healthy and feels secure.
There are so many ways you can look after your personal finance and we have given our Top 5 easy personal finance ‘must do’ so you can future proof your finances.
1. SAVE
Seems obvious, but for some saving is still a challenge. If you are able to put a small amount each week or month and trust yourself not to touch it, in a year or 5 years you will have a nice little nest egg waiting for you. It can be as little as $10, $10 a week for 5 years would equate to just over $2000. Saving is a great way of securing your future.
2. BUDGET
So many people spend way more than they earn and this simple act of overspending can work out in $100’s being lost each month. Simply creating a spreadsheet and noting down your income against your outgoings will allow you the ability to know exactly what you are spending. In the world of finance knowledge is power.
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3. SHOP AROUND
Need a new cell phone or computer? Take the time to shop around to find the best deals or even consider buying second hand. You can save a lot of $ by being a smart shopper. You don’t have to be one of the people with a hand full of coupons at the cash register, but you can save money in a smart, subtle ways.
4. INVEST
Often a daunting prospect for many, but taking the time to understand if you are able to invest your money in working harder for you could have many long term benefits. It could be something as simple as moving your savings to an account with a better interest rate or you may choose to buy a few shares. Either way investing is a great way of future proofing your personal finance.
5. SETTLE DEBT
Paying off any outstanding debt should be your first point of call. There is little or no point in saving until you are debt free. Interest rates on any kind of debt are notoriously high, so the quicker you can pay off debt and start to save the more you will see your hard earned dollars grow.
These are all simple steps that can easily be adapted and implemented at any age and any level of financial security. According to themuse.com, getting out of debt and making careful but smart financial decisions can lead to positive and impactful behavior changing habits around personal finance.
One good decision will lead to another.
If you know someone who needs a push in the right financial direction, why not share the above tips. They will thank you for it and may even treat you to a coffee when they start to see their personal finances grow!
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