Building a secure financial future for you and your family is potentially the most rewarding achievement of your life. However, all it can take is one wrong move for all your building blocks to come tumbling down. Being successful with your finances can be a juggling act. Follow these tips below and stop yourself from dropping the ball.
Be Smart with Help
If you find yourself in a tight spot, in need of financial help, then be smart with where you source that assistance. Those payday loans may sound appealing, but did you know there are safer quick cash loans with low interest rates available? Don’t be lured in by the promise of fast, easy money in seconds. Instead, focus on the interest rate and repayment terms. You will be surprised at what is now available with the borrower’s best interests at heart.
Save Your Pennies
Are you one of around 65 percent of Americans who have little or no savings? It might be time to make a change. If you want any chance of being able to be financially secure, you need to have a plan in place. It’s time to stop spending every dime in your bank account. Instead, set up a savings account and dedicate a percentage of your money to it each payday. Try out the 50-30-20 rule – 50 percent of your income to necessities such as utilities and other bills, 20 to financial goals such as savings and debt, and 30 to miscellaneous.
Think About the Future
A common reason why some people end up in debt is that they don’t think about the future. Instead, they make poor purchasing decisions without a thought for the implications later on. Instead of rushing into buying that new car when you know redundancies at your workplace are around the corner, wait a while. Or, instead of sinking thousands of dollars into a brand new TV, see if you can find a second-hand unit for a fraction of the cost. Better still, make do with what you have and put the money you would have spent into savings or a mutual fund.
If you want to secure your financial future, then upskill. Even though two-thirds of Americans over the age of 25 have a college degree, how many of those degrees are relevant to the roles the recipients are currently filling? Remember, technology and job functions continually, and so must you. Think about your job and what it will take to get ahead. You may find that continuing your education can put you into the next pay scale, with room to grow even further. Don’t limit yourself and your abilities.
While you don’t have to live your whole life with a coupon book in your hand, it does pay to manage your money as best as you can. Set yourself a monthly budget, grow vegetables to save money at the grocery store, and use coupons to get more for less and potentially save thousands of dollars. You may also like to use public transport more and your vehicle less to save on maintenance and gas.
Many people think it’s nearly impossible to reach a point where you will be financially comfortable, but it’s easier than you think. All you need to do is live smarter. Pay attention to lending criteria, be frugal with your money, think about the future, save, and upskill yourself. It’s a long process, but it’s not a complicated one for anyone with motivation to succeed.
For more financial tips from NPromote, check out our lifestyle section.