Some of us always had that intention to save more but never quite got around to planning how it’s all going to get done. Some of us actually start our ‘cutting back on expenses’ drive very admirably, but then eventually fall off the wagon and other things take priority. Often we tend to embark on an action without proper planning or set goals which help to guide and motivate our habits. The reality is, there are going to be obstacles that will prevent us from achieving our financial goals. It is therefore our responsibility to ensure we put the right measures in place to secure our financial future.
Investing your money for the first time is a big step. While there are legitimate avenues for investing your money you must also be aware that there are also scams, con artists, and improper investment procedures all aimed at taking … Continue reading →
Over time every economy either thrives or declines and then, in most cases, makes its way back up again in a cyclical manner. When an economy is challenged, you have to take a very close look at your finances. You ultimately … Continue reading →
So you’ve saved enough to start investing and you’re about to explore the securities industry. Great! But you need to know a few things before you jump right in. In addition to practicing the basics: consulting with a registered financial … Continue reading →
We’ve all said it, “tomorrow I’ll get to that”, or “maybe next week or next month when I’m not so busy and have a little extra cash”, but time passes on by and we never get to that one thing we’ve been avoiding – saving for our retirement. Here are some of the obstacles to saving that we may identify with:
Procrastinating – delaying savings or putting savings off for another time. Check
Poor Spending Habits – includes spending on unnecessary items; impulse buying and self-indulgent lifestyles. Check
Culture of Dependency – Being overly dependent on others for everything. Check
Lack of financial literacy – spending on liabilities or items that decrease in value over time; not knowing how to make your money grow or work for you. Check
Here are some ways by which you can overcome these obstacles:
An economic downturn usually makes people more aware of the importance of saving and spending their money wisely. Here are a few tips you can adopt to help you manage your money wisely during such periods.
Pay off your debt
The repayment of debt is the best investment you can ever make. A downturn in the economy means fewer job opportunities, wage cuts, and rising unemployment. In order to protect yourself, it is wise to repair your personal balance sheet. Reduce your spending and use the money you save to reduce personal debt first (credit cards, overdrafts, loans), then your mortgage. Build a cash cushion to help meet unexpected bills or to cover expenditure if your income falls.
Every year we make plans to start the New Year with a clean slate, or with new goals. Maybe you want to shed a few pounds, start a new course, or open a business; but have you ever thought about your long-term goals maybe a new car, house, a dream vacation, retirement. Planning for the future starts now and the New Year is a great time to overhaul your financial life for the better. One excellent place to start is by making sound resolutions that can help to get you closer to your financial goals.
Financial Resolution 1: Know What You Want
Have clear, concise financial goals for the year.
Unrealistic Goal – “I want to pay off my credit card and have more money in the bank”.
Instead, say, “I will keep the balance on my credit card down to $0 after every month, and ensure I have over $5,000 in my savings account.”
Many of our citizens spend a great deal of time and energy on becoming physically fit, which is an admirable quality. Of equal importance is the need to become financially fit and to maintain that fitness over various life stages. … Continue reading →
Roadmap to Financial Security – Guide to Saving. Note to self – ‘Money does not grow on trees’. It is the one thing I’m sure most, if not all of us, has heard at some point in our lives. Knowing … Continue reading →