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Financial Planning For The Future

In our last post we gave some pointers on how to go about starting a budget and why budgeting is important.

Unfortunately, personal finance is not a subject that you get to learn when you are at school and all too often it is something you have to seek out yourself.

Here are some more simple yet effective nuggets of advice to help you plan for the future and ensure your finances grow over time.

  1. Expand your knowledge – continuous learning is an important element in all factors of life. If you want to get on top of your finances you need to ensure you are willing to seek out knowledge through books/videos. With the internet at your fingertips you really have no excuse in this department.
  2. Budget – as detailed in our last blog post – setting up a budget. This helps to set you on the right path and ensure you understand how you are spending your money.
  3. Put money away for your retirement – The sooner you start saving the better off you will be, this is due to compound interest. You can also benefit if the company you work for matches your pension contributions. Be sure to carry out the proper research around retirement options (remember point 1 “Expand your knowledge”.
  4. Have an Emergency Fund – This was mentioned in the budget post again and is an important point to reiterate. Make sure you pay yourself each month first and having a buffer will keep you out of financial troubles when unforeseen payments pop up.
  5. Protect your Money – make sure you protect yourself appropriately by doing your homework on the correct insurance options. If you need help in this then it’s advised to seek out a financial planner.

The list could go one but these items will set you on the path to managing your money.