Planning your finances for the future

Wednesday, January 14, 2015, 6:00 AM | Leave Comment

Whether or not we like to agree, money is a huge driving force for most of us. Financial independence, financial security and financial luxuries can really make life a lot more fun and a lot less stressful. You can never get over the rush you feel after getting your first pay cheque.

The first ever big purchase made from your own money is something you will cherish forever.

Money gives you the liberty to get your own place, to travel the world and to indulge yourself and your loved ones every once in a while.

Having said that, it is also important for us to manage our finances to ensure we can pay our bills,

keep our car insurance up to date and even have funds set aside for unforeseen emergencies.

So how do you plan your finances for the future? Read on to know more:

  1. Believe it or not – living within your means still remains the biggest secret ingredient of the sauce. So start by cutting back on any unnecessary expenses you have been splurging on in the name of it being a “necessity”.

  2. Do not save after you have finished allotting budgets for your every need; save first and allot your expenses from what is left after you have set aside your savings. Make sure that you are putting aside at least 10% of your monthly paycheque in a savings fund. Try to grow this slowly and steadily.

  3. Come out of the “someday” mentality”. As someone rightly said, someday leads to a town called nowhere. Start prioritizing your savings and investments – both short term and long term starting today. If you are in debt, get into a debt repayment program and ditch the attitude of planning to save once you are debt free.

  4. While it is generally a good idea to be tight lipped about your finances, it is also advised to take guidance from the right people when it comes to investing your money. Again make sure the right man is appointed for the right job.

  5. At some point, with the right attitude and discipline, you will actually realize that your money eventually starts working for you instead of it being the other way around.

Being organized has a lot to do with taking care of your finances; whether it is renewing your car insurance on time or making sure that credit card bills never exceed a certain amount.

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