Saving Money: Tips on How to Get You Started
- September 25, 2016
- Posted by: Rena Hawkins
- Category: Featured, Saving Tips
As you go through your financial journey, your decisions play a vital role in your goals and the future. To many people, saving money is the answer to achieving financial freedom. However, not everyone can get things moving in their favor as this very first step is the hardest part of the journey.
Going through the process is life-changing, sometimes there are tactics that are hard to follow. It is important to keep in mind that these small changes in your life can fatten your savings and will help put you on the road to success.
There are plenty of ways to save money and here are few simple saving tips to get you started:
With banking, you will be able to keep track of your money and spending habits. Putting your money in the bank is another strategy to keep your money from yourself. Most times, there are banks that offer higher interest rates although, not all banks offer attractive bonuses. It is still worth the look.
2. Use Credit Cards the Smart Way
Credit cards can be great for your convenience. You don’t need to have cash on hand or search for ATM to get the money. But abusing its use can get you into debt. When using a credit card, always pay on time to avoid extra interest and penalty fees. Before paying with your credit card, it is important to be aware of the fees you’ll pay.
3. Change your Habit
Changing a little bit of your life style can make a huge difference to your bank balance.
- Instead of buying your lunch and dinner from fast food and convenience stores, why not cook your own meals at home.
- Cut down drinking coffee from your favorite coffee shop and save more money.
- Quit smoking and give up drinking alcohol, it will have great health benefits.
- Why not invite your friends over instead of going out to get your budget on track.
4. Stay focused on your goals
As you grow older, you start to plan for your future and achieve your dreams. If you are planning to buy your own home, try to map out how much money you need to save every month to realize that dream. Saving for something you want takes discipline and determination. Keep up that motivation by checking with your goals regularly and focus your eye on the prize.
Guide to Investment
- August 25, 2016
- Posted by: Rena Hawkins
- Category: Featured, Investing
You found a job and earn money on a regular basis, it’s not a lot but you want it to multiply for your future goals. But are you ready to invest?
With proper money management and investing knowledge, it is the key to achieving your long-term goals. Investing should be done with careful planning and well-thought decision making. Your decision, time, motivation and quality of advice that you receive are great factors in investing successfully.
Below are the important points before investing your money:
- Debt – Aside from keeping your mind clear, paying off your debt will provide you discipline to save for investing.
- Income protection – this is an insurance that will benefit the policyholders who are unable to work due to illness or accident.
- Savings –Before putting your hard earned money into an investment, it is important to keep an amount to handle personal emergency to your bank. These are funds that are available and can be withdrawn from the bank immediately.
When is the right time to invest?
Once you have enough savings, income protection and debt under control you might consider investing your money. Of course, no investment is risk-free. It is important to understand that when you invest, you are also putting your money at risk.
The longer you put your money to investment, the more money you will make because of its compounding rates of return. So if you start young, you will have higher rates of return on investment.
Before making your financial decision, here are few steps to consider to getting started as an investor:
1. Identify your financial goals
Investing is part of your financial journey. In this journey, it is also important to know what you want. Do you want to grow your money? Do you want your money to work for you? By setting a clear goal, it will help you decide how much risk you are willing to take to achieve them.
2. How long should you Invest
After knowing your goals, you have to determine the age you want to retire or achieve your financial goal. By setting a time frame, this will help you choose which investment is the best for you.
3. Your attitude towards the risk
When you are investing , you must understand that the money you put in there is at risk. It is necessary to understand how much risk you are willing to take. Even though you have the money to fall back on, if it doesn’t let you sleep at night when the markets go down, then a high risk isn’t right for you.
4. Seek for financial advice
A financial advice can give you the important points that you need with investing and it will help you get the confidence in making the right financial decision.