- Analyse your recurring expenses
If you can identify your habitual expenses, you have a greater chance of lowering them! Keep your receipts so you can identify the things that you need, and the things that you can do without. Cutting out things that is not a necessity can make a huge difference in your budget and financial well-being. For example, if you notice that you tend to eat out a little too frequently, decreasing the frequency can have a major impact! Every little bit adds up, leaving you with more financial freedom.
- Start planning for your retirement now
It may seem ridiculous to you now, but trust us, you’ll be thankful you did! It goes without saying that the longer you save, the more money you will have. Everyone’s disposable income is different, but even the tiniest amounts secured away can add up after many years! You don’t want to reach retirement age and realise that you only have your pension to depend on!
- Start your emergency fund now!
We all need a little emergency fund stowed away for a rainy day. Of course, you can never predict just how much that will be, but having some money put away for unpredictable circumstances is better than not having any!
- Start a budget (and stick to it!)
Alright, so I know we agreed that not everyone has the time for a spread sheet, but a budget is key to a better financial future. This means allocating a certain amount of money for everything, and trying to avoid going over. This will help ensure your money is going where you want it to go, and in a way that will be the most beneficial to you.
- Take out a life insurance policy
Ensure that you have an insurance policy that meets your needs. Not only is this for your protection, but it also provides your family with a safety net in the event of an unexpected tragedy. Talk to one of our agents or officers about getting a life insurance policy that is right for you.