How Is Your Financial Health?
How is your financial health? Sometimes it can feel like life is just a series of financial hurdles. Buying your house, raising your family, paying for college – these rites of passage all add up and that’s before you factor in your social life and any other ambitions you may hold dear. It makes you want to bury your head in the sand while your e credit cards stack up.
But please don’t despair – and don’t bury your head! Your financial health are in your control and with a bit of financial planning, sensible saving, and worthwhile investments, you can make your money work hard for you.
Planning ahead and setting yourself goals might seem like an impossible task right now, but in the blog, you will learn how to spot a good investment, how to create a budget to match your lifestyle and how to save without feeling the pinch.
Investments come in many forms. You will probably be familiar with the stock market even if you haven’t dabbled here before. You might not be aware that there are also less risky investments available to you if you have the cash and wait for your return. One idea is to buy gold bullion. This may be a long-term proposition but gold has a value recognized around the world and can even be IRA eligible if you are considering your investments a retirement fund.
When you know how much money you have and how much you need to spend day-to-day or month-to-month, you need a budget. Some bills will be the same every month so you already know how much you need to set aside to pay these off. Your budget will probably reveal where your other spending patterns are too. And yes, you might need to switch to cheaper stores.Or you could even try a zero spend day each week.
You might feel like the word ‘budget’ is negative or suggests that you ought to be tight with your money but really, it’s just a way to organize your income and tally up with your outgoings. If you do find that you are spending too much each month, your budget will help you identify where you can make changes. However, it will also tell you if you have some money left over.
It is all too tempting to go on a shopping spree when you have a bit left at the end of the month. But before you rush out to the mall, consider this: if you save your money, what will you be able to afford next time?
Once you have your budget and financial health under control, saving money every month shouldn’t put you in a squeeze. Try to save around 10% of your earnings and put it into a savings account. This is an ideal way to save for a deposit on a house or a big holiday but you should also consider it a nest egg for your future. Having money to fall back on is a real luxury that shouldn’t be underestimated.