Only some of us make New Year’s resolutions, but of those, I don’t think more than 10% succeed. This may be even more true for financial re...
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Only some of us make New Year’s resolutions, but of those, I don’t think more than 10% succeed. This may be even more true for financial resolutions.
Here are three steps to follow in 2017 to bring you closer to financial freedom:Step 1: Analyse your spending every month
Keep all your slips, keep each month’s slips separate (use envelopes or a flip file) and keep your cash slips separate. Put the slips on a spreadsheet at the end of each month. Be specific and detailed.
For example, don’t just put in a total spent on food, but split it between groceries for the house, eating out and take-aways. Split what you spend on clothes, shoes and make-up. Also split your monthly phone and data subscriptions with your top-ups during the month.
Study some people who are financially free (like Richard Branson) and what they had to do or sacrifice to reach their financial dreams. Do research on life insurance and what kind of benefits it offers and see if you or your family can benefit from any of these products.
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| Steps to Save More Money |
At the end of each month, get your bank charges from your bank statement and also check that you have cash slips for all the ATM withdrawals you made in that month.
Analyse the slips to help you determine your spending patterns. You should have at least six months’ worth of information to thoroughly analyse your expenses, but continue for as long as you can. If you find you spend too much, make changes by limiting some of the expenses.
If you see your spending doesn’t decrease at all after a few months of analysis, then you may need to call in a family member or friend who can help you track your spending. As you start to spend less, start building up a cash fund for settling debt or to use as an emergency fund.
Step 2: Do research and educate yourself
After analysing your expenses for at least six months, use the following two or three months to educate yourself and make notes about financial matters. Investigate how investments work and what type of investments are available out there, what benefits you think each one may have for you.
After analysing your expenses for at least six months, use the following two or three months to educate yourself and make notes about financial matters. Investigate how investments work and what type of investments are available out there, what benefits you think each one may have for you.
Study some people who are financially free (like Richard Branson) and what they had to do or sacrifice to reach their financial dreams. Do research on life insurance and what kind of benefits it offers and see if you or your family can benefit from any of these products.
Do research on setting up a Will and Last Testament if you don’t have one. If you have any assets (like a car) or any debt, a Will is a must.
Step 3: Have a financial planner
Make an appointment with a financial planner, and check if the advisor charges professional fees. Make it clear to the advisor that you will not be buying any products at your first appointment and that want to improve your savings.
Step 3: Have a financial planner
Make an appointment with a financial planner, and check if the advisor charges professional fees. Make it clear to the advisor that you will not be buying any products at your first appointment and that want to improve your savings.
Have a financial vision and work towards it. Do you want a house? Do you plan to retire? Having a vision will help you set goals to and stay true to. - Daily Sun
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