We are all terrified of climate change and the effects it is having on the world – the very place we exist. But because it is such a big thing to wrap our heads around and seems too mad to actually happen, so we feel it is okay to not do as much as we should to protect our planet.
The same goes for securing a better financial future for ourselves. We know that we want to enjoy a great retirement and that requires action now, but the future seems so far off that we don’t do enough on this front either. We don’t feel the urgency to save, even though we know we’ll regret this in years to come.
This needs to stop, and to help you with that we have pulled together a list of steps you can take to increase your savings and start creating that financial future you know you want.
Have A Reason for Saving
If you don’t really know what you are saving for, then having the discipline and determination to save can be a seriously tough challenge. However, if you know exactly what your reason is then you already have the finish line in mind, and that is a powerful tool. It could be you want to save for a house, your kids tuition, or just financial freedom. You know, a life where you don’t need to work in order to live comfortably. Of course, this may well fall into the category of, “So Far Away It Doesn’t Seem Real,” which is why you should add some short-term goals to keep you on the right track. Becoming debt free. Saving for a new car. Adding value to your home. That kind of thing. All of this will keep you motivated.
Maximise Your Chances Of Success
Achieving your financial goals can be a tough ask if you go it alone. Worse than that, though, you may see your money working harder than it needs to. That is why you should seek the advice of a financial planner, someone like Partridge Muir & Warren who offer a bespoke solution to meet your needs. That way you will be turning your dreams into a much more concrete goal. Another thing you can do on this front is using the SMART method. That means making sure your goals are Specific, Measurable, Achievable, Realist and Trackable.
Time For The Dreaded ‘B’ Word
We know that no one likes hearing the word budget said to them, but this is a great way to ensure that your spending habits reflect your priorities, which is this case is your financial future. It is just about learning how to manage your money. All it requires is an hour with a calculator and your bank statements and, voila, you will know exactly where you stand and what you have to do. A little adding and subtracting and you will find you have much more control over your money. You simply find out how much money you have coming in after you deduct all your expenses and then decide what percentage of that will go into savings or investments. It really is very simple.
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