Everybody knows this stuff is true, right? A penny saved is a penny earned. We also know that Money doesn't grow on trees. O key. Let us get started and the first step is :-
“While it is important to try and increase your income, what is even more important is what you
do with your current income, how much you save and invest” - Victor
STEPS TO KEEP YOU ON THE RIGHT FINANCIAL TRACK
1) Pay yourself first
What do your pension fund, car loan and mortgage have in common? The common
denominator is that they are deducted from your pay before you touch it. That’s why you
can consistently meet your savings: effect a standing order with your bank to sent a
regular amount to you investment account.
2) Cut down on wasteful expenditure
Sometimes without even being aware of it, we waste money and this makes saving very
difficult than it need be. Being mislead to buy insurance that is more appropriate to the
sales needs of the insurance agent and company than your need for protection is an
example of a way we waste money without knowing!
3) Focus on your Goal
If you want to buy a house in the future, internalize the fact that your dream will only
come true if you save. Think of every month’s contribution as another piece of your
house. Never let feelings of despair or hopelessness overcome you.
By reading personal financial books, magazines, online blogs and attending personal
finance seminars, you can learn enough to be able to make informed decisions about
money issues rather than be guided by myths. It is important to educate yourself about
finances, because when it comes to your Money ignorance is not bliss. Learn more about financial management at my Blog Wikilife.com.
