As the calendar inches towards April 2019, here are some tips to help you kick off your finances on a high-note for the new financial year!
If you find yourself to be clueless when it comes to planning your finances, take a chill-pill; we’re here to help! As the new fiscal year approaches, companies are prepping themselves to face newer challenges by strategizing and prioritising their financial needs, so why not get inspired and do just that for your personal finances? Read on!
Minimise Your Debt
Debt is often demonised due to several cases of mismanagement, but when approached with a little practical sense, debt can be handled easily. It’s all about facilitating a seamless repayment plan. In simpler terms, just make sure you pay those bills when you need to – that’s all there is to it!
If your Credit Card debt has piled up, move away from the comfort of paying only your minimum due amount and try settling your bill in full or at least pay as much as you possibly can to bring down your outstanding balance.
Track Your Spends
If you’re a free spirit who believes in spending on the things you love, there’s nothing wrong with that. However, too many impulse purchases may not leave you with a hefty bank balance. Obviously, it’s your money and it’s your choice, but if you want to build a nice cash cushion whilst still enjoying your shopping sprees, track your spends religiously.
The more you note down and become aware of how much you’ve spent over a week or a month, the more you’ll think twice before buying anything. Soon enough, you’ll make better shopping decisions and watch your cash cushion come to life.
Additional Reading: How To Spend A Money-Free Weekend
Save For Your Retirement
“Retirement plan? Ha! That’s for oldies.” If you relate to this sentiment, you may have misunderstood this particular tip. Most individuals in the current generation believe in living for the present and going with the flow, and that’s awesome, but just think about this for a moment – how long do you want to continue working tirelessly day in and day out? At some point, your mind, body and soul may want to lay back and spend time on things your heart yearns to do. In order to make that happen, you need to save up, starting today!
Additional Reading: How To Automate Savings And Investments
Trust us! When you’re a little older, you’ll want to be financially comfortably enough to spend on your health, well-being and well, hobbies!
Maintain A Contingency Fund
Though this tip is similar to the one above, we’re talking about stocking up on cash for ad-hoc medical expenses and other expenses that come unannounced! While most of you may already be doing this, there may be a couple of you who don’t realise how important this is until you are presented with an emergency situation.
And while you’re at it, you can also ensure you have active Health Insurance and Car Insurance cover, since these will help you a great deal during emergency situations such as a road accident or general hospitalisation.
Additional Reading: Money Management Tips For Millennials
Spend M0re On Experiences And Less On Things
Again, it’s your money and you call the shots, but here’s something that’s worth a place on this list – spend more on experiences than on stuff. Why? Well, when you look at the year that was, you’ll remember your outings with friends and family, outdoor activities you dared to try for the first time and the people you met and places you saw on vacation much more than your cool new jacket or expensive accessories.
It’s safe to say that our generation is quite different from the previous generation that believes in saving for the future and enjoying a retired life. Today’s generation wants to live life to the fullest, and nothing will fulfil you more than a new experience.
Ace The Credit Game
Last, but not the least, time your credit decisions perfectly. How? Simple! Just monitor your Credit Score regularly. Want to start now? Click the link below!