Retirement Funding and Investing: Put
your money to work by earning interest in
various forms of long-term accounts. If you
haven't done so already, start funding your
t a time
retirement account. Consider a 401K plan
when
often available through your employer, cash
most household fivalue insurance products and Individual Renances are being
stretched the need to tirement Funds (IRAs), to name a few. Build
equity in your home by paying down your
effectively manage
mortgage. Common investment vehicles inyour finances has
clude mutual funds, bonds, unit trusts, stocks
never been greater.
Getting to grips with and shares. Always keep at least one funding
your finances can be of huge benefit and the account that can be readily liquidated for
emergencies.
decision comes with many rewards. It can
provide you with more free time to pursue
Insurance: If you’ve worked hard to build a
your interests and free up money to invest.
comfortable lifestyle and firm financial footStart by understanding for you and your
ing key elements of
family, it’s simple to
good financial manprotect it. Accidents
agement.
and disasters can and
do happen. Seek information on different life,
Practice Debt
health and disability
Management: Create
insurance products to
a realistic budget and
protect your family’s
cut unnecessary exability to maintain your
penses. Pay off high-interest credit cards and income, relieve your family of the burden of
loans. Stay focused on reducing your liabili- debt, and build a legacy of wealth.
ties and building your long-term financial
goals. Maintain an acceptable credit score by Effective financial management involves
keeping tabs on your credit report and paying analyzing your present financial status, setyour bills on time.
ting short-term and long-term goals and mak-
A
Getting to Grips
with your
Finances
ing the necessary adjustments throughout
your life to ensure financial independence.
Budget: Working without a budget can leave Your likelihood of achieving long-term comfort and peace of mind will be based on the
you mystified as your salary slowly disappears potentially leaving you empty-handed small steps you take now, to better underby the end of the month. When you create a stand your finances and manage your money.
budget you see a clear picture of how much
money you have, what you spend it on, and
how much, if any, is accounted as disposable Authored by Leonard Davies of Aspire
income.
Financial & Management Solutions, London,
UK
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