12 Secrets to a happy financial future!

Some people seem to have it all figured out.  They don’t have a lot of debt nor do they seem to struggle from pay cheque to pay cheque.  They are able to save and meet their needs and they meet all their financial goals.  Do persons like those really exist?

Well whereas there is no perfect life, there are things that consumers can do in order to ensure that they are nearer to this type of life.

Is there really a secret to be financially secure?

Financial security does not have to be an unattainable dream.  There is really no magic that transform consumers into savvy savers.  There are however some important things that must be implemented to help cement your financial future!

1. Plan for emergencies

When you have an unexpected expense, the stress of trying to find the funds is alleviated if you had put this plan in action and saved. This option is much better than trying to get a loan from an institution or family and friends.

2. Don’t take out too many credit cards

Although different banks might try to encourage you to take out more than one credit card, those bills can quickly spiral out of control.  It’s better to have access to a few credit lines than to overextend your budget.

3. Consolidate your debts

If you find that you have several different loans paying back every month, it can be a daunting task. So instead why not try going to those financial organizations and get one loan so that it’s easier to manage your debt.

4. Don’t spend more than you earn

This is obvious but still bears mentioning as often person spend without considering their earnings.

5. Check your spending habits

If you find that you tend to shop without needing the item it’s time to check your spending.  Not all sales are created equal so you must learn when to walk away.

6. Keep track of your spending

Try keeping your receipts for a month and see exactly where your money has gone.  This can help you to determine where you are wasting your money.

7. Make a budget

It is even more important to stick to the budget that you have made as it will help you save money.

8. Pay more than the minimum balance on credit cards.

You end paying more if you only pay the minimum balance on credit cards so pay as much as you can.

9. Pay bills  on time

This option can be difficult but it costs more to reconnect services that have been disconnected because of late payments.  Some utility companies even give incentives for the bills to be paid on time.

10. Buy wholesale

Some items are cheaper when bought in bulk and this can cut down the grocery bills.

11. Be careful when shopping online

While shopping online can be fun, it is important to follow safety procedures such as ensuring that the website is secure before entering information.  This is especially true when accessing WiFi in a public area.

12. Set financial goals

Persons who set goals are more likely to put the time and effort to achieve them. Why not try writing your financial goals down and use them as a motivating factor to save towards them?

What’s your take? Which ‘secret’ will you try this year? Let me hear from you!

Teri Ann Renee Paisley

Gleaner online writer

Tags: budget, financial, goals