If you’ve got 20, 30 or 40 years of your working life left, you might not think that you need to start planning for your retirement yet, but getting started early is hugely beneficial. If you’re looking to lay down foundations, here are some steps you can take now.
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Investigate pensions and employee benefits
If you’re employed, you may already be paying into a pension pot, which your employer is also contributing to. If this is the case, make sure you understand the terms of the agreement and you know how much you’re putting into your pension each month. Read the terms and conditions and consider increasing your contribution if you tend to have money left over at the end of the month. If you’re self-employed, it’s important to investigate the options open to you and to find a pension that works for you. If you’ve been paying into a private pension, read the small print carefully and make sure you haven’t been mis-sold a pension. SIPP claims are increasingly commonplace. If you were advised to move your money into an SIPP (self-invested private pension), and you believe you were given inaccurate or unhelpful advice, you might be eligible to claim compensation.
Budget
Budgeting is one of the most effective ways to take control of your finances and it will stand you in good stead for years to come. With a budget, you can set spending limits, set aside money for your savings account and plan for the future. Use your budget to compare your income with your outgoings and calculate how much disposable income you have. If you have money left after paying your bills and household costs, you could transfer cash to your savings pot or to a retirement or an emergency fund. When you draw up a budget, make sure you include every cost, and try to use accurate figures, rather than estimates. Update your budget as you go.
Clear debt
If you’re in debt, it’s wise to try and clear it as quickly as possible. If you have credit cards, for example, you might be paying a lot of interest, which makes it more difficult to get back into the black and start saving. Check all your accounts and balances and note down all your outstanding debts. If you’re paying back a loan or a mortgage, and you’re meeting the deadlines, carry on as normal. If you’ve got additional debts, which are costing you money in interest or late payment fees, tackle these as a priority. For those worried about money and spiralling debts, it’s wise to seek expert advice. There are solutions available if you’re anxious about missing payments, you’re falling behind with your rent or mortgage, or you’re resorting to using credit cards.
If you’re in your 20s, 30s or 40s, retirement may seem like it’s a lifetime away, but time flies. It’s never too early to start planning. Taking steps to clear debt, save money and boost your pension pot now will benefit you later.
Money isn’t the be-all and end-all in life, but it can sure make our lives a little easier. Being financially successful can be different for everyone. Some might see themselves as being a millionaire as being successful, while others might just like to live comfortably and feel financially stable. Everyone has the ability to be financially successful in life with some finding it easy enough while others might find it more difficult. Here are some handy tips to be more financially successful in life.
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Know How Much You’re Worth
Firstly, when it comes to the finances, everything you do in life where you provide a service should be compensated. It’s important to know what your worth is and how much you’re worth when it comes to any job that you have. There are lots of jobs and opportunities out there in order to earn money, but not everything is going to be offering you the money that you deserve and need. That’s why its good to get an understanding and to know how much you’re worth. It can help when searching for jobs or those opportunities where you are rewarded financially. As time goes on, depending on your growth in terms of skills, experience, and education, this can increase your financial worth. It’s good to always keep an eye on this so that you’re never selling yourself short. There will always be those out there who will look to make a cheaper deal, and you should always be getting what you deserve and nothing less.
Learn To Negotiate For Salaries
Negotiation is something that some of us are good at, and some of us are rubbish at or don’t even bother. The art of negotiating can be used throughout your life and can be helpful in a variety of ways. Whether that’s cutting a deal with a car dealership for your new car or finding a cheaper price for something you’re trying to buy at a car boot sale. There are plenty of opportunities, and the same can be said for your salary. Salaries are something that can be negotiated, but not everyone does it because they feel like the salary is something that’s been advertised and therefore locked in. However, once you’ve got the point where they want you for the job, this can be a good place to start negotiating.
It’s worth taking a look online with platforms like LinkedIn. They have handy tools that can help you find the average salaries for different jobs, and you might find that you’re on the lower end or possibly not even getting near enough. The more money you do get, the more financially successful you become in being able to negotiate with pay rises and promotions.
Get Educated
It’s important to learn because learning is powerful, and it can also make you financially successful too. The influence that it can bring can help elevate your current role that you’re in, or it can open doors to opportunities that you hadn’t considered before. So when you’re going through life, you should always be on the lookout for the chance to become more educated than you were before. Each day is a chance to learn something new and the career you’re in now, might not be something you end up doing further down the line. What about going back to full-time education or doing an online course? There are plenty out there, and places like the University of Nevada Reno are offering courses online that make it possible for anyone to do. If you’re thinking about getting further education, make sure to weigh up the options about what this can provide for you both in terms of your happiness and fulfillment but also financially. These courses cost money, so you want to ensure you’re doing it for the right reasons.
Stick To A Budget
It’s not easy to stick to a budget, and some people won’t be financially successful because they end up struggling to manage their money properly. Being able to manage your money is a lot easier than you think, and sometimes, it just takes a little bit of control. We all have our income, whether it comes in irregularly or on a monthly basis. What we can do with that is lay it out on a spreadsheet like Excel and document all your expenditures. Being able to see where your money goes and how much you will have left of it can help you understand where you might be going wrong. You always want to have money left over by your next paycheck so that you can put this away in savings or towards a pension plan you might have. Everything you save can end up providing you with a much better quality of life because you’ll spend less time worrying about going into debt or having no money left. Being able to struggle a little less can be beneficial.
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Invest & Diversify A Portfolio
Investing is one thing that’s worth considering, and with the online world being what it is, investment is not just for those who already have plenty of money. You have p2p lending, stocks, and bonds to consider as well as investing in property both physically and through stock form. By investing, you increase the opportunity to have more financial success, but it also gives you a chance to take risks in life, which is healthy to a certain degree. Diversifying your investment portfolio is also recommended in order to help make the most out of your money. If you’re not diversifying it, it’s like putting all your eggs into one basket.
Have A Savings Plan
Savings are good to have because they can help you in your time of need. When you don’t have savings, it causes problems and can put you at risk. What happens if your car needs replacing or your boiler breaks down, and you have no disposable income apart from your wages? For peace of mind and security, it’s a good idea to have a savings plan in place. This can help you learn to save and to show yourself that it is possible to save money from what you get from each pay packet. Open up a savings account and make it one that you don’t necessarily have a lot of access to so that you’re not tempted to dip into it.
You could also automate your savings by setting up a standing order to the account, and therefore, you’ll consider it to be like any other bill payment that you make.
Create A Side Hustle
A side hustle is something that you some people have that is an addition to what they do as a full-time career. For some people, the work life of a full-time job isn’t enough, and they may have other personal passions and dreams that could make them money in theory. Whether that’s running a YouTube channel or becoming a weekend handyman. There are lots of ways that you can create a side hustle nowadays, and if you have the drive to do so, you might as well give it your best shot. You never know, you could become financially successful off it and end up quitting your current job because of it.
Being more financially successful in life is what you make it to be. Whether it’s owning several properties or just being comfortable each month, it’s up to you what you want that to be. Use these tips to help you get there.
One of the best things that you can do with your money is to save it. Sure, spending is fun, but it’s not as fun when you have nothing left! It’s a challenge that you should consider indulging in, as you want to be able to deal with your finances in a healthy and balanced way. Saving is an excellent way to discipline yourself when it comes to your money.
It’s a commitment that requires you to be focused, and if you’re living paycheck to paycheck, the best thing to do now is to learn to save some money for a rainy day. It also means that you can do more with your life (for example, go back to school to increase your earning capabilities). Let’s take a glance over some of the ways that you can save – if you’re up for a challenge!
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Make Some Swaps
You may be used to upgrading your car for a brand new one – often with a relatively high monthly repayment on finance. Well, today is the day you make a different choice. Instead of upgrading your car, you’re going to sell it. It costs you too much money each month, and so you’re going to go ahead and test-drive the Volkswagen Das WeltAuto Approved Used Cars that you’ve seen in the car lot. Then, you’re going to budget your money for a used car over a brand new one!
Set A Budget
If you are currently living off whatever you believe you have, you’re doing it wrong. A monthly budget allows you to see where your money is going, and it means that you know precisely where you are wasting money that you could be saving. Create a budget and be realistic about it. Do a review of your accounts for the last six months and include every single payment to every single cup of coffee. Once you have a realistic idea of what you spend, you can then cut it all down and make some room for savings.
Open a Savings Account
You will need somewhere for all those savings to go, and the best option here is to open a high-interest savings account. Every bank out there has a savings option, so let them hold onto your money for you – out of sight, out of mind.
Track Where Your Money Goes
Until you track your spending, you’ll never know where your money goes. Keep the receipts of every purchase that you make, and make sure you start a spreadsheet to see where every penny of your money has gone. Once you know where you are overspending, it’s much easier to stop doing it!
You can start to become more solvent when you know where your money is going and how much you are spending. It may not be comfortable to save at first when you’re used to splurging. So, set yourself a goal so that you can have a use for all that money that you’ve carefully saved!
When you are launching a business, you want to launch it as cheaply as possible. You already have a lot to spend out, and when it comes to your branding, you need to think of ways to have it slick and powerful – without a massive spend, or instead of spending just in the right places.
There is a big temptation when you are starting a business to buy new things to use. Of course, you want new notebooks, branded pens, and glow in the dark ink… things that you feel will put the fire under you and will give you the big juice on the branding and your business. But, resist temptation. Hold back.
Use what you have at your disposal right now. If you have a mobile phone, you can take photos and make videos. If you have access to the internet, you can create logos and color palettes. Heck, you can even build a virtual team this way too. A limited budget forces you to get creative to go with it.
Templates Make The World Go Around
So use them! For sure, you want to be a unique and individual company, and you can’t do that with a template… or can you? Wix, Squarespace, Canva, PicMonkey, and https://www.templafy.com/ have some of the most customizable templates on the market. Meaning that you have simple and practical tools and can create a website, social media posts, and all of your business documents in minutes. Small spend, big perks.
If you are, however, blessed with excellent technical skills, coding, or the affinity for graphic design, then consider this a way to speed up your own process and something that can be tweaked and molded to exactly what you need.
Exclusive
If people don’t think they can get something, it becomes something they NEED. FOMO will almost always work in your favor. If you can create a sense of need or even one of curiosity, you are going to do better than 99% of other start-ups.
The option for early adoption, critical access, a waiting list – all entices people. Not showing all of your cards straight away can be a big deal.
Collaboration
Who you do business with, will dictate who does business with you. For example, if you are a make-up brand, and you are currently working with companies that test on animals – you’re going to feel the force of losing credibility pretty quickly.
And, will miss out on being endorsed by millions. However, partner with the right animal charity for the right reasons – and you’ll cement your position in the area you really want to be in.
When you collaborate, you can maximize your brand awareness and your research pretty quickly. Look for a person or a company that has the same ethos and vision as you to maximize the chances of working well together.
When you don’t have a big budget, that can actually be a more powerful motivator than being able to pay for everything to be done. So use it.
You want your children to have the best qualities of you and your partner. Something that might be important to you as money. Now money should never be the thing that controls your life, but it will certainly help define what you do in it. So with that in mind, here are a few tips to teach your children in being more money-conscious.
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Show Them How To Budget
Children are never going to learn how to handle money, and many parents won’t even teach them until they’ve started earning money themselves. It’s also not something that many of us would learn about at school, particularly as it’s not always likely to be something within the school curriculum. Leading by example is important, and so it matters that you are budgeting your household income in order to show them when they are at an age to learn. It’s never too early to teach them about money. Earning pocket money for doing errands around the home is going to help them being grateful but to also know that hard work can be rewarding.
It might be a good idea to let them see the family finances and that way, they can have an understanding of what they may need to know about going forward. Giving them an insight into a typical budget plan can be very helpful for their own in the future.
Warn Them About Loans And Borrowing Money
When you find something that might come at the right time for you or your household when they need it. However, they need to remember and be wary of having loans and borrowing money in general. If they become too complacent with knowing that money is effectively free and available to borrow, that could be quite dangerous for those who enjoy spending their money a little too frivolously. So warn them about taking them out and that they should be used in emergency situations too. You as a parent are likely to want to know about financial situations that they’re in when they are young, so always tell them to approach you first for help. It’s better for your child to pay you back, rather than to a bank or loan shark
Encourage Them To Get A Job
When they’re of an age at which they could work, you should be encouraging them to do so. Being able to get a job will help them see and learn the value of money and what it does in their own life. Having savings is important and having a job can help them put some money into their account so that they are well provided for later on in life when they need it. It also helps them to live their lives to the fullest and to show them how money can influence the type of lifestyle that they may want in the future.
Teaching your children these important life lessons is very beneficial to give them the best start in life.
