A lot of times we don’t hesitate to swipe our thumbs and credit cards, purchasing things that we know we can do without. Many of us have goals, and we have an idea of the journey we need to make towards such goals. However, we lack the financial health and longevity. Some of you may wish to purchase your first home or second investment property, thinking about your retirement, or simply wish to start creating generational wealth for your family. Whatever your goals may be, below are some simple steps to help you on your way. Note, I am not a financial advisor, therefore, seek professional help if you’re struggling financially.
Budget, Budget and Budget some more
You’ve probably seen this word everywhere, but the reason why it’s popular is because having a budget is essential to balance your spending and boost your savings towards your financial goals. How many times have you gone to the shop and bought something that you weren’t sure you could afford? Chances are we have all done this. Having a budget is not as daunting and limiting as it may come across. The purpose of a budget is to create a plan for all of your spending. You simply need to write a list of your outgoings with the total and a list of your income. This should include your essentials- bills, clothes, grocery etc. and your wants- The remainder of the money left over from your bills should then be evaluated and placed in a savings account of your choice for the long term. You can also do some research into investing by checking out The Motley Fool.
Balance your wants
I know it’s challenging to adhere to your budget when everything seems to be on sale and it doesn’t help that every social media influencer keeps advertising the latest trend that you NEED to have…The truth Is, you don’t! If you’re serious about meeting your financial goals, you need to seriously consider what you’re willing to sacrifice out of your life. One thing people tend to forget is that long term goals, most times require short term sacrifices and the sacrifices don’t always need to be painful as there are ways to get your needs without spending outside of your budget. If you usually turn your nose up at sales then you can swallow your pride and find some good discounts (yes even on investment pieces), you can learn how to cook your favourite restaurant dishes at home and find the best discount vouchers for your days out. There are ways around doing what you want while staying within your budget, you just need to be more creative and flexible with your research.
Place yourself in the right mindset
Sometimes it’s challenging to save money when we are always surrounded by everyone else’s expectations of what wealth is. The meaning of wealth is unique to each person, and only you know what that meaning is for yourself. In order to reach your goals, you have to take the first step and make a move because nobody will do it for you. Then, you need to align yourself mentally, emotionally and physically by ensuring that your environment is conducive. Your emotional connection to money also needs to be aligned with your vision, and your mind requires focus on executing the actions required to help you on the way. Everyone has their individual circumstances, and to take a step in the right direction you need to pause, evaluate, plan and make a move. This also includes doing research on long term money management by reading books or by finding a YouTube documentary. Yes, YouTube can be handy! Also, it’s good to surround yourself with likeminded people who will encourage and motivate you when the going gets tough but don’t be afraid to go independent if you find that people are dragging you down. There is plenty of support and resources available to help you on your way, but you have to make an effort to find it.
Until next time xo