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10 Things You Can Do Now To Protect Your Financial Future

Jul 18, 2019Lifestyle

How to protect your financial future:

You should protect your financial future as early on as possible.  This will mean eventually thanking your past self for being so thoughtful. There’s a difference between scrimping and saving every penny (which can be a huge struggle for many people and not realistic), and making smart changes to how you live so you can enjoy a better future later on. 

Below, we’ll give you 10 things you can do to protect your financial future.

1.  Invest in yourself

Protect your financial future by investing in yourself. This doesn’t mean going out and buying a ton of clothes or beautiful jewelry (if you want to plan for this in your financial plan, then it can come later). It means investing in yourself in terms of financial knowledge. We simply are not taught enough at school, and this is likely one of the reasons so many people are in debt, or incapable of saving any money. By investing in your own education (there are many free resources, such as courses, tutorials, and even Instagram pages online), you can learn about managing money and get into the right mindset. Working on changing your mindset from a lack mindset to an abundance mindset will work wonders. 

Many people have proven time and time again that if you believe you’ll never have enough, it will be a self fulfilling prophecy. Instead, work on changing your mindset and you will notice changes in both how you act, the decisions you make, and your overall situation.

2.  Find other great things to invest in

As well as investing in yourself, of course it makes sense to find other great things to invest in. For example, stocks, bonds, and property. This isn’t something you’ll do all at once. It takes time to build a diverse portfolio, and time to learn what it’s all about. It can seem complex and daunting at first, but with patience, you can learn what you need to know and begin making smart decisions that support protect the financial future you want to create.

3.  Start building an emergency fund

Having an emergency fund will stop you from getting into debt when things get tough. Many people are forced to turn to a credit card or payday loan to help them when their finances are tight and they are met with an emergency repair, or something similar. With an emergency fund (usually 3-6 months living expenses) you will be able to have peace of mind for many challenges that arise.

4.  Find a way of tracking your finances

Tracking your finances is important. Only then can you know how much you have coming in, and how much you are really spending. You might use an app that links with your banking, you might use the notes app in your phone, or you might even just use a notepad. Whatever you do, monitor everything and know your numbers.

5.  Create a long term financial plan

Having a long term financial plan, rather than just short term goals, can help you to achieve whatever it is you want to achieve. It can also help you to avoid bankruptcy, especially if you’re thinking about starting your own business. Click the link for more information.

6.  Get comfortable with sticking to a budget

It isn’t enough to simply know your numbers. You should be comfortable with sticking to a budget, too. You should have a number you spend on food shopping, a number for your bills, and a number for any miscellaneous expenses (such as entertainment), with money left over to put into your savings. By carefully doing the math and coming up with a budget that suits you, you can make sure you’re slowing saving enough to put towards your goals. Spending frivolously might feel good for a short time, but it won’t help you in the long run. Remember this.

7.  Avoid those spending impulses

We all get the impulse to buy from time to time, but it’s important to stay mindful of them so you’re not always buying things that you don’t really need or use. Next time you get a spending impulse, wait. Ask yourself, do you really need this item? Will you get enough use out of it? If you think so, then see if you can wait a couple of weeks before you actually purchase it. If the urge to buy is still there, then you can buy it without guilt. If it isn’t, then chances are, the novelty would have quickly worn off anyway.

8.  Have regular money meetings

Have regular money meetings with your family to discuss any upcoming events that will cost money and make sure everybody is on the same page. It can be a great way to teach your kids the value of money from a young age, too. If you don’t have a family, it’s still important to have check ins with yourself and your budget. You might need to alter it in some way, so don’t leave it too long before checking it.

9.  Know how you can free up more cash

Figure out ways you can free up more cash, and do this constantly. For example, you may be able to get a better deal on your utility bills if you can check when it’s time to renew. Negotiating is great, as it can help you to get a better deal (especially if you’re brave enough to say you’re going to leave). Making swaps is simple but effective – a lot of supermarket own brand products are great. Using cashback sites when you need to spend can help you make savings too, as well as looking for discount codes whenever you shop. Download Honey onto your browser and the codes will be put in automatically.

10.  Start paying off debts now

Don’t wait before paying off your debts or the interest will quickly accrue. Keep up the momentum by paying them off now. Some like to pay off smaller debts, others like to get rid of larger debts first. Do it the way that will keep you motivated.


[a contributed post]


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