What are your financial goals?
Perhaps you’re looking to put more money into your retirement fund. You may be looking to replace your car at some point in the future. We recommend the new Vauxhall Combo Life MPV if you do. And you may be wanting to go away on holiday with family or friends. Or there are loads of other goals you may be trying to meet, dependant on your life and interests.
However, how close are you to meeting those goals? It may be that you are scuppering your chances of getting what you want. The following are some of the reasons why you may be nowhere near attaining what you are hoping for.
You aren’t saving money
This is the obvious answer. If you aren’t doing anything to save money, then you are never going to reach your financial goals; not unless you inherit money or win big on the lottery, but your chances may be slim to none in both those areas. You need to do two things. The first is to start making savings in your day-to-day life, as this will free up some of your money. The second is to shop around for a decent savings account to put your excess money into. Look for the best interest rates too, giving your money the chance to steadily grow over time and taking you one step nearer to your goals.
You don’t know how to manage your money
If you have poor money-management skills, then you are going to run into trouble. You may end up spending more than you have coming in each month, and this can lead you into debt and issues with your billing companies. Budgeting is key, and you can learn how by researching tips on the internet, or by speaking to a financial advisor for advice. You can also download budgeting apps on your smartphone to help you. When you have a handle on your income and expenditure, you can start to make changes in your life, such as not spending recklessly, and putting excess money into your savings account.
You are living with debt
Debt sucks! Not only does it give you less money to play with each month, but it also inhibits you from reaching your financial goals. If you are living with debt, you don’t need us to tell you how stressful this can be. However, help is available, so do talk to a debt charity for professional help, rather than resign yourself to your situation. They will help you to manage your money and give you advice on how to climb out of the debt pit you have fallen into. This could be the best thing you do today!
You have the live-for-today mentality
This won’t get you very far at all. If you are spending your money on things that you don’t really need each day, then you might never be in a position to attain those other things you want in life. And start cutting down on the amount of time you spend browsing items online or in the shopping precinct, as you will only be tempted to buy something unnecessary, and that will inhibit your future. With all of your spending, ask yourself: Do I really need this? If the answer is ‘no,’ then don’t buy it!
If you budget and save your money, and if you cut down on squanderous spending, then you will reach your financial goals sooner. Perhaps today is the day you follow our advice, and start taking the steps necessary to improve your future.