Archive for the ‘Saving’ Category
Establishing a Solid Financial Foundation While Single
Categories: Saving
There is no better time to establish a solid financial foundation than when you are still young and single. This is obviously because, in the natural cycle of life, this is the time where you are primarily responsible for yourself and are just starting to be responsible for others, if at all. It is a fact that it could be almost impossible to put order in your finances when already saddled with heavy responsibilities, financial or otherwise.
It makes sense therefore to prioritize matters that will ensure a bright future. This would probably come in the form of regular savings, wise investments and appropriate insurance. Youth and freedom can be an invitation to take it easy since time appears to be in your hands but it could be put to more productive use in protecting your future.
PermalinkForced Savings
I’ve heard countless people say to me that it is just impossible to save given their regular income and expenses. There always seems to be nothing left to save after all bills have been paid. Almost all of them thought that their circumstances would be a lot different if they had a higher income. This seems to be a very obvious solution – Increase your income, pay your expenses and leave the rest for savings.
What we often forget is that an increase in income usually necessitates increased expenses. A higher paying job may require more representation expenses or an additional job may require additional house help because of the decreased time available for your family and so on. The bottom line is this: Anyone can save at his own pace if he/she consciously forces himself/herself to do it. Any amount is always better than nothing.
Permalink