Five steps to financial security

by Mike on October 20, 2013

Five steps to financial security

If you are you looking to become more financially secure have you tried starting with the most basic of questions and steps? It’s something that everyone wants and yet not everybody achieves. However, there are some simple steps you can follow to get you on your way to financial security.

 1) Invest in yourself

You need to realize that you are your own investment. Take a look at your job; are you living up to your potential? Your employment is the main thing that adds to your financial security. Are there ways you could improve so you can get promoted or get into a higher paid, better job?

College courses and training can really help. Taking the time to extend your skill set, learn new talents you can apply in your workplace can really pay off. If you invest in yourself now it can really have dividends later.

 2. Focus on short term goals

The main mistake you can make in planning your financial success and security is looking too far into the future. Most people don’t realize that breaking your long term goals down into achievable small term goals not only makes the task look easier but also helps keep you on track (you are setting goals aren’t you?). There is nothing more likely to demotivate you then looking at a task as the big overall plan rather than several smaller ones. It’s also possible to get so caught up in the future that you don’t focus or appreciate your successes that are happening now. If you looking closely at your short term successes you see results and that helps to keep you motivated.

 3. Make a financial plan online

Creating a short term financial plan will help you to better manage your money. A simple search can find you a number of resources where you make a financial plan online. For example the team at http://www.moneyvista.com offer a whole range of planning solutions guides and tools.

Financial plans give you a clear idea of your incoming and outgoings and what you can afford to save each month. They also allow you to work out how to get out of debt if you currently owe money to creditors too. Understanding your financial situation puts you in a much better position to improve it simply by understanding and gaining control.

 4. Make lifestyle changes Five steps to financial security

Look at your lifestyle; are there any changes you could make? If you smoke for example, that costs quite a lot each week. By cutting down or stopping completely you could be saving yourself a lot of money which can not only be used to pay debt but can also be used to invest which will generate money. The same applies for eating out, going on holidays and any other treats you regularly enjoy but can maybe reduce the frequency or expenditure of.

 5. Make use of offers and freebies

You can save a lot of money by shopping around and making use of freebies and special offers. Thanks to the internet it’s easier than ever before to save money with your day to day costs. Let your keyboard do the walking, buy bulk, buy smart and become a savvier shopper to take full advantage of shopping around for lower prices. This can add up over the course of the short term goals you have set.

 

Got any steps to financial security we missed? Know a friend who needs to start with the basics on their financial journey? Sharing is caring!

 

 

***Photos thanks to Fristle & Schuminweb***

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{ 1 comment… read it below or add one }

dojo October 20, 2013 at 5:54 pm

Whatever you choose to do: be consistent. This is not a sprint, it’s a marathon. All the good financial choices you make today, need to be made tomorrow, the day after tomorrow and so on :)

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