In working life
Your income and financial needs are likely to change through your working life. There are however some sound financial habits which once learned will always be beneficial.
Budget
Keeping track of where your money goes is the key to getting control of your finances. A budget doesn’t need to be more complicated than a list of all the money going in to your bank account and a list of where that money goes. Once you have control over this, you can start to make decisions. It can also help to plan in a certain amount for unexpected expenses.
Save
You can’t start saving early enough and whether it’s a small or large amount, regularly putting something aside will help. Even if you don’t need anything specific, that may change over time and having some savings could be very important.
Invest
When you have saved some money, you can make it work harder for you by investing rather than leaving it in your bank account with low interest rates. There are many types of investments and your choices will depend on how much risk you are prepared to take with your money.
Get advice
Professional financial advice from a licensed adviser or planner can be invaluable. Finding a good adviser can be difficult and you should talk to a few before making any decisions. It’s also good to arm yourself with some knowledge of the basics before you talk to someone. Your conversation will be more productive and you will feel more confident in your decision making.
Did you know?
When you start work, there are five things you should look at straight away.
Many financial advisers believe an extra two years work can fund a full six years of retirement.
