‘MONEY TIPS TO KEEP YOU AHEAD OF THE GAME’
As a young adult, how you feel about money affects how you live your life and manage your finances. It is critical to have the right attitude towards money and adopt the success habits to achieve financial freedom. To help you manage money effectively and plan ahead for a successful future, Jennifer Gibbons –Joseph certified Life Empowerment & Financial coach of Conec Professional Coaching Services, recommends these simple and practical steps:
- CHECK YOUR ATTITUDE AND HABITS TOWARDS MONEY. IF IT IS NEGATIVE, THEN TAKE STEPS TOWARDS A MORE POSITIVE ATTITUDE.
Check your feelings about money. Are you happy when you receive money or are you always dissatisfied – wanting more?
What’s the first thing you do when you receive money? Do you go out and buy whatever you want or only what you need? Do you work with a budget or check list?
Yes, what you do with your money, may be a repeat of the way your parents or other adults in your household handled money. Sayings such things as “Money is made to spend” or “Enjoy your money while it lasts” also has a negative effect on how you treat with money.
- EXAMINE THE LIFESTYLE HABITS THAT CAN CAUSE YOU TO OVERSPEND
Many people get into financial difficulties because of lack of discipline, lifestyle habits and a negative approach to budgeting and savings. Do you know how much money you spend weekly or monthly on your lifestyle habits or hobbies? How often do you go shopping? What about the cost of hanging out with your friends?
- DESIGN AND IMPLEMENT A BUDGET
Whether you have a little bit of money or plenty money, budgeting is important. It is a commitment to you. A budget is really an itemized list of your financial commitments and the things you want to buy with the dollar amount for each item listed. A budget would help you to keep on track with your expenses, and allows for savings towards your future goals.
When making a budget you should be careful with what your needs are, your commitments and your wants. Know the cost of grocery items, utilities, car instalments and maintenance.
- SAVE & INVEST
Saving is setting aside money for a short-term goal. An investment is putting aside money for a longer period for returns. Savings & investments would help you achieve your financial and life goals. Most young people as soon as they begin working want to buy a car, the latest in electronic equipment or travel. To achieve any of these goals, you must exercise disciple, delay gratification and include your targeted amount in your budget.
- SET FINANCIAL GOALS
Most of the goals you want to achieve require you to have money. You must first list your goals, the time frame in which you want to achieve them and the money required for each. You have to be realistic in setting money goals.
- Your first step is to have details on what you want.
- Check whether it is a need or a want.
- When do you want to achieve this goal?
- How much money does it cost?
- How are you going to get this money?
- How much do you have to save?
- What instruments are you going to use?
- What other steps do you need to take?
- What are the things that can affect your plans?
- What is your reward?
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