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Thursday
Apr202017

From Financial Dunce To Money Boffin In 5 Simple Steps

 (All posts may contain affiliate links. Please see my disclosure policy

We each have our own set of skill sets and, for most of us, being good with money and financial matters isn’t one of them. But that doesn’t mean that you have to be a financial dunce forever! In fact, it isn’t quite so difficult to turn yourself into a boffin when it comes to money matters. You just need to dedicate some time to doing your homework and research. For starters, getting familiar with these useful steps can help you sort out your financial situation in a jiffy!

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Start A Budget

First of all, let’s start small. You need a budget. In fact, everyone needs a budget. So this is the first thing you should sort out. Your budget can be as simple of as complicated as you need it to be. Even just having a chart with your weekly and monthly income and expenses can greatly help you manage your money.

Change Your Bank Account

You will probably have, at the very least, two bank accounts: an everyday current account and a savings account. When was the last time you checked the interest on your savings account? If it has been a while, it is time to double check it now. That’s because you might be able to get a better rate with a different bank. It’s also worth thinking of switching to a high-interest savings account as these often come with the best rates available.

Sort Out Your Credit Score

If you have a poor credit score, it will be bringing the rest of your finances down. To fix this matter, you should turn to one of the best credit repair services that really work. These companies can help you fix your current credit, which is invaluable in improving your credit score and rating. Once you do this, you will find that it is a lot easier to get loans and other funding from your bank.  

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(Photo credit)

Think About Investments

Once you are able to build up some savings, you should think about investing them. This is the only way they will be able to grow on their own. However, it is a very risky business as investments have just as much chance of losing value. To start off with, think about investing your money in safe investments, such as property and investment funds.

Plan For Retirement

It is also important that you have a solid financial plan in place ready for when you retire. Ideally, you need to get this sorted as soon as possible so that you build up a large nest egg ready for retirement. There are various ways you can save for retiring, but most people choose either a pension or property. If you don’t know which is the best option for you, you should speak to a financial advisor who can advise you on the matter.

Have you been feeling like a financial dunce? Hopefully, this blog post has helped you figure out how you can change all that! If you need any other tips, check my other blog posts.

 

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