As you’re probably aware, the economy could be in better shape and millions if not billions of people around the world are still feeling the pinch. This is why it’s become hugely important, especially in these tough times to manage your personal finances and spend what money you do have as effectively as you can. It might be a case of just watching the pennies, but there are so many things you can do with your money right now and for the future.
Personal finance advice for the present:
- Look carefully at your bank statements. This will give you an idea of how much you’re spending, and whether your outgoings can be reduced.
- Shop around when buying groceries or other essentials. Another no-brainer, but doing this could help you to find the same items of food and drink for less, saving you money every time you do the weekly food shopping.
- Only buy what you need if your finances are tight. Wasting money now could harm your finances in the future.
Personal finance advice for the future:
- Open a savings account. If you want to set some money aside for later in life, put a little bit into your account on a weekly or monthly basis, and watch your savings grow.
- Take out a life insurance policy. Life insurance means that any outstanding debts, mortgage payments and funeral costs will be taken care of after you pass away, with a lump sum being paid to those closest to you in order to ease the pain, at least in financial terms.
- Try to set up a pension fund. This will give you a regular source of income when you retire, and when combined with your savings, it will make life a little easier.