Discussing money and finances is necessary, whether you are single, or part of a couple or family. Although it can be timely and even uncomfortable, taking time for a thorough, honest review of finances, and planning, is critical for your financial and personal well-being. We share five essential basic money tips and financial aspects for consideration for everyone.
As always, our content and this article is informational only, not facts, and cannot be construed as professional advice. Everyone is different. Of course, advice for your own circumstances can be given only after a personal consultation with a professional.
1) Debt & Living Within Your Means
All around us we see images of people living luxurious lives, in expensive homes and clothes, and taking extravagant vacations. However, going into unnecessary debt and living excessively for temporary happiness can ultimately bring more hardships. Budgeting, focus, and self-discipline, are basic money tips and keys to living within your means. By focusing on living your best life responsibly (financially and in general) and improving your financial circumstances, you prioritize reaching your financial goals and living a happier life.
2) Have An Emergency Fund
As the saying goes, “life can change in the blink of an eye”. We can never be truly prepared for what may happen in life, but having an emergency fund should be a priority. Whether you lose your job unexpectedly, need to repair your car or home, saving an emergency fund can help bring some peace of mind, or ease a financial burden, should the need arise. If you do not have an emergency fund, it is never too late to start building one.
3) Invest
Investing, or saving money to invest, is key to helping you improve your financial circumstances. The sooner you invest the better, as the impact of compounding and a longer investment time horizon work in your favour. As everyone has a different risk tolerance, take the time to learn about and review investment options. Initial steps can include speaking to your bank about what is available to you, such as opening a self-directed versus a professionally managed investment account, and learning about the wide array of investment options, again, based on your risk tolerance.
4) Credit: Build & Maintain
Credit is an important, often critical part of life. Most people will need a loan, or multiple loans, in their lives (e.g. for a car or home). Your credit score and history can lower, and conversely raise, your borrowing costs. It is advisable to take the time to review, build, and ensure your credit is in good standing, and/or take what steps are needed to improve it.
5) Planning for your future: Review & Revise
Planning for a house, saving for your children’s education, saving for retirement, estate planning, are just a few of the major issues to consider in life. There are many more considerations and topics that can be reviewed in your financial plans. Accordingly, plans should be reviewed and revised as life changes (e.g. marriage, divorce, children). I hope this list of basic money tips encourages you to start planning and learn more about ways to improve your financial circumstances and happiness.
*Views expressed in this article are for informational purposes only and does not constitute direct financial advice. The article, and this website, are not intended to replace or represent required, direct, financial and investment advice, or other professional assistance and guidance. Please refer to the Terms & Conditions, Disclaimer, and Privacy Policies for further details relating to this website.
Quotes from Benjamin Franklin’s “The Way to Wealth”
“The Way to Wealth” is an essay written by Benjamin Franklin in 1758, which is in the public domain. Benjamin Franklin was a U.S. “Founding Father” and helped draft the Declaration of Independence. His essay and advice is still valuable and applicable to living a good life today. Several quotes from “The Way to Wealth”:
“If you would be wealthy, think of saving, as well as of getting.”
“There are no gains without pains…”.
“Drive thy business, let not that drive thee; and early to bed, and early to rise, makes a man healthy, wealthy, and wise…”.
“Never leave till tomorrow what you can do today”.
“…think what you do when you run in debt; you give to another power over your liberty. If you cannot pay at the time, you will be ashamed to see your creditor; you will be in fear when you speak to him…”.
“They that will not be counselled, cannot be helped…”.
“Lost time is never found again…”
Benjamin Franklin, “The Way to Wealth”
The views and opinions expressed through this website are the blogger’s own from personal experience(s). Our content and this article is informational only, not facts, and cannot be construed as professional advice. We always give our honest opinions on topics, experiences or products, made in good faith. Any product or service claims, made by the product or service, should be verified with the manufacturer or provider in question. There may be potential errors on our website, for example due to changes and unintentional mistakes. Thank you.
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