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All the advice your grandparents, parents and teachers gave you about money was worth their weight in gold. As young children and adults sometimes the wise advice given to you at that young age didn’t seem to matter, but now more than ever as a mature adult it makes more sense.


Heeding good advice never hurts, especially when it’s free. At the start of your relationship with your bank, it’s also a good idea to get professional financial advice on your finances, balancing it with sound advice from your immediate family members or close friends.


Whatever your plans, making a big purchase or just running errands, budget accordingly. There isn’t an event or activity that’s too small that you can’t budget for. Budgeting gives you extra discipline to make sure you’re only spending within your means, and will give you a greater sense of control over your money. It will also help you make sure that you don’t spend uncontrollably on unnecessary items.


Managing our cash flow seems complicated, but in essence it is not. Basically, it just means that you manage your income each month so that you have enough money for all your needs, including your monthly utility bills, essential expenses, and savings. When your cash flow starts to turn negative every month and you find that you need to get credit to maintain your lifestyle, it means you can live very well within your means. You will need to make adjustments to your lifestyle so that your cash flow can get back into the positive range.


Not all forms of debt are bad. However, when your debt starts to become a burden and you struggle to make your repayments, you have a debt problem that needs to be addressed immediately. Consolidating your debt with your bank will help you pay off, but once you seek help with consolidation, you will still need to be on top of managing your debt by making sure you don’t continue to incur unnecessary debt – c is the most important factor. . If you continue with bad spending habits or bad financial decisions that got you into debt in the first place, then your debt consolidation solutions will have been short lived and made no difference to your problems.


Education doesn’t end when you leave school, college or university. It is an ongoing process. Continuously educate yourself on topics related to finance. Educating yourself about finances doesn’t mean you suddenly have to figure out what all the financial jargon on TV means. You can start with small, easy steps, for example getting to know your bank and asking them about less complex investment products or even just being more aware of finance charges and how interest is calculated. By learning something new from time to time about finances, you might learn new tips or tricks on how to save or invest your money.


Financial planning is relevant for everyone, whether you are rich or poor, young or old. Making plans for your finances can make all the difference in how you manage your income, your expenses, and most importantly, in achieving your financial goals. You also don’t need to have an accounting degree to develop a financial plan. As long as you have the drive and motivation to stay disciplined and be honest about your financial situation, you can build wealth and manage your finances just as successfully. Start planning for your financial future by taking pen on paper and listing your financial goals and how you plan to achieve them.


Having a financial goal will keep you motivated to stick to the financial plans you’ve made to achieve them. When temptation comes to distract you from your goals, think about the impact it might have on your plans to achieve your goals. If you can comfortably recover from it to stay on track, you might be able to digress. But if sacrifice takes you much further away from achieving your goals, then you might not be falling prey to it. Keep your goals realistic. If you are aiming to have 1 million BND by the age of 40 when you only have 100 BND in your savings account now at the age of 34, you might need a review reality. Having realistic goals that you can achieve will keep you motivated when you finally reach them, setting you up for greater heights in your next plan.

This article is for general information purposes only and while the information it contains is believed to be reliable, it has not been independently verified by us. You are advised to exercise your own independent judgment with the content of this article.

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