Tired of living from paycheck to paycheck, always desperately waiting for payday, never in a position to tick off those bucket list adventures because…well…finances. Take control of your money and learn how to make it work for you instead of the other way around with these three steps from Liberty:
Be honest about your finances
It might seem boring, complicated, and sometimes even depressing to go through your finances with a fine-tooth comb in order to really understand what is going on, but it is crucial to do this regularly. List all expenses (and don’t try to sugarcoat your spending habits), know what type of insurance you have in case something goes wrong and what your retirement will look like. The better you understand your finances, the more control you have. If you feel overwhelmed, set up a meeting with your bank’s financial advisor and learn how to plan, protect and grow your finances.
Stick to your budget
Knowing how much you spend on what every month empowers you to make clever decisions and move towards financial freedom instead of away from it and into debt. Listing all your expenses will quickly show you where you might be wasting money, where to cut back and how to improve spending habits.
Plan for the future
Plan for the worst and hope for the best. The pandemic has taught us that anything can happen and therefore it is key to be as financially prepared and stable as possible in the event of a life-changing event. This is where solid insurance options are invaluable. Be it health, life, disability, and/or death cover, make sure you have the right structures to secure your and your family’s financial independence should the unthinkable happen. The earlier your start insuring yourself, the better, as it is more expensive the older you get.
