Your Finances and Your Future

When you’re working out your finances- rather than thinking about the here and now, you need to be considering the future too. If you’re too focused on the present, you may well miss the bigger picture, which could lead to things like borrowing more than you can afford because you’re not worried about the ramifications of this choice. You may, for instance, think about taking out a loan on holiday. You’re not going to have the money to pay that holiday off, but that doesn’t matter. It’s a problem for the future, right? Wrong, because it’s going to start affecting your life right now. If you don’t do something about any issues in your financial situation today, it will soon be too late. So, what type of changes do you need to make to your finances?

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Start Saving

Economic experts suggest that you save around a quarter of your monthly paycheck and put it into savings. It should be noted here that these savings aren’t for buying the sofa that you want at the end of the month. Or, to dip into when you need some cash for your holiday. Rather, the savings are for a time in the distant future when you might need money. Ideally, you won’t dip into your savings until you retire and start living a life without a permanent income. Shockingly, reports have revealed that a lot of people are dipping into their savings far earlier. In fact, many people are spending their pension pot as early as thirty and forty. Again, their mind is in the present which is a fun way to live life. But, it could leave you in a dire future condition. Think about what happens when you’re unable to work full time. If you’re struggling to save, there’s a simple solution. You need to start thinking about this money like a tax. It’s not really yours and as such, it needs to leave your account each month. If you do dip into savings, make sure you’re putting whatever money you use back as quickly as possible.

Get a Better Job

A good job means better pay, and your finances will be far easier to manage. Of course, a good job won’t come easy and so you’ll need to put in the work. Education is one route you can take, and luckily, these days you can study from home in a flexible way. Whether you choose to embark on an online midwifery program, makeup artistry course, psychology degree or something else entirely- this can be a good way to improve your career. Have a think about the types of courses that will improve your job prospects in the field you eventually want to work in. Volunteering, and working your way up from the bottom are also ways to get a good job. Just make sure the role you take has career progression.

Build A Second Income

In this day and age, it makes a lot of sense to have at least two incomes. It’s one of the best ways to make sure you’re living comfortably and you always have a fallback option. It doesn’t mean you should be looking for another full time job, instead, you need to consider a side hustle and here’s an example. You might work as a journalist, delivering content to a Newspaper on a regular basis. But, you can also work to setup yourself up as an independent, copywriter or blogger. You can set this up as a side hustle without taking too much time out of your day. Eventually, you’ll find that something like a blog actually starts to run itself. You can buy content and all you have to worry about is maintaining the quality of your online brand. It’s just one example of course, and there are many more. You just need to find an extra job that suits you. Remember this is going to eat into your spare time so it should be something that you enjoy.


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