If you’re a young woman looking to make strides at this stage of your life, being financially savvy and making sound financial decisions is essential. Here are some moves that you should make to set yourself up for financial success.
No matter where you are now and where life takes you, consider these 8 moves for your financial future.
- Make financial literacy your best friend — make an effort to educate yourself about money, savings and investments, interest rates, debt management etc. Don’t be afraid to ask questions or seek the help of a financial advisor.
- Have a financial plan — start out with a short-term to medium-term plan. Important questions to ask yourself include: Where do you want to be in five years? What do you need to do financially to get there?
- Set some goals — the key to financial success is to have a goal. This could be furthering your studies, buying your dream car, taking your family on an epic getaway or even just growing your income streams.
- Track your spending — if you can keep track of where your money goes each month, you’re in a position to control your money more effectively. This allows you to know where and how much money you can save and which spending habits you should be concerned about.
- Create a budget — your budget can help you find areas where you can cut back on spending to put more money towards savings or paying off debt. This is a great way to use your income as a tool to realise your dreams.
- Plan for retirement — contributing early and regularly to your retirement will ensure that you're set up for success down the road. Consider a Fixed Deposit Investment. Compounded interest earned on Fixed Deposit interest rates means you can enjoy growing interest rate returns.
- Build an emergency fund — this can be the financial cushion that saves you from being under debt review or even being homeless, should you lose your job. An emergency fund helps to cover unexpected expenses like home repairs, medical emergencies, tuition costs, etc. Here’s a guide to help you get started.
Save for your future — there may come a time when you want to purchase your own home, build on your investments, or start your own business. It’s important to set aside money for those goals.