Making some key changes to your financial intelligence can allow you to become good with money and change your lifestyle completely. One of the most important skills required to be an adult is to know how to use money, how to save, and when to be frugal. However, managing your own financial health can be difficult and sounds intimidating to many people since in school, we don’t learn anything about it. School has its set curriculum, but we’re never taught about how to be good with money.
If you’re curious how to go about doing this, then keep reading this quick guide below. Education has the power to change the way you think and your life in general which is why if you want to reach financial security you will need to start your research and get saving as soon as possible.
Figure out your ingoing and outgoing payments
Knowing how your money is working out every month is essential if you want to be financially free. Calculate your ingoing salary and other payments you receive and then note down the outgoings too. Don’t forget even the smallest of outgoing payments; whether it’s a Netflix subscription or a utility bill, everything will come out of your account during the month and so it needs to be accounted for. After this, you will be able to know how much you have left to save. Saving your money and having access to a rainy day fund is the critical element in reaching absolute stability with your finances, and if you’re able to do this then you will feel in control of your money and confident of any choices you make going forward.
Ways to save
There are various ways to protect your money and become closer to financial freedom, and while some work for people, you may find a better way that works perfectly for you. Depending on the amount of capital you have access to initially, you may be able to save more than you expect, and so this is why it’s essential you do your research and figure out the best way to save for your own personal situation.
· Invest in property – rather than allowing your lump sum of money to collect dust in a low-interest savings account, investing in property will skyrocket your savings and provide a steady second income stream for you and your family. The likes of hands-off investment are ideal for those who have to run a whole home without any help and also have a career to look after too. RWinvest provides hands-off property investments for investors who want to spend more time with their family while still making money from their property through rental income and capital appreciation.
· Put your extra cash into an ISA – there are different types of ISAs, some work for your finances better than others. A Lifetime ISA is perfect for anyone who wants to earn a large sum of interest over a long period. It has the potential to give you £33,000 of interest. However, ISAs don’t provide you interest or return quickly. Despite this, having access to an ISA with plenty of money in it will give you peace of mind regarding your finances which ultimately could help you to become financially free.
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Founder Dinis Guarda
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