7 tips to help you prepare for a secure financial future

Whether the economy is in great condition or not, it’s important to consider how you can have a secure financial future.

13:20 17 April 2013

Lately, news has addressed some important financial situations such as Portugal and Ireland having their loan repayment terms extended for an additional seven years, while Cyprus also tries to acquire additional financial assistance for social programmes.

 

With so many problems among multiple countries, it’s only natural to consider one’s own financial situation. Everyone is affected by struggling economies in one way or another and it’s more important than ever to try and plan properly for a secure financial future.

 

When considering a secure financial future there are a few things which should be kept in mind. Here are just a few of the steps that can assist with providing a little stability even in an economic downturn.

 

• Develop a budget.

 

• Ensure that you are living within the set budget.

 

• Determine an amount to set aside for retirement (it’s never too early to start this).

 

• Decide to begin additional savings that are separate from retirement plans.

 

• Adhere to your savings, if possible have funds automatically deducted from pay to go into your savings account.

 

• Decide which savings account or combination of savings accounts will provide you with the most secure financial future (Cash ISA’s, Stocks and Shares ISAs, and regular savings accounts).

 

• If you have children or grandchildren help start their future off well by setting up one or more Junior ISAs.

 

Planning for the future is essential to be able to weather economic hardships with minimal stress. You may need to move locations or change a style of living in order to have some money to set aside for savings, but the end result is well worth the change.

 

The comfort of knowing that you are on your way to a more secure financial future takes a lot of worry and stress away, and it also sets up excellent financial habits that will yield many benefits.