Focusing on your financial situation and plan

Here are a few general tips to help you tackle your financial concerns.

06:02 10 September 2013

Managing your financial resources can be challenging. Furthermore you might have well-meaning friends and family members who try to guide you, but may not have the best answers for how to deal with your particular financial matters. What are your options and how do you know where to start? Here are a few ideas, but the best bet is to do some research about specific financial goals:

If you’re financial status allows you to have extra income after the bills are paid:

• Consider getting professional financial advice regarding possible investment options. Stock options, bonds, property and other possibilities may allow you to increase your wealth and financial security.

 

• Look into Independent Savings Account options, as well as Junior Independent Savings Account options for any children or grandchildren you have. Financial security involves adequate planning for the entire family.

If you’re financial status does not give you extra at the end of the month:

• The first thing you would need to do to improve your financial situation is to really investigate your spending habits over the past few months. It’s a headache, but it could reveal some important information about how to start creating extra with the same income.

 

• Consider picking up some additional employment whenever possible to supplement your income and provide a little bit of a financial boost.

 

• Use discounts, coupons, certificates and any other special offers whenever possible to make the most of your funds.

 

• When possible deposit funds into a savings account, preferably an Independent Savings Account that will earn better interest, but even a regular savings account is better than nothing.

 

• Take an amount that you can afford, and that still allows you to put some money in savings and use it to pay off debts a little faster. Then take a portion of the extra money you save from paying off a bill and put it also toward another debt.