Labour leader feels improved veteran support is imperative

Financial decisions are not always obvious or easy so try following these steps if you are having difficulty.

11:04 01 July 2013

Labour leader Ed Miliband is vowing to chance the NHS constitution to allow special provisions for veterans. This is certainly one way to use funds that should be an easy decision, but many times our financial decisions are not that easy.

We may wonder about the value of renting versus purchasing, about whether it is a better investment to purchase a newer car that might last longer, or an older vehicle that costs less initially. There is not right answer for everyone, but you might be able to develop a system that helps you make financial decisions, which work best for you. Here are a few ideas to get you started.

• Lists—for many people lists make financial decisions much easier. If you think this might work for you, try making a list of the different options and the immediate pros and cons that come to mind with each of those available options.

 

• Instant effect—the easiest part to review when trying to make financial decisions is the short-term and instant effects of your decision. If any of the options you are considering have a severe detrimental effect, it could mean the timing is not right or that you can at least eliminate it as an option.

 

• Long-term effect—the other, and potentially more important, aspect to making sound financial decisions involves the ability to accurately guess what potential outcomes could result with the different options you are considering. Try to think of everything that will be affected by an option to get an overall idea of what you can reasonably expect.

 

• Talk it over—for many of us, talking works better than creating lists, or we like to voice our concerns and thoughts with another person we trust. This can be a valuable tool if there is someone you feel has a good history with their own financial decisions.