Accumulating wealth and living financially secure begins with healthy financial habits. Practicing healthy financial habits takes diligence and hard work. It is no walk in the park in the age of consumerism and social media’s dopamine induced highs that motivate persons to always show their best life. It’s quite easy to see the need to buy and experience more, and get thrown off track, swaying from your financial goals.
Here are some simple tips to avoid wasting money and build wealth:
Don’t Spend Your Money on Excessive Living
Ask yourself what you really need and don’t need. Do you really need that new, fancy smartphone even though your current one is still functional? No you don’t! Not if it doesn’t directly correlate to income for you. Do you really need to eat out at a sophisticated restaurant every weekend? No. Not unless you are a food blogger. You can cook two of those four weekends and eat in. Limit being excessive in your lifestyle and find ways to enjoy life while saving money.
Invest Your ‘Spare Change’
Investing is one of the most effective ways to build wealth and contrary to popular belief, you don’t need a lot of money to get started. The random $100 bills and $20 coins you get back in change from a purchase can go towards your investment portfolio. You can also choose to keep a change jar that you keep near your door. Every day when your return home, you can add to your change jar and every quarter, use that money to add to your investment account.
Track Your Spending
You can’t build wealth if more money is leaving your wallet than coming in. To ensure you’re earning more than you’re spending, track your daily expenses. Use an excel sheet or an app to always keep a tab on where your money is going. Periodically through the year, you can assess your spending habits and compare them to your financial goals. Where there is a gap, make the necessary changes and stick to it.
Start Saving Now
No one but you is going to look after you in your older years! No matter how small the amount, the sooner you start saving, the better life you will have in your later years. Having ample savings prevents you from needing to liquidate your investments when life gets a little rough. Saving is a habit and with all habits, it can be hard to start. Bite the bullet and start anyways and keep going for 3 months. After those 3 months, it may not get easier but you’ll feel great about the fact that you are putting you first. Don’t worry, give it time; you’ll soon become an expert saver.
Treat Investing Like Your Bills
Pay yourself first. Apart from savings, be sure to set aside your money for investments before you pay anything from your salary. Bills are important but paying yourself is critical to your overall success. The same commitment you show to paying your light, water and internet bills monthly, is the same commitment you should have to adding money to your portfolio monthly. There is never enough money to do everything you want to. It’s just the reality we all face. But, when you commit to achieving your financial goals first, you make your future a priority.
Surround Yourself With Persons With Similar Goals
Award winning talk show host, producer and philanthropist, Oprah Winfrey once said, “Surround yourself with people who are only going to lift you higher.” Find a trustworthy person(s) that will keep you accountable in your financial journey and surround yourself with friends that are on similar financial missions to you. Learn from each other and keep listening to sound advice to stay on the path to securing a solid financial future.
Stay In Close Connection With Your SSL Financial Advisor
Your SSL Financial Advisor is always aware of market opportunities that can help you grow your portfolio. It’s important on your journey to tap into that expertise regularly and capitalize on the opportunities to grow your investment portfolio.
Preparing for your financial future isn’t something you have to do alone! SSL’s team of experts can help you to get started and grow your wealth. Contact us via our website, social pages or simply give us a call. Don’t be intimidated by the investment market or share prices. Start small and as you grow, you will be happy that your money is working for you.