What does your financial future hold?

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3 Tips on how to take responsibility for your financial future

Your financial security is the structure of your future wellbeing. Here is the ABC – easy to remember tips – on how to take responsibility for your financial future:

  • A – Assess

Spending money without knowing the ins-and-outs of your current financial status quo could be an irresponsible practice, and possibly get you into dire money difficulties before you know it.

To begin by assessing your financial situation is a sure way of knowing exactly where you stand. It will give you a clear picture (the bigger one) of your current and future financial situation, how to achieve a reasonable living standard and maintain it, as well as assisting you in setting goals for the future.

If you are finding it hard to make sense of your assessment, speak to a reputable financial advisor to give you sound advice on how to take responsibility for your financial future.

  • B – Budget

Keeping a budget is the gold card of financial transparency.

By keeping a monthly record, (book or spreadsheet), noting your income (credit) and expenditures (debits), you’ve achieved an important step in taking responsibility for your financial future.

Make a note of the things you spend money on that is not included on the normal debit list. Add that to your budget too. It will give you a pretty good idea whether you are pouring money down the drain or not.

  • C – Cleanup

To ‘cleanup’ in a financial context, means the following:

  • Putting a plan in motion to cleanup all your debts by becoming debt-free
  • Getting rid of all clutter (including unnecessary financial indulgences)

The Way Forward

Even if you are in a relationship that supports you on a monitory level, it is ultimately your responsibility to ensure your personal financial future. Independence is a good thing in the long run. Life is unpredictable and one should at least make sure you have a cushion to land on when the relationship tumbles.

Slaving away and living frugally needs to be balanced by a reward or treat every now and then. It’s really ok to take a holiday, enjoy a spa-treatment or purchase a luxury item.

You’ve worked for it, you deserve it!

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This article originally posted on http://www.free-quote-for-car-insurance.com/ and reposted here with permission.