Top Tips to Follow for Guaranteed Financial Success

Everyone has aspirations, it’s just that not everybody’s are the same. For the more goal orientated out of us, these goals and aspirations don’t just go away, but often take precedence over everything else in life too. For those who aspire to have financial success, it can be difficult to know where to start. As well as wanting financial success, it’s important to remember to get to this stage you have to be making a decent wage – but what if your goals are solely finance orientated? Well it may not be easy, but here are some top tips to follow if you’re looking for guaranteed financial success in the future.

Spend Less than You Earn

It might sound silly, but one of the biggest mistakes people make when it comes to financial success is spending all of the money, they earn in the early days straight away. If you want to save your money, invest in assets and ultimately grow your finances, then the first step to doing so is by spending significantly less than you earn on a monthly basis. A good way of tackling this is by making a budget, and sticking to it.

Now, people hear the word budget and immediately start to panic – especially those that aspire to have a financially rich lifestyle. However, it really isn’t what it seems. For example, consider your weekly food shop – how often do you find you buy things, don’t use them and then throw them away? Not only is this extremely wasteful in terms of produce, but it’s also an extremely wasteful drain on your finances. But how can you shop more effectively, you might ask? Well why not consider planning your meals. Not only is this great for healthy eating purposes, but if you sit and plan your meals before doing your food shop, you’re far more likely to only buy what it is you actually need, rather than just picking up deals willy nilly. Likewise, check on how much you’re paying for your utilities. A lot of people are paying more than they need to when it comes to basic utilities such as gas and electric, so why not go online and compare the best deals and take it from there? If you can pay less for necessities and get the same service, why shouldn’t you?

Pay off Any Credit Card Debt

We’re all guilty of it. We get our first credit cards when we’re young, and immediately think of it as some sort of “free money”. Chances are prior to this, we’ve never had access to this much money without feeling like we have to spend a penny…but this isn’t the case, and this is something we all inevitably realise the older that we get. It can be easy to bury our heads in the sand when it comes to repayments, but the sooner you pay off any debt you have, the better your financial situation will become. Not only does it mean you no longer have it hanging over your head, but if you start to pay off your credit card regularly, you’ll increase your credit score which is always good when you’re looking to make investments. Without a decent credit score, you’re unlikely to be accepted for any larger investments, so this is something to bear in mind.

Make Beneficial Investments

Speaking of making investments, be careful where you invest your money. An investment shouldn’t only be something to show for your money, but if it can be, it should be something that also benefits your financial gains. A prime example of this sort of investment, would be a buy to let property. It’s a well-known fact that property is one of the safest and most profitable ways that you can invest a lump sum of money, and a buy to let is likely to make you a healthy amount of money as you go too. A lot of people are reluctant to invest in property because of the market being unpredictable, and they therefore worry that if it doesn’t work out that they’ll lose money by being unable to sell the house on. However, with there being so many we buy any house companies available to us nowadays, it’s not really even something that needs to be considered. 

If you’re not looking to make as big an investment just yet, there are some great savings accounts and ISAs available where you can invest your money and gain some interest until you build it up and decide what to do with it.  

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  • Editorial Director of the The Fintech Times

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