By Naseerah Nanabhai
With online shopping and digital banking becoming ever so easy, compulsive spending habits are also increasing, making saving and financial goals more challenging.
While financial planning may be daunting and complicated for many, it is essential. Seeking guidance on aspects such as savings, investing for the future, managing debts and budgeting. These set the path for success and help one avoid making big mistakes.
The financial decisions you make today can have lasting effects on your future. Here are some tips on how to be financially savvy:
Budgeting: creating a spending plan or budget is a great way to keep track of your finances. It is also the best way to ensure your incomes are higher than your expenses and can be drawn weekly or monthly.
Financial Goals: it is imperative to set saving goals and work towards them. These could include having an emergency fund and planning for retirement but should be carefully considered and accounted for.
Reduce and eliminate debt: paying off all debt should be your number one priority if you are in debt. This can be done by focusing on the most expensive debt first.
Take your time: do not rush when it comes to big financial decisions. Generally, all major decisions should be made over time, especially financial decisions. Use an adequate amount of time to do your research and consider alternatives before deciding on anything.
By taking action, staying the course, and planning, you can make smart financial decisions to support you now and in the future.