Why it is important to make smart financial decisions while young
Introducing the Alexforbes My Money Matters Toolkit to help you connect today’s smart financial decisions with tomorrow’s impact
Online shopping apps and the convenience of digital banking have made everything available at the click of a button or scan of a QR code, meaning compulsive spending is easier than ever.
What many young people do not realise is that the financial decisions made today will have a lasting impact on their financial health tomorrow. It is important to be expertly guided and helped to make smart financial decisions by focusing on such areas as saving and investing for the future, managing debts, and budgeting.
Smart financial choices can set you on the path to success. If you stick to good advice, you can avoid some of the mistakes others have made.
It is always the right time to start making good financial choices – it does not matter how deep in debt you are or what your monthly income is. It takes a decision to change direction, and with the help of experts, you can start to learn or improve on how you manage your finances, reduce and eventually repay debt, and also invest and save for a relatively comfortable retirement.
We know that financial planning can be daunting for many, and with this in mind, we have come up with a fun yet empowering platform called the Alexforbes My Money Matters Toolkit.
This toolkit has easy-to-use tools you can apply as you start on a lifetime journey of making impactful financial decisions based on what matters most to you and what your goals are.
Starting a new job
We all know the excitement that comes with starting a new job, the anticipation of buying that dream car or going on holiday. It also gives you the opportunity to consider many things in your life, including your financial habits. However, you need financial discipline to achieve these goals as well as accessing the right information. Use the My Money Matters Toolkit to draw up a budget to work out how much you can afford to contribute towards retirement and other financial goals. Alternatively, speak to one of our financial advisers who will guide you on how you can reach your goals.
It is important that you are informed, know if you are on track to meet your retirement savings goals and see what steps you can take to improve your financial picture. You can build your personal retirement picture using an exciting new interactive tool called My Retirement Picture.
Leaving your job
You will change jobs during your career to gain experience, exposure and more money. It is at this stage that long-term wealth can be created with smarter choices. Find out more about your options when leaving your employer.
Saving for your future
Many people, especially young professionals, wait until it is too late to start saving. Don’t wait, start now, because even the small financial decisions you make every day can affect your ability to reach your goals. Saving could mean making a simple decision of increasing the amount you contribute to your retirement savings whenever possible.
Time on your side
Remember, being young has its advantages when it comes to making smart financial choices because you have time on your side to amplify your outcomes. As you journey through your professional or business life, contact us for insights and solutions that will make a real impact on your life. DM/BM
Author: Viresh Maharaj, Strategy and Customer Experience Executive, Alexforbes