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Earning a bigger salary helps…but only if you manage your spending. Whether your salary is big or small, if you are not in control of your spending you are unlikely to be incontrol of your financial future. To change your spending habits, change your financial situation and change your future, you need a plan. Something that tells you where you are and where you’re going, a map to the financial future you’ve set your eyes on.
Here are three steps to start your financial journey:
- Decide where you are going
Think about what you would like to improve in your financial situation. What do you envision for your financial future? What will bring you satisfaction, security and happiness? You can decide what you want your financial future to look like. Choose a destination that inspires you!
- Where you are now
Pinpoint where you are now in terms of each of the goals you have set. For example:
- What is your income, before and after deductions?
- How much debt do you have? How much interest do you pay? How much longer must you still pay it?
- How much money have you saved?
- Plot the route
Now that you have a better understanding of where you are, and where you want to go, take some time to plot how you’re going to get there. Look at your financial obligations and see if there is money you can reallocate so as to best align with your financial goals.
Source: Nedbank
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