![]() The Millennial Money Masterplan is published by Springtime Books, priced £14.99. Make sure you have maximised your employee pension plans, share schemes etc – so many people leave free money on the table by not taking advantage of the opportunities in front of them. Step 6 – Get Your House In Order (Take advantage of financial tips and tricks that are ‘easy if you know how’. Step 5- Build Financial Resilience (Accumulate an emergency fund and get the right insurance in place so you are protected if things go wrong) Step 4 – Banish Debt (Get rid of the ball and chain) Step 3 – Avoid and Prevent Pitfalls (Avoid common ‘traps’ that stop people becoming financially free – things like ‘lifestyle inflation’) Step 2 – See The Future (Get very clear on where you want to be in the future – paint a vivid picture of your goal) Step 1 – Tell The Trust (Be honest about where you are now financially) The 6-step process that Matt used to move towards 'true financial freedom': This week, we spotlight Teresa Bailey, co-owner of GroWithMe Apparel, who talks about her. For example, just the other day I used ‘that annoying meerkat website’ to save around £60 per month on my utility bills at the end of my previous contract. Millennial Money Moves presented by Presented by Industrial Bank. The internet has also given us many easy ways to reduce our expenditure. If they did one 20-minute online user test a night, 5 nights a week, that’s around £35 per week or £150 per month extra income – think of the difference that would make. Someone who is just about making ends meet. As the go-to millennial money expert in Canada, Im regularly quoted in the media or featured as a Canadian personal finance expert on major news outlets. Whether it’s a medical emergency, layoffs, or a car repair, having an emergency fund will help you deal with these unexpected financial burdens without going into debt.Imagine someone who is struggling financially right now. Life is full of unexpected expenses, and you must be prepared for them. Start building your emergency fund as soon as possible. Make sure your portfolio is diversified to help you manage your risk no matter what the market throws at you. But you lock in your losses if you pull your money out. In fact, if you keep investing in a down market, you can get stocks while they’re essentially on sale. Don’t Stop InvestingĪ recession is the worst time to pull your money out of the market. You may need to cut back on some expenses for a little while, but it will be well worth it when you’re debt-free. ![]() Set up a budget and use whatever surplus cash you can to start paying off those debts. ![]() ![]() If you’re struggling with high-interest debts or other financial obligations, consider tackling that debt head-on. Consider automatically contributing to your savings account each month directly from your paycheck in order to grow funds effortlessly. Look into high-yield savings accounts to earn more interest on your savings. ![]() Whether you’re saving for retirement or toward a down payment for a home, it’s important to do so more efficiently. Don’t worry, though, as we’ve put together five money moves that will help protect your finances no matter what the economy throws at you. With inflation and the cost of living on the rise, it’s already tough to make ends meet, but if you’re not prepared for a recession, you could be in a world of hurt. ![]()
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