Wednesday, January 10, 2018

Does Your Money Walk The Walk?

So, you can already talk the talk when it comes to your money and financial situation. But are you and your money able to walk the walk? You will get to a point in your adult life where you will need to have got everything together. Otherwise, your whole financial situation will be very shaky indeed and the slightest upset could set your life off cause and you could plunge into some financial difficulties..

So, where exactly should you be right now with your money? Here’s a roundup of what you need to do with your money each decade to ensure that it starts to walk the walk.

In Your Twenties

Once you leave college and get your first proper job, you need to start saving like crazy. There are lots of things to save for a deposit to put down on your first property, an emergency fund that you can use for any unexpected bills and repairs, and just some savings that you can use on a rainy day. If you can afford to, it’s also a good idea to set up a private pension plan as well to ensure that you are all set for retirement.

In Your Thirties

Haven’t had such a productive decade with your money in your twenties? If not, then you should work on improving things once you hit thirty. It’s worth taking a look at some credit repair services reviews so you can get your financial status sorted as soon as possible. Once everything is back on track, you can start topping up your savings and house deposit. If you are lucky enough, you might not be far off buying your first property!

In Your Forties

If you don’t already have a pension for retirement, you really need to get one now. Unfortunately, though, it will now be very expensive as you try to make up for all that time you haven’t been paying anything in! Not only that, though, but now is a good time to increase your investment portfolio. If you don’t already have a portfolio, you should think about investing in the stock market to help your savings get higher returns. This will be a lot more profitable compared to simply leaving your savings in the bank just gathering some measly interest.

Fifty Plus 

Once you are over the age of fifty, you should hopefully have used your money wisely. At the very least, you need to have a pension and some investments in place. One of those investments could be in property, but that doesn’t necessarily have to be so. As long as you don’t just have your money in a bank account - it really is key to diversify so that you can maximize any growth that you receive on your investments. Not only that, though, but diversifying helps to lower the overall risk of your investments

Hopefully, you’ve taken a look at this article and are nodding away. If not, don’t worry - there's still plenty of time to bring your finances up to speed!

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