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 don’t realise is that the financial decisions they make today will have a lasting impact on their financial health tomorrow. Expert guidance helps them 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 mistakes others have made.
Start today
It doesn’t matter how indebted you are or what your monthly income is, with the help of experts, you can learn to or improve on how you manage your finances, reduce and eventually repay debt, and invest and save for a relatively comfortable retirement.
“We know financial planning can be daunting for many, and with this in mind we have designed a fun yet empowering platform called the Alexforbes My Money Matters Toolkit,” says Viresh Maharaj, strategy and customer experience executive at Alexforbes.
This toolkit has easy-to-use tools you can apply as you start on a lifetime journey of making strategic financial decisions based on your goals.
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, including your financial habits. However, you need financial discipline to achieve these goals and access 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 goals. Alternatively, speak to one of Alexforbes’s financial advisers, who will guide you in reaching your goals.
It’s important to be informed, know if you are on track to meet your retirement savings objectives and see what steps to take to improve your financial picture. You can build your personal retirement picture using an exciting interactive tool called My Retirement Picture.
Leaving your job
You will change jobs during your career to gain experience, exposure and more money. It’s at this stage that long-term wealth can be created with smarter choices.
For instance, rather than cashing out the savings in your existing pension or provident fund and spending them, you can opt to grow this money by investing it in a preservation fund or transferring it to a retirement annuity fund. Click here to find out more about these and other financial options when leaving your employer.
Saving for your future
Many people, especially young professionals, wait until it’s too late to start saving. Don’t. Even small financial decisions can affect your ability to reach your goals. Saving could mean increasing the amount you contribute to your retirement plan whenever possible.
Time on your side
Remember, being young has its advantages when 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 thereon.
This article was paid for by Alexforbes.
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