February 11, 2013

6 Ways to Grow a New Financial Habit and Secure your Future

If we all had the amount of money we desired to have, then life would be comfortable and the need to save for a rainy day would never arise. However, the truth of the matter is that for many individuals, this is a pipe dream; the reality on the ground is that people have more needs than they do the money to meet the needs and as such, there is a need to find creative ways of working with the resource at hand.

Some useful tips in saving include:

1. Save for the big ones


Everyone one would love the convenience of owning a car or being able to take their children to school, all the way to college. In as much as these are great investments, they can be overwhelming, especially if the finances required to acquire them are not readily available. The best way to go about such investments is to save ahead of time and minimize on the amount that will be needed to top up. In the end, this will actually save the buyer thousands.

2. Be lendable

Not all individuals have a good standing with financiers as they tend to compromise on their integrity. People who default on mortgage payments for instance will likely be blacklisted, making moneylenders wry of them. Ensure that payments are not only made regularly, but that they are made in good time to prove that credibility of the individual. With this in hand, it becomes easier to negotiate for fairer interest and even adjust the repayment amount according to the individual's ability to settle their debt.

3. Try a new way of life

It may not always be apparent to all but there is a tendency for most people to live not according to their means but according to the standard set for them by others.  Just by adjusting things in the house, people are able to cut down on a variety of expenses. A good example is those who buy their meals at work as opposed to carrying a homemade meal.

4. Buy Online

It is interesting to note the sort of offers that are posted on various sites for different items. Not only do they have a large array of goods and services to purchase, they also have amazing discounts that allow the buyer the privilege of getting the exact product they want for a much fairer price.

5. Borrow, do not buy

The cost of some publications and entertainment items like DVDs and books is one that can consume a significant amount of resources. Instead of having the items bought, have them downloaded for personal reference. Another good option should be accessing them from the local library or entertainment centre where they are borrowed for a limited time and returned.

6. Carry water bottles

It is undoubtedly the most effective way to quench a thirst is by accessing a drink. Many times people will drink bottled water, as it considered easy to obtain. However, in the end, it is expensive and can be done away with when people simply carry refillable bottles and obtain the water from dispensers.

Even in its excess, money is not there to be squandered but be used as a medium of exchange in accessing the necessary tools, goods and services that are needed. If used appropriately on the right items, the resource will bring good tidings of great joy. Misuse however will lead to the frustration of having even less of the resource or the vital items it guarantees upon purchase.

Tom Mann heads the customer care department in a well-known bank. He handles many inquiries from customers who want to apply for personal loans and start businesses.

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