Crash Course in Responsible Money Management
Think it takes a long time to get your money matters in order? Think again. We provide you with a handy checklist to get you started on reaching your short and long-term financial goals. Let’s begin!
Our team at Wombat has put together three of the best quick-fire tips we know. Let’s take a look.
Automatic saving and investing
Use a money management app (like Wombat) to automate saving and investing. This will mean that you don’t have to worry about putting money aside as it’ll be done for you automatically. This can take the pain and hassle of saving and easily puts you into the habit of saving money.
“Do not save what is left after spending; instead spend what is left after saving.”
- Warren Buffett – Billionaire Investor
Make sure you have a pension
You’d be surprised at how many people don’t have a pension plan in place. You may also think that you’re too young to start thinking about retirement. What’s important to remember is that the younger you are, the more important it is for you to get started as soon as possible!
With investing generally, the longer you are able to do so, the better. So investing into a pension pot today could mean that you have a much bigger pot in the future. So take the steps to make sure you have everything in order for your pension.
Work out how much you can save and invest each month
One of the most important things you can do financially is set a budget. This will cover your regular basic expenses, including a reasonable allowance for entertainment. But what we want to focus on here is understanding how much you are comfortable with putting aside each month to either save or invest into the market.
It’s important to make sure this is money that you won’t be missing in the short-term. Once you’ve set an amount and invested it, it’ll hopefully go a long way towards helping you with your future financial goals.