![]() As a young professional, be very intentional about the small or big financial decisions you make as they are crucial in helping you succeed in pursuing the best opportunities that life has to offer,” Ochse concludes. “The money decisions we make when we are young set the tone for how we will manage our finances in future. With time on your side, you can truly leverage compound interest and the compounding effect. Put away a little towards your long-term goals, whether buying a home, furthering studies or even retirement. This will buffer you from unforeseen expenses in future. Start building on your emergency fund – work towards one but ideally three months’ worth of income. Also, avoid missing any debit orders, as this will impact your credit score and long-term wealth creation. This also comes with being responsible and disciplined, as it will help with a better home loan rate and vehicle finance rate. Make sure you take a credit limit that you need and can afford. Photograph by Nathan Bajar for Palm Springs Lifeīuild a good credit score. Separate your necessary and unnecessary credit. It is important to decipher between needs and wants. ![]() If you really do need to buy a car, rather be conservative about how much you can afford and remember to include all the other costs, such as insurance, fuel, and maintenance. Here are the smart money moves you can make when you reach your 50s. Set financial goals to take a vacation, go back to school, get married, buy a house, or start saving for an early retirement. Heres a list of 10 smart money moves for twenty-somethings: 1. Rather try to build up a small nest egg while you build a credit score and cultivate the discipline of managing your money effectively. 10 Smart Money Moves for Your 20s If youre in your 20s, you have a financial asset money cant buy time. Second smart money moveĪs much as the first thing that you want to do is buy a fancy car, don’t jump into buying it as a young professional. 6 smart money moves to make in your 30s that will pay off down the road Essential things you can begin to do today to pave the way for a brighter future tomorrow. Don’t prioritise eating out and partying all the time. Prioritise your accommodation, monthly groceries, transport, data costs, saving, investing, and having the right insurance. Six smart money moves to make today First smart money moveīudget and allocate your finances correctly. Ochse shares six smart money moves that young professionals can consider when managing their finances. It is important that they take a few steps when it comes to making any simple or complex financial planning decisions.” As we commemorate Youth Month, we urge our young professionals to have solid financial goals – be it for the short or long-term. This derails them from making sound financial decisions as they continue to grow in their careers. ![]() Making smart money moves as a young professional will benefit you significantly as you navigate financial freedom and wealth creation.Įster Ochse, Product Head at FNB Integrated Advice, says, “The reality is that a lot of young people tend to easily give in to instant gratification and living in the now when it comes to managing their monthly salaries and finances. But nothing comes close to understanding financial literacy at an earlier age because it helps develop healthy lifelong financial habits.
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