Being financially fit and being wealthy are what many people aspire to achieve. But how are they different, and which one should you prioritise? Here’s a quick summary: Being financially fit is crucial for a well-balanced, stress-free life. A key pillar of financial fitness, as highlighted in the infographic above, is having financial protection. An emergency fund certainly helps but that isn’t always enough. To really secure your finances, an insurance policy is essential. This important tool provides a safety net to help you cope financially and emotionally when
Source: The Simpsons Time and money are two topics that often get debated. Most articles and many people think time is more important and more valuable than money. But is that really true? Source: Late Night with Seth Meyers Why time is important Time waits for no one, which makes it a precious resource - once it’s gone, you can’t get it back. This is why time should be used wisely and why there’s the saying that “time is money”. We only get 24 hours of this valuable currency “deposited” daily into our “time accounts”, and this amount resets at the end of the day
Source: reactiongifs The end of the year is a time for reflection. Many of us will think about the things we didn’t manage to accomplish and how we can change that in the new year. Deciding to become financially healthy is among the more common New Year’s resolutions. If you’ve been meaning to get better at managing your money, here are 4 actions you can take now to be more financially secure by the end of next year and beyond: Source: Giphy 1. Determine your financial goals Identifying your financial goals in advance is the first step towards taking control of your money.
Source: Getty Images Saving money is the foundation of financial security. It is the act of setting aside income first, which is one of the cardinal rules of personal finance. But while saving money seems relatively straightforward, many people find it a challenge just to get started for various reasons. Putting away money doesn’t have to be difficult. If you’re feeling overwhelmed or unmotivated, these simple tips can help get you in the habit and become more aware of your finances and spending habits: 1. Set up a monthly automatic savings plan One of the easiest
Source: Mitsuaki Iwago Once you get married and start having children, your finances will rapidly grow and become more complicated. To help you and your spouse stay on top of things, you’ll need a financial plan specifically for your household. Here’s what you need to do: 1. Set financial goals The first step in planning your family’s finances is to work out where you want to be money wise and what your priorities are. Your family financial goals will help you and your spouse stay focused and determine the steps you need to take. Some of the more common goals