5 things you can do to increase your chances of financial success


Money makes the world go around, and the more you have, the more comfortable your life can be. So much emphasis is put on money nowadays, but that doesn’t mean it’s any easier to come by, or save. We’re looking at five ways in which you can increase the chances of your financial success.

Save

Okay, this is probably pretty obvious, but it’s surprising how many people don’t have a plan to save their money. You can do this by dividing your paycheck into simple percentages. Say your rent costs around 50 percent, then your bills and expenses make up another 30 percent. That’s still 20 percent that could be going into a savings account to help toward having a secure financial future. Keeping money in the bank saves you paying extra for taking out a loan and coughing up extortionate interest rates.

Where are you retiring?

Envision where you’d like to retire. Do you want to be sunning yourself down in Florida, cruising on a yacht, or living in a damp apartment up 15 flights of stairs? Find out what your goal is, then work on how you’re going to make it happen. Having this focus will ensure you’re always striving to add more to your retirement pot. The older you get, the better your salary should be, so as your pay rises ensure you add more to your savings pot too, instead of 20 percent increase it to a quarter and so on.

Wants vs. needs

It can be frustrating to see the luxurious lives celebrities can lead if you follow them on social media. For many, it gives them something to aspire to, but you have to question whether you really need that stuff or whether you just want it. Do you need to be paying a huge contract fee for the latest smartphone, or can you live with an older model? Do your jeans have to cost $200, or can you get by with a pair of $50 ones?

Goals

Having financial goals can really help you succeed when it comes to money. What is it that you want for you and your family? Do you want a bigger house, or maybe you’d like to take a nice vacation each year? Whatever your goals are it’s important to work towards them. Regularly checking on your progress will help you keep tabs on where you are in terms of your goal, and what you need to adjust to get there.

Work more!

Nobody wants to work more really, but there are so many extra little jobs you can do that will bring in extra cash. We are connected to the internet and our communities better than ever so asking if anyone needs a little help here and there. That might mean walking someone’s dog, or mowing someone’s grass.

The world seems richer than ever, and we’d all like a piece of that pie. These tips will help you keep a better control of your finances which can greatly increase the chances of having financial success.