Before I learnt about financial management, I always paid my bills first and then I spent money on buying nice things for myself or pay for hobbies, entertainment, holidays etc. I always found I didn’t have much left at the end of the month to save and put in a savings account.
After learning about financial management, I started to divide my money before spending it. One of the divisions was paying myself first and put that money in savings and not touch it. This money is then put in a high interest account and then once I have enough money, use part of that money to invest and start creating a financial future for myself and my family.
I started with an experiment, I created four envelopes and every week I started to put 5 pounds in each envelope for each member of my family and before I knew it I had a substantial amount. I also started with taking 10% of what I earned straight away each month and putting that into a savings account. It was amazing, I didn’t have savings before doing this and now I do have simply by continuing with this simple method.
So I cut out Unnecessary spending and I started to take money out for myself first and I didn’t touch it unless it was for saving and investing for my financial future. The results are incresible. With a little bit of application, discipline and understanding I realised what financial wellbeing meant to me. I actually have created financial stability.
It is possible to create this for yourself if it’s really what you would like for yourself.
Thank you for tuning in. Don’t forget to post a comment if you enjoyed reading this.