Financial Planning Tips to Secure Your Financial Safety

If you’re like most adults, you are now aware and worried about your financial needs. One of the best ways to lessen financial stress is to create a good financial plan
and commit to it. Everyone is different and circumstances vary, so any advice
should be fine-tuned to your unique situation. In any case, there are key elements to financial planning that can be utilized by any of us you build financial security. See the list below and see which items you can use.

Start a savings account and commit

Ever heard of the 10-10-80 church formula? It’s where 10% of everything you make is for tithes. Another 10% for savings. Lastly, 80% is what you use for everything else. This formula seemed a surefire recipe for life success, and it usually is. Savings are vital for extra expenses that can come in handy when the family grows, or unforeseen situations happen.

One way to let your money work for you is through personal term deposits with Newcastle Permanent. Term deposit works just like a savings account, except after investing your money, it’s frozen until the term ends. In return, you get the security of a fixed rate, so you will know exactly what interest you’ll earn when you eventually reclaim the funds.

Ask for help from professionals

Because it isn’t formally taught in primary and secondary school, most of us aren’t versed with how money works, unless we took financial business of sorts in college. While the choices are vast, most of the advice available on the internet isn’t personalized to your needs, so consider an expert who can guide you in the process. Financial advisors can help you understand your capacity, how to protect your hard-earned money, and even better – how to make it work for you.

Consider insurance

Health insurance, secure term life insurance, home insurance, auto insurance, etc. Life insurance rates and all these other payments can be daunting. There are a lot of insurances out there and you may need what is applicable in your case. One of the top reasons most of us are stressed is because of worrying about unforeseen circumstances.

Reduce and eliminate debt

Debt in any amount can cripple your chance for effective and successful savings as well as your plan for financial safety. You need to do everything in your power to reduce debt and eventually erase it. Credit counselors, financial planners, or even personal planners can achieve this. Additionally, using a rewards credit card like the Capital One Savor card can help manage spending and earn cash back on everyday purchases, making it easier to stay within budget while reducing debt.

Retirement investment

The idea behind investment is to have a gain or return that outpaces inflation. How you go through it is your choice. It is crucial to have a healthy and robust retirement savings fund so you can enjoy your later years.

Plan your children’s needs

What school do you want your kids to go to? The needs of our children are diverse and change over time. We as parents need to provide for them. Not to spoil them, but to see to it that their basic needs are provided, and they’re already set up for the future.

Create a will

You can plan all you want, but without careful planning about what goes to your money when you’re gone can make everything useless. A will can be created rather easily, even online if you want it. Of course, a professional’s help is best, but the point is that a will assures your wishes are carried out and the stress of finances will no longer put you down.

If you’re
looking for a low-risk and sure way of earning from your savings, try personal term deposits with Newcastle Permanent. Also, most financial institutions have other options on offer like a basic savings account, credit card, or home loan. There you have it. Now that you know some of the basic tips to secure your financial safety, it’s time to decide to start your journey toward financial freedom. Best of luck!