For many sticking to a personal budget is difficult. We always seem to find the money to pay our bills, however saving money is a challenge. Obviously bills have to be paid, but it’s important to pay yourself, too.
Many financial experts suggest that you take 10% of your income, and put it aside for your long-term savings. Treat it like any other bill, as a payment you absolutely have to make.
You can also boost your savings by eliminating high-interest debts and the extra money saved can help you pay off other debts. If you want to reduce your debts, start with those that are costing you the most. Credit cards usually charge a higher interest rate on unpaid balances than a bank loan or a mortgage.
Of course, to do more with your money, it helps to understand what you’re doing with it now. Try keeping a log of your spending for a month. You might be surprised to see how much slips away in unplanned purchases. By creating a budget, and sticking to it, you may find you have more money than you thought to put towards your long-termgoals.
View our Guide To Personal Budgeting and Saving Money on the home page or contact your Sagicor Advisor today to begin building your portfolio.