Here are some pointers to help you improve your financial discipline: 1 (Kenny Accent Investing Feb ’23)
1) Set Clear Financial Goals
- goals can help you stay focused and motivated
- Write them down - they need to be specific, measurable, and achievable
2) Avoid Lifestyle creep
- Society wants people to think that buying the latest item and living a lavish lifestyle is the only way to live
- Many people are in debt and unable to repay it
- Material possessions don't build wealth. Frugality does
- Focus on saving and investing
3) Create a budget
- To have financial discipline, you need to know where your money is going
4) Become financially literate
- Financial knowledge is a prerequisite for wealth creation
- read books, learn money topics, etc.
5) Automate your Savings
- setting up automatic savings can help build your savings without having to think about it
- This will help you consistently save money each month and reach your financial goals faster
6) Avoid impulse purchases
- impulse purchases can quickly add up and undermine your financial situation
- Before making a purchase, ask yourself if you really need the item and if it aligns with your financial goals
7) Pay off debt
- a significant financial burden can result from high-interest debt, such as a credit card
- Plan your debt repayment strategy by paying off the debt with the highest interest rate first
Please let us know if you require further information.
Mike Busby (1-Mar-23)
THE COMMENTS CONTAINED HEREIN ARE A GENERAL DISCUSSION OF CERTAIN ISSUES INTENDED AS GENERAL INFORMATION ONLY AND SHOULD NOT BE RELIED UPON AS TAX OR LEGAL ADVICE. PLEASE OBTAIN INDEPENDENT PROFESSIONAL ADVICE, IN THE CONTEXT OF YOUR PARTICULAR CIRCUMSTANCES. THIS ARTICLE WAS WRITTEN, DESIGNED, AND PRODUCED BY MIKE BUSBY FOR THE BENEFIT OF MIKE BUSBY WHO IS A FINANCIAL ADVISOR FOR BRANDON LINDSAY INSURANCE AGENCIES, A TRADE NAME REGISTERED WITH INVESTIA FINANCIAL SERVICES INC., AND DOES NOT NECESSARILY REFLECT THE OPINION OF INVESTIA. THE INFORMATION CONTAINED IN THIS ARTICLE COMES FROM SOURCES WE BELIEVE RELIABLE, BUT WE CANNOT GUARANTEE ITS ACCURACY OR RELIABILITY. THE OPINIONS EXPRESSED ARE BASED ON AN ANALYSIS AND INTERPRETATION DATING FROM THE DATE OF PUBLICATION AND ARE SUBJECT TO CHANGE WITHOUT NOTICE. FURTHERMORE, THEY DO NOT CONSTITUTE AN OFFER OR SOLICITATION TO BUY OR SELL ANY SECURITIES. MUTUAL FUNDS OFFERED THROUGH INVESTIA FINANCIAL SERVICES INC.
