If you are worried about money, you are not alone.
Financial concerns have always been the number one cause of stress but with the cost of living rising by an average of 11% worldwide, actions now need to be taken to protect your financial situation and ease the related stress and anxiety.
The new year is a perfect time to set resolutions and goals. On average 55% of us put saving more money on the top of our New Year Resolutions list. It is now the perfect time to implement it.
Below are the 3 main items that will help you achieve that goal.
1. Save More
Unsurprisingly this is the trusted and guaranteed solution.
You have to make sure you are saving 30% of your earnings. This can easily be achieved if you plan your expenses, do not act on impulses and automatically put funds away so you cannot use them. The S&P Regular Contribution Plan is a good solution. You can set an amount and transfer automatically to the plan. The plan protects your savings from not decreasing in value and provides a minimum return per year or higher (depending on the performance of the S&P Index).
Click here to read more about the plan.
2. Plan your shopping, entertainment and holidays
This might sound banal, but planning exactly what you will have for dinner will avoid buying extra. With food prices at their highest for 40 years, this will save you money and avoid waste.
For the food shopping, plan your meals and make the list of only the necessary ingredients. Use up all the ingredients that you currently have to avoid waste and save funds. You can make tasty dishes with up to 5 ingredients. Simple cooking is now the trend.
Entertainment. You can reduce your restaurant bill by ordering the right dish and limiting alcohol. Reducing cocktails and wine will reduce your bill significantly.
These are just a few tips which will result in real savings.
3. Grow your savings
You cannot save and not invest. Why Invest? Because of inflation. Leaving your funds in your savings account without putting them to work, will result in loss. Inflation is on average 11%, this means the value of your savings have lost 11%.
Placing your savings shouldn’t be scary, it is wise and necessary.
You have several choices of where to place your funds:
Stock market such as the S&P 500 Index, which is recommended by Warren Buffet. Click here to find out more about the plan.
Fixed Income plans such as the 12-month firewood plan. Click here to find out more
Purchasing an apartment or house which you can then rent out.
Select the right strategy for your and don't waste any more time. Put your savings to work.