Money is something we all need, earn it in an honest way and spend it in a good way. To spend and to earn money we need to know the proper way otherwise you may drown into debts. Sometimes, what we think as the best to way may not lead us to the destination. So, it is better to go with some experts’ advice that can help you in reaching your destination. Here are some important advices from a professional financial planner that helps you taking certain decisions for managing the money.
The first thing any financial adviser gives you is that start saving early. If you don’t save anything you may suffer in the later age.
Monitor all your accounts properly to make sure that you have enough funds to support you and your family.
In order to get rid of tax and to provide a better future for your children invest your money into Child Trust Funds. By doing this you can also overcome debts in the later age.
One main thing that attracts you is credit cards which you have to avoid. Credit cards trap you by providing with the money to buy your favorite gadgets or any other product of your interest and drowns you in to debts.
If you are willing to buy a house or car with the help of mortgage or other loans be careful and plan properly otherwise you may lose your property. Along with your loan get your PPI (Payment Protection Insurance) policy which supports you by paying your loan amount for a limited period when you cannot work due to illness or an accident. Don’t worry claiming and reclaiming PPI is not that difficult.
Even if you are not in debts it is advisable to write down the list of all your expenses starting with the essentials and ending with entertainment. This may help you in managing your finance properly.
Health and life insurances helps you to protect your family. Health insurance helps in providing medical assistance to you when you fall ill which keeps you away from the worries over finance. Life insurance pays your spouse on your death to lead their life after your death.
You never want to depend on anyone then start saving for your retirement. This helps you in leading a peaceful life during your retirement.
These advices are from a certified professional financial planner which helps you in managing your finances in a better way.
Neo Zack is a Tech writer from London with an interest in topics relating to Insurance, Finance, and green living. You can follow him @financeport on Twitter.