As we talk about frequently on this site, the rules of finance haven’t changed too much at their very core but the generational split of perceptive with regards to those rules certainly has changed.
There’s no denying that than Generation X and generations before that. However, that doesn’t mean you’re any less capable of dealing with financial obstacles than your parents and their parents were.
You have the potential to do a lot with your money to secure your future in a very uncertain age but it’s all about taking the time to learn and conduct research into what you should be doing with your money. If you feel that you don’t know enough about handling finance or you want to see whether your current financial strategy is a sensible one then here are some pieces of advice which just might help.
The emergency fund
Finally, as we mentioned earlier, you need to always think about saving money.
Starting an emergency fund is a good place to begin because even individuals with the most highly-paid jobs can find themselves in unexpected car accidents or with medical issues that leave them with a costly bill. If you don’t practice good habits in terms of saving your money rather than spending it then you might find yourself with unexpected bills that you can’t pay. And you want to avoid borrowing large amounts of money wherever possible in life.
Set aside 10 per cent of your monthly income and you’ll have a sizeable savings account by the end of the year. It’s as simple as that.
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