The Malta Independent 3 December 2021, Friday

Is your financial fitness in check?

Sunday, 24 October 2021, 08:00 Last update: about 2 months ago

Whether you're buying a home, setting savings goals for yourself or planning on making an investment, everyone experiences occasional financial frustration. In today's world, where everyone's promoting fitness programmes, diets and super foods, what about our financial fitness? MeDirect wants you to keep your financial health abreast so here's our two cents.

To keep control of your money one must set a realistic budget and manage the spending. These tips can help you do it properly and swiftly.

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1.            Keep Tabs on Your Monthly Spending

Tracking your spending is an important step in the effort to create a budget without wastage. Once you develop a strategy to track the income and the spending, it becomes natural for you to see where the money is going. Automatically you will start adjusting your spending to align them with your financial goals. This little time taken to manage financial tasks will help you develop good money habits. These include making sure that your bills are paid, that you have a safety stash for emergencies and that your financial strategy for the future is in check.

2.            Think Ahead

Don't let money control you! If you see that you spend more than you earn, see how you cut down on the expenses or else put your focus to come up with new streams of revenue. In order to avoid wasteful expenses, track your income, your monthly bills and daily expenses. Prioritising is essential. It helps you plan, minimise debt and increase savings.

3.            Establish Your Goals

Setting financial goals and planning for them helps manage debt. Setting financial goals, preparing a financial plan and sticking to a monthly budget is ensuring that your financial well-being is in check.

4.            Subscriptions or Deliveries

Do you pay any monthly subscriptions that you no longer need? Make sure you're not wasting any hard-earned money on things that you no longer need. When it comes to food or booze, are you spending your weekly earnings on cravings? Instagrammable pancakes and burgers are surely a delight, but incessant deliveries can also eat away your pockets. Cut down on such expenses and see your monthly savings soar!

5.            Build a Savings Habit

Sticking to a realistic savings plan is another key point of financial fitness. You can set up a standing order to have money automatically put aside to a savings account each month or put into place other ways to make it a seamless savings process. No matter the amount, setting aside a budget-friendly amount each month for savings builds fitness and financial health.

As with a healthy diet, we maintain our financial fitness in the same way, and if we follow this checklist, we can manage our financial fitness with a little help and a clear strategy.

For those who never gave importance to their financial well-being this might not seem like an easy task. Help us help you think ahead. MeDirect Bank offers an array of saving accounts to meet your objectives. For more tips on how to live a sane financial life, follow us on Facebook or Instagram.

 

The above is for information purpose only and should not be construed as an offer to sell or solicitation of an offer to subscribe for or purchase any investment.

 MeDirect Bank (Malta) plc is licensed to undertake the business of banking in terms of the Banking Act (Cap. 371) and investment services under the Investment Services Act (Cap. 370).

 


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