ARCHIVES: Question: I am 30 years old and think that it is time for me to start managing my finances properly. What should I do?
1. Protecting your life’s trajectory:
The first step on the path towards financial wellness is ensure that you and your family stay on the same financial trajectory.Some companies offer income protection and disability cover as part of their employee-benefit arrangements, so check to see if this is indeed offered by your employer. As you are young and probably healthier than you will be in future years, you should get cover at a decent rate and with a lot less hassle than you will in years to come. It is often a good idea to take out the option of future cover increases.The second step towards financial wellness is to ensure that you do not spend more than you earn. Remember, in your life you will earn a finite amount of money. You can choose to spend that on great experiences or on paying back loans.
Do not keep your short-term savings in your current account as it will just disappear in your normal cash flow. Either put it in your home loan and ensure you only remove what you have deposited, or have a separate account into which you transfer the money and do not see it. It may not give you the best returns, but you will avoid the temptation of using these savings for purposes for which they were not intended.
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