To save in the present and save for the future, having good financial planning is mandatory. With it, you can control expenses, know exactly where you are spending and make cuts and adjustments when necessary. However, for financial planning to be really efficient, it is necessary to follow some strategies.
We have gathered, below, 5 commandments of financial planning, which will allow total control of your financial life. Follow along and see how to organize finances once and for all!
- Set goals
Good financial planning only works when it is supported by clear goals and objectives. When you start saving and saving, you must have a motivation.
If you intend to get married and have children, you know that you will need to save money to buy a house of your own (or even rent), health and education. If the desire is to travel, it is interesting that the economy lasts for at least a year. For the purchase of a new car, you will know that, if you do not buy it in cash, you will need an amount available to pay off the car financing safely and peacefully, free of unforeseen circumstances.
- Search prices
Price research is a powerful tool that assists in strictly complying with financial planning. Even if the savings on purchasing a particular product are 10 to 20% — which is quite possible, since the amounts charged by different merchants can bring great differences — this amount becomes quite considerable at the end of 12 months.
When shopping for food products, a visit to supermarkets should be considered. The same goes for decoration items, furniture, clothing and electronics. It is worth mentioning that the internet is a great ally in this research, making it possible to consult certain establishments in a simplified way, either via traditional searches or the use of specialized websites and applications.
- Pay bills on time
Keeping bills paid up to date frees the customer from paying fines and interest, reducing expenses. The credit card , for example, has one of the highest interest rates among all financial transactions, reaching almost 500% per year — according to data released by the Central Bank in October 2016.
It is also worth noting that many lenders offer good discounts if bills are paid before or on the due date. It is worth consulting this information and, whenever possible, paying bills in advance.
- List daily expenses
Listing all costs and expenses daily is essential so that you know, in detail, where the money is being spent. It may not seem like it, but small expenses, which are almost always disregarded, can represent a good chunk of the budget at the end of the month.
A practical way is to adopt applications and financial managers, which can also be accessed by smartphone. The practicality allows expenses to be posted quickly, in addition to being synchronized with the bank account, for example.
- Adjust the standard of living
Living according to their possibilities is a great challenge for United State. And it’s a cultural issue. Few understand that keeping a car, for example, requires different conditions for those who earn R$ 10 thousand Dollar a month and do not commit even 10% of their income) and for those who earn R$ 1 thousand (and revert 50% of the income to the payment of the financing installment).
It is necessary to “put your feet on the ground” and adjust the standard of living. Otherwise, the results can compromise a good part of the finances in the future.
It is in everyone’s hands to prepare a good financial plan by John Labunski . The big secret is to adopt strategies that allow you to control expenses, reduce unnecessary costs and apply the money where it is really needed.
If you have any questions or suggestions, leave your comment and share your opinion with us!