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It’s Never Too Early To Start Taking Care Of Your Financial Health

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Have you ever thought about how you’re taking care of your financial health and whether you’re taking steps that are in its best interests? Most young people don’t. They think they have plenty of time, and would rather spend money on things that bring short term pleasure. That’s totally normal – nobody is perfect! However, it’s never too early to start taking care of your financial health and getting into good habits for your later years. You don’t have to scrimp, save, and stop buying things that you like, but becoming more mindful and easing yourself into becoming better with your money is pretty much always a good idea. To get you started, here are a few suggestions:

Get A Better Idea of Where Your Money Goes

First, you need to have a good idea of where your money is going. If you don’t, then you can hardly use it in a more sensible way. Banks are now giving customers a better idea of how they are spending their money by showing pie charts and graphs. You can also download apps that will allow you to see. You might be shocked to see that you’re spending more money on something than you initially realized! I love using an Excel sheet to track my spending! 

Come Up With A Budget

Now it’s time to come up with a budget. You must live below your means if you’re going to stay financially healthy. This doesn’t mean scrimping, saving, and living a low quality of life just to have an extra bit of money in the bank. It means coming up with a smart budget where you split your finances up, and allowing yourself some pocket money to use how you like so you don’t go nuts.

Be Smart With Your Spare Money

When you have spare money, be smart with it. The sooner you start looking at investments, the better. You can find suggestions here, but which will you choose? Make sure you also invest in your self development, as it’s investing in your future. These are definitely ways of spending money that can be considered investing.  

Wait Before Purchasing

We’ve all had the uncontrollable urge to buy something at one time or another, only to buy it and realize we didn’t really want or need it. If you can control yourself before buying something, you’ll usually find that within a few weeks the urge wears off!

Build Up Your Credit

Build up your credit by paying your bills on time, taking out small loans (sensibly!), and looking at other techniques are creating a healthy credit score. Just don’t be tempted to take out loans you’re unsure about.

Save An Emergency Fund

An emergency fund will cover you for unexpected occurrences and give you peace of mind. Put a portion of your earnings into an emergency fund each month and forget about it.

If you think about it, taking care of your financial health can be considered self care. Your future self will love you for doing these things now, and if you don’t, you’ll wish you had. You don’t have to be perfect, just consistent.

I hope you enjoyed the post and learned something from it! Budgeting while on a college budget is really important.

Thanks so much for reading, as always <3

August 19, 2018
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3 Of The Most High-Paying Jobs In The World

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The most high-paying jobs in the world are sometimes motivators in themselves. While you should never focus on only the salary alone (it’s healthy to be at least a little enthused with your job,) it can’t hurt when it comes to choosing your direction in life. If nothing else learning exactly what jobs are the most highly paid can serve as an interesting exercise, perhaps helping you specialize in a certain direction if you’re in a position to make that choice. After all, developing skills with inspiration is never a waste of time.

Computer Science

Computer science or engineering is one of the most well paid jobs to be found today, thanks to its practicality of uses and the uniformity of digital systems and structures in our daily lives. Computer science is an intensely mathematical and scientific pursuit, and so it takes those with a very high abstract reasoning ability and calculative understanding – not to mention long-form reasoning. These fields are perhaps the most available to specialize of all, as digital systems are so frequently found in so many different fields and niches that often the mere ability to qualify yourself with a Master computer engineering degree validates you for many, many jobs. You may work for a Fortune 500 tech conglomerate, a high level military computer adviser, or perhaps formulate your own digital constructions. Computer engineers often make around $110,000 on average as of May 2018.

Engineering

Of course, engineering goes hand in hand in terms of salary pricing as computer science engineering, but has a wider array of practical uses with physical designs. From building bridges to full public service utilities among a whole host of other incredible items, engineering is truly the final form of the childhood lego obsessed. Engineering is such a pragmatic, highly specialized and desired skill that it’s not uncommon for chief designers to make upwards of $200,000 a year, before bonuses. This is an intensely relevant field and will always be, requiring qualifications from top universities to be considered for the best roles.

Business Administration

Business administration is absolutely something that is required by absolutely every form. Unlike the previously two recommended skillsets, business administration can often be utilized by any corporate structure of size. In case you hadn’t realized, there are plenty of these out there. A business administrator manages to combine the tasks of managing management, overseeing financial obligations and duties, ensuring all teams synergize and that the overall vision of the company is on the correct route.

In more specialized circumstances they can be utilized to oversee and report on the success of a project, managing a team perhaps in that R&D level of secrecy. These individuals are often highly qualified and intensely familiar with the entire business hierarchy, and can provide their own visions as to how best to achieve the mission statement of the firm. It’s not uncommon for an excellent business administrator to make over £120,000 a year excluding bonuses.

If you have an interest in becoming the best of the business or design world, why not consider these careers? You’ll certainly enjoy a high standard of living if you’re willing to submit to bettering yourself.

August 16, 2018
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The Best Ways to Save Money

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Most of us have money worries of some kind. Around 82% of millennials owe money in some way, whether it’s student loans credit cards or a mortgage. Even if you don’t owe money, there’s always something else to think about. Things come up, and we need money to replace appliances, buy new cars or move to a new house. The kids always need money for school trips or uniforms, food is getting more expensive, and we all like to have a nice holiday from time to time. Even if you consider yourself to be sensible with money and in a good financial position, there’s retirement to think about. Say you earn $45000 a year and live comfortably, take away state benefits and pensions and there could be a shortfall of around $20000 a year. That might mean that you need to save over $5000000 before you can retire and live comfortably. That’s a lot of money. Have you thought about where it’s going to come from?

The harsh truth is that many of us worry about money without ever actually doing anything about it. We know that we should be saving more, but when the cost of living is so high, we just assume that there is nothing that we can do about it and give up.

This isn’t true. There is plenty that you can do to save money, without affecting your quality of life. Here’s a look at some of the very best ways to save money in 2018.

Snowball Your Debts

The average American household has a credit card debt of over $7000. Often spread across more than one card. A huge amount of us are only paying the minimums, which can mean that it takes a lifetime to pay off what is a relatively small debt and that we pay over double the balance in interest.

To avoid this, and save yourself a fortune in the long term, it’s a good idea to use a process called snowballing to pay them off. Say you’ve got two cards, one at 21% interest the other 18%. Whatever the balance, the 21% is costing you more. So, instead of paying the minimum, look at what you can afford. Set up a direct debit and keep paying that amount. Then, when that debt is clear, add that amount, and what you are saving to the amount you are paying off the next card. Check out learnvest reviews for some other great personal finance advice.

Little and Often

If you don’t have debt, you are already in a fantastic position. But, there’s still a lot more than you could be doing. Get into the habit of making small savings and transferring them into a savings account. You might be amazed at how quickly even saving the odd bit of pocket change can add up.

Budget

One of the main reasons that we overspend is that we just don’t know how much we can, or should, spend. Sit down and set up a spreadsheet for your household budget. Add absolutely everything that goes in and out of your account and look at small cuts that you can make. You can even budget for luxuries throughout the year. Just make sure that you stick to it. I’ve really been loving my traveler’s notebook to track all my expenses!

 

I hope you enjoyed the post and that it helped you in someway.

Thanks so much for reading, as always <3

April 22, 2018
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