Many think that personal financial planning is something that only rich people do – those who can afford to have a professional adviser to help them plan for their futures. Fortunately, anyone can plan their personal finances. Here are a few tips for getting started.
Good financial planning involves drawing up a budget and making a promise to pay yourself first, by putting money away every month and then leaving it to grow. It’s always best to start planning when you are young. If you’re still staying at home, put the money that you would normally pay towards rent or a home loan into a savings account each month.
Remember that your needs will change as you get older. Increase the amount you save each month as soon as you get your first job. You’ll also want to put aside money towards your pension, with a retirement annuity being the most popular option.
Getting the right advice on saving and planning is as easy as walking into any Standard Bank branch. We can assist you in developing a savings habit with our basic products. Once you’ve established the discipline, you can consider the services of a financial planner for longer term saving advice.
