Top Financial Tips

Written by on December 19, 2012 in Money - No comments | Print this page


financial-advisorWhilst some people are great at budgeting and organising their personal finances, other people are simply hopeless at getting their finances straight and on target. If you are of the latter tendency, you may be grateful to be informed of the following top financial tips.

Spend Less Than you Earn
People get into trouble financially when they regularly spend more than they earn. Whilst we are all entitled to have the odd financial flutter every now and then, debt soon creeps in if our outgoings are regularly more than our incoming.

No matter how much or how little you get paid, you should budget within your means so that you are completely independent financially and don’t have to rely on a credit card to get your through the month.

This means sitting down and closely evaluating your monthly outgoings and budget. Asides having to put away money for the essentials, namely your mortgage or rent, shopping and utility bills and fuel for the car, analyse how much money you are spending on ‘non essentials’ and decide what you can cut out in order to make savings.

Pay off Credit Cards
In order to get into the green instead of the red it is important that you attempt to pay off any credit card debts. Even if you cannot afford to pay off your credit card bill in one lump sum, paying off a little more beside the minimal monthly payment will not only make you feel better but will mean that you gradually begin to see your credit card balance diminishing and you are paying less each month in interest.

Take out Life Insurance
It makes sound financial sense to take out a life insurance policy to protect your spouse, children and other heirs if you were no longer around to provide for them. Talk to a life insurance advisor or broker about what policies would be best for you and what the premiums would be. Then work the premiums into your monthly budget to ensure that you could afford to take out the life cover.

Start Saving
We’d all love to have a savings account that extends into four, five or even six figure sums! Whilst a six-figure savings account may not be realistically achievable for the majority, saving some money, no matter how small, is a wise move to make as you never know when you might need it.

This is a guest post.  Carly Brooks write this financial planning advice on behalf of Lifebroker.

Image courtesy of photostock /


About the Author

Guest Blogger

This article was written by a guest contributor. You will find their details at the bottom of the post. To submit your own Guest Post to our website, please visit our SUBMIT page for details about adding your article.