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    Money Talk: Let’s Get Your Finances In Order

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    Life gets a little too hectic to think about your finances all the time. Yet, there they are; lurking in the darkness, unorganised and vulnerable. You might be leaving yourself open to issues later down the line if you don’t sort them out today, even if you’re not facing any financial troubles as of this current moment in time, so it’s wise that you start to think about these things now, even if they seem irrelevant to your present situation.

    If you’re struggling with where to begin, or perhaps you’re wondering whether you even need to worry or think about this at all, given that you have quite a wealthy financial situation, then here are some steps and key pieces of advice to take on board which might change your mind.

    Start budgeting.

    This is so important, because a failure to budget means excessive spending. Excessive spending most likely means that you’ll need to fill in the gaps by borrowing money, given that your monthly disposable income won’t cover the costs. Living on credit is a great way to get yourself into debt, however. And no, that isn’t a good idea.

    You’re well capable of living within your means. It’s just about looking at your monthly disposable income and not overspending. Put aside money for necessities, and then figure out which luxuries you can afford. If you did ever have to take out a loan, perhaps due to an unexpected medical expense or otherwise, then paying it off should be your priority. That means no luxuries until your debt is paid; all disposable income should go towards debt repayments each month. That way, you’re not accumulating extra debt, and you’ll be out of the cycle before you know it.

    Cap Your Online Spend 

    Spending too much money online has become an issue for many people, as the accessibility and ease of purchasing make it so simple to just click and buy. The fact that you don’t actually have to hand money over can also encourage you to detach from the financial side of the transaction, meaning you spend a lot more money than you would in person. Capping your online spend might be tough, but there are several things you can do to move forward and gain some control. First of all, if you ever find yourself utilising online games or other similar platforms that require payment to play, always search for a responsible host. There are platforms such as Wonga games which come equipped with safer gambling capabilities to help you monitor how much you spend, and prevent you from going overboard. Though online stores do not offer such features, you can decide to block access to certain sites to ensure that you are simply unable to spend through this pathway.

    Opening a savings account with an emergency fund means that you’re prepared for any eventuality. It’s easier than you might think to accrue substantial funds too, as saving as little as twenty dollars a week will certainly add up over time. Try to add in any left over disposable income that you have at the end of the month rather than splashing out on your usual luxuries, as you’ll be able to increase your savings account balance considerably faster by making a few changes.

    Prepare a will.

    It might be a good idea to look into some wills specialists, who can help you with all manner of legal issues when it comes to safeguarding your finances for family or loved ones to whom you want to leave your assets. It’s tempting to write it all yourself, I know. It seems simple on the surface, because you know which people in your life matter, and you know that you want to leave… wait, what assets do you own?

    This is the problem. It’s hard to weigh up your overall worth. That’s why you need a legal professional to ensure you don’t make any mistakes, because people have costed their families money and essentially achieved the opposite to the desired effect of a will through doing it all by themselves, without any legal help. It’s better to spend a little bit of money on an entrusted executor, so as to ensure that, when you’ve passed, somebody is there to pick up the pieces.

    Always have emergency money.

    It helps to set up an emergency account, because, as I said earlier, unexpected expenses can occur. When that happens, it’s a good idea to not dip into your main account. Opening a savings account with an emergency fund means that you’re prepared for any eventuality.