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Savvy

administrators Keep Your Financial Ladder Steady

Life is a journey that we learn and grow through ️ Money is an important enabler to help us reach each of life’s milestones. Having healthy savings will keep your financial ladder steady, regardless of which milestone you are preparing for. Whether you’re just starting to build your savings pool or already building your retirement nest—we’re here with some helpful tips! #growwiththeburrow

Poorly managed debt will impact all other aspects of financial planning. If all your income goes towards repaying snowballing debt ️, you will not have enough money to set aside to build up your savings and emergency funds, or secure adequate protection policies for yourself and your loved ones, or invest for future growth in the long term.

At this stage, it’s best to prioritise building sustainable repayment plans to clear any outstanding payments. Managing your debt and getting to positive cash flow is the first step to putting your financial ladder on solid ground.

When you have brought debt down to a manageable level across all your commitments (home, car, credit cards, personal loans), it is time to prioritise building up your savings. When you receive your paycheck, pay yourself first by making automatic deposits to a dedicated savings account that is not linked to your ATM withdrawals or debit card.

Examine your expenses to see if there are any aspects you can cut back on and put the extra towards savings. Every small and consistent contribution counts.

Having sufficient emergency savings will not only ensure you have sufficient cash on hand to manage unexpected events, it also ensures your insurance coverage and investment commitments can remain uninterrupted during a crisis. This gives you peace of mind to deal with the challenges of the moment without the added financial pressure. ‍️

Deciding how much emergency savings you need depends on a few factors including your lifestyle and how many financial dependents rely on you. Find out how to build the right saving mindset based on your needs: http://bit.ly/2Me11VP

When you have brought debt down to a manageable level across all your commitments (home , car , credit cards , personal loans), it is time to prioritise building up your savings. When you receive your paycheck, pay yourself first by making automatic deposits to a dedicated savings account that is not linked to your ATM withdrawals or debit card.

Examine your expenses to see if there are any aspects you can cut back on and put the extra towards savings. Every small and consistent contribution counts.