The financial wellness expert, Nadeem Shaikh Anthemis, teaches people on how to handle and balance their checkbook, create a household budget, and plan for retirement. One needs to view money as a useful tool to help with the expenses. To get you started, below is a list of tips you can journey towards financial literacy.
- Know Where to Start
If you have no idea where you are financially, it may be difficult to plan where you want to be in the succeeding years.You need to know your starting point, so you’ll find financial wellness in the future. Calculate your net worth, so you know how to progress in time. You need to know your net worth to be on the right track.
- Set Your Priorities
Ensure you prioritize your needs and wants by creating a list. Needs are something you need to survive such as food, clothing, shelter, transportation and healthcare. Wants are something you like to own but are not necessarily important. Most people spend so much on what they want and don’t have enough for their needs. To ensure financial wellness, rank what you need and want, so you never run out of money.
- Write Your Spending
Many people can tell you how much money they can make for a year, but not everyone tells you how much they spent. Fewer people don’t even know how and where they spent their money. To ensure you figure out your cash flow, create a budget or a plan on how to spend your money. If you do this, you ensure what you earn are used to buy things that you need.
- Pay Your Debt
Almost all people have all sorts of debts. What makes them drowned with debts is not paying regularly. Their income is insufficient to pay for their needs, plus, there is compounded interest and other fees involved. This then will make you emotionally drained and don’t know what to do. To ensure you have good debts, learn to pay them well and never go beyond your means.
- Secure Your Future
To ensure you have a happy retirement, invest in a retirement plan or save some money to spend when you are no longer capable to work. Ask Nadeem Shaikh Anthemis for advice on how to prepare you for your future.