Plan for you financial future now

Local wealth adviser Trixie Appelman from PSG Wealth said it’s never too early to start having conversations about financial planning.

Appelman advised teenagers, particularly matriculants, to make a plan and start budgeting now to have strong financial habits that will set them well in the future.

She added that they need to fully understand the daily financial issues because they will soon become their reality.

“At a young age, you have time on your side but may lack expertise and understanding. The cornerstone of financial planning are wealth creation and wealth protection. The success of any financial plan largely depends expertise and time,” she said.

Below are Appelman’s five financial planning tips for matriculants.

Plan

Take 15 minutes to think a little beyond today, to the day you get married, have kids, buy a car or a house, and have to take care of your parents, as far as you retiring one day.

You can and should start thinking about your future financial plans now.

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You will one day need complicated financial products, like retirement or living annuities, life, income or disability benefits, unit trusts or linked investment portfolios and a last will and testament. The sooner you start to understand how these things fit into your life, the easier you can make your journey.

Budget

Create a financial budget for yourself. You must know how much comes in every month, and what you have to pay, to know what you can spend. This is the first step of creating your own plan.

Save

Make saving a goal. Work saving into your monthly budget. Even if you can only set aside a small amount to start with, it is the first step in setting your plan into motion.

Start now

Do not be intimidated by financial planning. You are never too young to start thinking about your financial future. The sooner you start, the better and easier your life will be later. Think like a squirrel… start putting away little things early in the summer, so you don’t have to work in the cold winter snow.

Find the right advice

There are many products and practices out there that, if started early, could change your wealth creation journey from average to excellent.

Find a reputable financial advisor that can help you start your financial plan. Having a chat or a meeting with an advisor does not cost you any money, and can only help you reach your goals earlier and more effectively.

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