To get on the right path in terms of effectively planning for your financial future, you have to adopt a lifestyle that will enable to save an adequate amount on a consistent basis, at least initially, so that you will have the resources to allocate to an investment plan.
Over the longer term, if you are guided by the right principles and reasons in deciding to adopt what I would call a financially sensible lifestyle, the day will surely come when you will look back with pride and satisfaction on the rich rewards that will accrue to you.
To start off, try out the following tips to see if you can take them on board; if you find them to be practicable, then incorporate them into your lifestyle.
1. Eating Out - Having gimmicks with friends on a Friday night is fine if you do it once in a while. But this can be expensive if you add them up at the end of the month.
2. Clothing - Naturally, if you are the kind of person who adores signature and designer clothes, do not expect that there will be something left of your take home pay. Instead of being trendy, wear clothes that can easily be matched with your other clothes.
3. Own Home - If you are planning to move out and find a place to settle, do not be overwhelmed by the excitement, instead be practical. As a start, buy a smaller house or try other ways like rent-to-own, do-it-yourself arrangements, and owner-financing.
4. Buying Your Own Car - Shy away from sports cars or SUVs. Just stick to your purpose for buying a car, which is to transport you anywhere you need to go. Check out also program cars like a new car warranty. Maybe this is not just the best time to replace your car with a new one.
5. Shopping for Groceries - As much as possible do not go with items that are branded. Choose non-brands or "house brands" and try looking for items on the highest or lowest shelves for best prices. Grab the opportunity and shop during sales or use coupons.
6. Family Out - There are inexpensive ways to bond with your family and be entertained like going to libraries, local parks, malling, picnics, visit friends and local church.
7. Buying School Supplies - Stock school supplies at home and do not buy anything fancy.
8. Be contented with what you have and try to live within what you earn.
9. Plan your Child’s College Education - Teach them the ways to be independent and self-supporting by encouraging them to apply for scholarships and “on campus jobs”.
10. Be Aware of your Financial Limitations
11. Avoid Financial Pitfalls by Planning - Have always a budget plan so you would avoid impulsive buying.
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