Nasheen Wilson
It is possible for everyone to achieve financial success. It is a simply matter of:
* Having the ability to control your daily expenses, enabling you to do things that bring you pleasure and enjoyment; and
* Establishing a budget
* Designing and executing a plan of action.
Have you ever wondered where your monthly income goes? You spend an entire month working at your job, yet in a short period of time, your salary is used up for bill payments and other expenses. In order to avoid this, it is highly recommended that you create a budget to help you control your day-to-day spending. Because you may be spending in small fractions, the amount you are actually expending may elude you. The shocker will come when you add up all those small expenditures.
For many persons, the word budget has a negative connotation. You may possibly think that a budget is too much work, or you may see it as financial handcuffs. A common perception is that it will restrict your lifestyle and make it uncomfortable, when in essence, it is your first step to financial success. Without a budget it will prove difficult, if not impossible to achieve financial success.
To those of you who think that budgeting is unnecessary, and you know where your money goes without keeping detailed records, we challenge you: Keep track of every cent you spend for a month. The total figure could be surprising. Imagine if a percentage of the sum you spent for the month had been invested, you would have been one step closer to realising your financial goal.
Next, design a plan of action. Without a plan, it is even more difficult to achieve anything. Be sure that your immediate goals are realistic and attainable. Finally, you must follow through on your decision. One way of ensuring that you do not deviate from the plan is to save through salary deductions; these are otherwise known as standing orders. Salary deductions facilitate compulsory savings. You can ask your human resource department and your investment house on how to get started with salary deductions.
Consider this: Try putting aside $1,000 or whatever you can afford weekly, every time you are tempted to spend money on consumer items. Be reminded of your goal to achieve financial success. The path to achieving financial success is at your fingertips, reach out and grab it.
Nasheen Wilson is the call centre manager at DB&G. For more information, contact her at: info@mydbg.com or toll- free at 1-888-CALL DBG.
