Now that we know why we need to budget and how to create a budget …
In every woman life there are seven key events that she is in control of, that she needs to plan financially for. They are:
- Getting a Job
- Getting married
- Expecting or having Children
- Buying a house or property
- Retrenchment or Retirement
- Dealing with the death of a spouse/Divorcing a spouse
- Taking care of an elderly parent/Dealing with the death of a parent
With this at the fore front of your mind you need to acquaint yourself with the requirements of financial success which are as follows
- Constant review of your financial health.
- Creation of periodic strategy and financial budgets accordingly.
- Management of your cash inflows, incomes and credit.
- Control your debt.
- Make well-informed and smart consumer decisions.
- Ensure you have necessary acceptable health, life, property, and liability insurance either from your work place or on your own personal initiative.
- Learn, understand and facilitate investing principles.
- Make investment decisions that reflect your goals.
- Plan for the following a big pay raise or inheritance, retrenchment or/and retirement.
- Plan for your eventual demise and whatever is left behind. Always have a will.
- Lay the ground work by understanding your investment and personal finance, stating your estimated start dates and date of delivery, completion or activation and start working towards your savings portfolio
- Identify any of the above stated goals, are you planning for marriage, a new baby, that dream house. How much do you need, how much time do you have, how much have you saved, is it a single person goal or shared with your husband/partner.
- Once determined begin saving for your goals as they occur
- Manage your portfolio and credit balances, tabling them up and reviewing periodically to ensure that you do not exceed or waste the planned resources or income.
It is by no means an easy process but it is a necessary exercise if we are to achieve that stress free easy life we all so love to dream about.