Managing your money

Developing good habits is the only way to make your cash work for you.

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SAVING PLAN: HOW TO USE YOUR PAY CHEQUE TO GET FINANCIAL FREEDOM

We all dream about financial freedom, but if you only have your pay cheque as income, what can you do? It seems that you could actually do a lot with your pay cheque if you have the right strategy.

Managing your money is one of the most critical skills you need to achieve financial freedom and while it may be tempting to simply live from pay cheque to pay cheque, developing good financial habits is the only way to really make your money work for you.

“Two of the most important pillars of good financial planning are saving and investing, but these two principles do not necessarily have to be mutually exclusive,” says Roger Eskinazi, managing partner at Tickmill.

“By thinking of your investment decisions as part of your broader savings plan, you can obtain single-minded focus on what you envision for your future.”

World Savings Day, established on 31 October, 1924, is coming up and serves as an annual reminder to check in on whether your savings goals are on track. It offers the opportunity to reassess your financial strategy and make adjustments if needed to ensure you are building towards a secure future.