Whether it is a company or personal finances, finance management is an art and not everyone is adept at it. Brian Bonar has revolutionized the industry with his work on Trucept Inc. Why? Because he has good knowledge of finance, got formal education in the field, and followed up that education with practical experience in a number of companies and organizations. However, unless someone is looking for a career in finance they don’t need to do all this. All that is needed is some basic management at the home level.
Here are some tips young professionals can use to save money –
Start Thinking About The Future – Saving money is a habit but in order to get motivated and include that habit in the daily budget, it is important to understand the future goals. Some professionals want to start their own company in the future. Others want to do their job and continue in the company but wish to save enough to get a car or a house. This is why it is important to pen every future plan down and divide it into two parts – short term and long term. The short term plan could be a vehicle or a vacation. The long term plan could be about a house or an entrepreneurial venture.
Create a Budget – When a young professional creates a household budget, they should make an attempt to save as much as possible. Young professionals can even strive to save over the 20% saving mark that most people use. This is because they are making money right now and savings would come easily. Creating a budget is a simple process but trying to stick to it is hard. For this, Brian Bonar offers a simple tip – stick your budget on the fridge or any area that is visible at all times. It would serve as a reminder.
Talk To a Finance Professional – Finance professionals can offer great tips to young professionals about how to save money, which securities to invest in, the risk attached with different investment options, and so on. Because these finance professionals are experts at investing, they would have a good idea about what works and what doesn’t work. The first consultation is usually complementary and young professionals should list down their assets, liabilities and future plans for the finance professional so that the best decision can be made.
The only thing left to do after all this is to invest the money. A lot of young professionals also hire the services of finance managers to take care of their funds. These managers can offer a peace of mind to young professionals and take away the headache of investing and decisions.