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You Don’t Have to Sacrifice All The Things That Make Life Worthwhile to Save Money!
We’re coming up the season of relentless shopping and parties that is the festive season. Usually followed closely by the regretful season as the credit card bills come in and you wonder whether you really can afford the life you want. This year, why not make an early start on a strategic wealth management plan for 2018?
Getting ahead doesn’t have to cost you lattes and lunches. Alexandria Blaelock wrote Ms Blaelock’s Book of Holistic Personal Finance (2nd edition, BlueMere Books, 2020) to help you assess your life and plan your spending, saving, and sharing for now, and in the future.
“There is no need to sacrifice the things that make life worthwhile,” Alexandria said. “You can live the life you want now, and save for your retirement too, but you have to choose what’s important, what’s not, and plan your spending accordingly. If you want fresh flowers or French cheese, then buy them guilt-free, and cut your costs elsewhere to compensate.”
Focusing on the most important things leads to a happier life. Business techniques, like developing a vision, mission and values along with planning and goal setting allow a joyful life centred approach to spending.
Drawing on a career in business and project management, Alexandria Blaelock translates the business planning process into a relatable annual cycle that converts nebulous New Year resolutions into actionable financial plans.
Ms Blaelock shares these five tips for a life focused wealth management.
1. Develop a Vision for Your Future
Knowing where you want to be makes it easier to make wise choices that get you there, rather than thoughtless reactions that fill you with buyer’s remorse.
2. Set Some Goals
Goals are the way you bring your vision into existence. You don’t have to do them all at once, but even a single goal with a savings plan attached gets you closer than otherwise,
3. Plan Your Spending
In essence, planning your spending is just writing a big shopping list. Sometimes it’s hard to stick to it, sometimes you have to take items off to make space to add new things on.
4. Monitor and Control Your Spending
It’s always much happier when you can pay for your shopping at the counter, so it saves embarrassment when you make sure that you have the money to pay for it. And choose what to postpone yourself rather than someone else deciding for you.
5. Make a New Plan Each Year
Life changes all the time – every year you get older, and your priorities change. When you’re 20, you might want to travel, marry at 25, or have kids at 30. It’s a good idea to review your financial affairs each year to make sure you’re still heading in the right direction.