slciconference
  • Home
  • Business
  • Debt
  • Finance
  • Insurance
  • Investment
  • Loans
slciconference
  • Home
  • Business
  • Debt
  • Finance
  • Insurance
  • Investment
  • Loans
Business,

5 Substantial Means To Strategic Financial Management

by Leandro MontoyaJuly 2, 2019no comment
0
Shares
Share on FacebookShare on Twitter
Strategic Financial Management

Managing your finances can be one of the biggest challenges in life. In fact, many people end up going their entire life without a plan and just wing it the best they can. This can lead to a sort of “feast and famine” cycle in which they have lots of money to burn at times, but are barely scraping by at others. Let’s take a look at five ways strategic financial management can help you to attain a more stable financial balance, and live better.

  1. Planning out a Budget and Sticking To It

You probably hear this a lot, and maybe you’ve even tried having a budget before. It’s not easy, and can even be a little scary since you’ll be keeping a close eye on how much money you have to spend. This can add extra stress upfront, but you will find that it’s less stressful overall since you’ll never be surprised by having a lack of money when you need it.

Budgeting your life is pretty simple. You simply write down all the things that you spend money on, and all the things that make you money. For most people, the making money part will come primarily from their job, but stocks that pay dividends, and side businesses can also contribute. As for the money you spend, the essential bills will be first on the list, with nonessential coming next.

Once you have your budget planned, the next challenge is being able to stick to it. As a general rule, once you violate your budget planning once, you’ll be tempted to do so again. This makes it extra important to never make that first mistake to give in and make an impulse purchase.

  1. Life Insurance

Believe it or not, smart financial planning also takes into account unforeseen accidents, and/or deaths. While it might not be pleasant to think about, the consequences to your family if you’re the main provider can be devastating if you were to pass away unexpectedly.

This problem is easily countered by purchasing term life insurance. This way if something happens to you, or the main provider in your household, your family will be okay financially. If you haven’t looked into getting life insurance yet, make it a point to do so as soon as possible.

  1. Avoid Using Credit, and Pay Off Debts

Let’s be honest here, the interest you pay on your debts is just wasted money that brings you literally no value. If you have debt from credit cards, mortgages, loans, and other sources, you’ll be doing your self big favour if you pay it off as soon as possible. It may feel uncomfortable paying a lot of money all at once, but you’ll be better off in the long run since you won’t be wasting money paying interest anymore.

The flip side to this is to avoid using credit as much as possible. While you may have to do so in order to make major purchases, such as your home, and vehicle, there is no reason to use credit for everyday items or impulse purchases. A general rule to follow is that if you need to use credit or take alone to buy something, you can’t afford it, and shouldn’t be purchasing it in the first place.

  1. Control Impulse Purchasing

Speaking of impulse purchasing, this is one of the biggest problems when it comes to smart financial management. Considering all the marketing and ads we’re bombarded with these days, it can be hard not to buy stuff on a whim. Our entire society is heavily focused on consumerism so there is always someone somewhere trying to get you to buy something.

The best way to deal with the urge to spend money outside of your budget can best be dealt with by setting aside a certain amount of money each month for impulse shopping. The great thing about this is that the amount can roll over at the end of the month, allowing you to build up your stockpile of impulse shopping funds, and go on a splurge if you feel the need to at some point.

  1. Hiring a Financial Adviser

While this may seem like overkill, a financial adviser can help with a lot of things, not just budgeting, or getting the right life insurance. They can also help you make smart decisions on how to best invest your extra capital, and how you can improve your credit score.

When hiring a financial adviser just keep in mind that this should also be an investment. You want to make sure that the money you’re paying your adviser is being made back through the actions you take according to this individual’s guidance. Think of this as an investment, and treat it as such, and your financial adviser will be a huge asset to your strategic financial management.

Previous

Why Need Professional Debt Counselling?

June 24, 2019
Next

Tips on Saving Money

July 13, 2019

Leave a Reply Cancel reply

You must be logged in to post a comment.

Related posts

employee hr background check
Business,

Things to Know About Background Checks

by Leandro Montoya2 days agono comment
Being Happy at Work
Business,

Benefits to Being Happy at Work

by slciconference1 month agono comment
Workplace Panic Buttons
Business,

Workplace Panic Buttons – Why Have Them At Your Place Of Business?

by Leandro Montoya1 month agono comment
Business
Business,

How Does Tax Relief Effect Your Business?

by Leandro Montoya1 month agono comment

Find Us on Facebook

Loan

  • 5 Things to Know About Interest on Hard Money Loans

    5 Things to Know About Interest on Hard Money Loans

    4 months ago
  • Home Forms For Hard Money Loans

    Home Forms For Hard Money Loans

    6 months ago
  • The Many Benefits of Getting Short-Term Loans

    The Many Benefits of Getting Short-Term Loans

    January 3, 2020
  • Top 5 Questions to Ask When Interviewing a Loan Broker

    Top 5 Questions to Ask When Interviewing a Loan Broker

    June 24, 2019
  • Why the interest rate matters in your loan

    Why the interest rate matters in your loan

    June 24, 2019
  • Loan Broker: 7 Reasons Why You Should Use One

    Loan Broker: 7 Reasons Why You Should Use One

    June 24, 2019
  • Options for Various Personal Loans for the Borrowers

    Options for Various Personal Loans for the Borrowers

    June 24, 2019
  • 5 things to consider when applying for a home loan

    5 things to consider when applying for a home loan

    June 24, 2019
  • Florida FHA / VA Loans

    Florida FHA / VA Loans

    June 24, 2019
  • How to Take Care of your Finances while Taking Car Title Loans

    How to Take Care of your Finances while Taking Car Title Loans

    June 24, 2019
  • Email Us

© 2019 - slciconference.com