If you do nothing else
If you do nothing else this month then follow these 5 simple steps. Each step builds on the previous step, so when you finish the first go on to the second and so on.
If you can’t get to step 5 don’t worry, you’ll be in better financial shape than most of the population and you can set this as your target, because as time goes on and you complete step 2 in full then you will eventually complete the 5th step:
use this as your roadmap for building your financial wealth
Step1 – if your employer offers a pension scheme where they match your contributions – go join it. This is free money and, quite simply, there’s nothing better than that.
Step 2 – pay down your debt. Whatever your credit card or loan company charges, paying off your debt will not only generate increased cashflow each month but will save you £1000’s in the long term.
Step 3 – open up an ISA or tax free savings account. You can save up to £10,200 a year including up to £5100 in cash.
Step 4 – increase your pension contributions up to the maximum allowable.
Step 5 – pay down your mortgage and consider investing in yourself with either a further degree or starting your own business.
Any excuses now?