A big part of getting ahead is making the right choices at the right times, whether it’s your life in general or your finances. Often, we’re put on the spot with an opportunity and we have to make a snap decision then and there, but there are consequences and worries that we may face before and after our choices. When it’s a financial choice or decision, the worries that we have are often made even worse because let’s face it, no one wants to go backwards. As with any choice, if you have more knowledge about the situation, you can make a more informed decision. That’s why at TWiCE, one of you main goals is to give everyone as much information about how to deal with their finances as possible.
Learning about finances doesn't have to be boring or tedious. We have created an engaging and interactive online video based course to assist you on your journey to financial freedom. Our financial education videos are filled with hints and tips on how to manage your finances more effectively and make the most of your money. When it comes to making financial decisions, no matter how big or small, you want to make the right choice. That’s why it’s super important to be tactical about how you make your choices. What exactly do we mean by tactical? Well we think that before you make your choice, you should make a conscious decision to assess your situation and your life goals.. Whether it’s something like getting a new phone, or making a full-blown investment, you should always take stock of your current position. Over-committing or over-borrowing is a huge worry for everyone, even our financial regulators. Having an overview of your current circumstances, like your income vs. expenses, potential future earnings, and where you might be able to save a bit more of your money are important things to think about. If you’ve weighed all of these things up, figured out that the pros outweigh the cons of your decision, then the next question is how can you be money savvy and put your money in the right place?
There are a host of different options; do you want to put something away like a safety net, put that money into a product, or make an investment? One of the main things to think about is how long do you want to lock that money up for and what kind of risks do you want to take with your money? If you’re keen to have the freedom to switch it up and use that money again relatively soon, a shorter term might be a better option for you. If you feel protected enough, you can go for longer terms to bring you healthier returns. If you want to get your money to work for you but keep it relatively safe you, you could look at things like term deposits, or if you want to take a riskier option that might give you a greater return you can look at investing. They’re the kinds of questions that can’t be answered in a blog, but might be worth reading up on a bit further, or looking somewhere to get some financial education. If you’re keen to learn more about how money works and how to make money work for you, sign up for our Fortnightly Insights here and we can help you better equip yourself for the future.
- Tom L
Disclaimer: The above information does not replace financial advice. Please ensure you seek independent financial advice before making any decisions regarding your finances. We also recommend that you carry out your own research to ensure that this is right for your own unique circumstances. Please note that we sometimes link to other websites but we cannot be held responsible for their content.