It may seem like school just ended, but before we all know it, it’ll be time to start preparing for another year of buses, packed lunches, and homework. Stores will be selling notebooks and backpacks, and publications will be sharing their tips on how to have a successful school year for both the parents and the kids. While that advice can be easy to ignore since we’ve heard it all before, much of their suggestions can be applied to one’s finances. Here are six tips that The New York Times offers students in their upcoming academic year that easily transfer to one’s financial year.
It’s easy to continue doing what we’ve done and not reassess or change our financial decisions. However, it’s important to reevaluate where your money is going each year: how much you’re saving, what your stock options look like, your benefits, etc. Taking an active interest into your finances every year is a good idea to ensure that you’re maximizing your wealth.
- Manage stress
Any sort of changes can add stress to your life — particularly unexpected ones. But by creating and sticking to your financial plan, you’ll be better equipped at handling stressful or unexpected situations that pop up.
- Ask for help but don’t take any old help
It’s important to have a good relationship with your financial advisor. They are experts in their field. But at the end of the day, it’s your money and your future. You need to feel comfortable with the course of action that is in place and the recommendations made. Listen to advice, but also question things that don’t sit right or make sense.
- Sleep well
On that note, a good night’s sleep is important to function well during the day. Make financial decisions that don’t keep you awake at night with worry or anxiety. Only make investments and decisions that you allow you to sleep.
- Be smarter
Sometimes it’s not about being the smartest person on a subject, but more about utilizing one’s resources. There are experts in the financial field who have studied and gained real-world experience in helping plan people’s financial futures. These people also know how to use your investments in a more efficient manner. They make the money do the hard work so you don’t have to, .like managing debt or using compounding to increase one’s financial worth. Let them show you these tips so you can invest more wisely without creating more work for yourself.
- Eat healthy
For so many of us, we are extremely conscious of what we put into our bodies, making sure we get enough vegetables and steer clear of saturated fats and sugars. The same logic should be applied to your finances. Look at investments that have long-lasting benefits; avoid the appeal of something that promises quick and easy results. If it seems too good to be true, it probably is — just like that miracle weight loss drug.
For more information about getting started on the best financial year yet, visit tswealth.com.