As a young adult, I have realized that the success of my plans and visions revolve around my financial decisions. Growing up, I don’t remember having discussions on finances or money management. These are concepts I came to learn and appreciate as an adult. Let’s be honest when money is just handed to you it’s a different ball game. You only understand the value of money once you have worked for it. But this should not be the case. From a tender age, these are skills that everyone should possess. Come to think of it; financial management is a life skill that we all need.

Many educational institutions have realized the benefits of having this skill. This is why there are numerous financial-based courses. Also, with the many research papers, the students can gain valuable knowledge. I feel like, for each milestone in your life, the financial decisions became tough and more complicated. I mean my choices now regarding finances cannot be the same when I get married. Change is inevitable. What counts is the ability to make adjustments in your financial plans as you go along. Take an online class if you have to. Good thing is you don’t have to worry about the assignments with the presence of essay writing services. Learn new concepts that will help you make informed decisions. This is the knowledge you can pass on to your children and generations to come.

When it comes to finances, the choices and decisions cannot be exhausted. As I mentioned each phase of your life would need new resolutions. But there are fundamental decisions that will definitely affect the trajectory of your life. With this in mind, here are some of the decisions that will positively affect your financial future.

 Emergency Fund

I cannot emphasize enough the need to have an emergency fund. Life is quite fragile. Look at our present circumstances. There is no way anyone would have anticipated this kind of turn out for 2020. The deaths, loss of jobs and school closure have affected any plans we had for the year. If there is any lesson we can gain from these uncertain times is the need to prepare for the future. Have an emergency fund that can cushion you in case of any eventualities.

 Work on your credit score

Your credit score is something that will affect any subsequent financial plans. This is something you are never told in school. It is one of those things you learn on the go. The best decision you can make for your financial future is actively monitoring your credit score. Your credit score opens several opportunities for you. It determines if you get approved for loans and the type of rates you will get. On the flip side, low credit scores can cost you more interest charges. Leverage on any opportunity you get to have an attractive credit score.

 Track your spending habits

The success of your future is as good as your spending habit. For the longest time, my spending habits were horrible. But having understood how spending affects my bottom line, I had to make adjustments. Know how you are spending your money by being accountable for every purchase. Monitor each and everything that you purchase. Then monthly, have an analysis of how much you are spending on various things. Make adjustments and cut back on the things you actually don’t need. Always check your spending against the income you have. This is how you protect your future.

Debt pay-off strategy

Recently my friends and I discussed debts. How much should you earn to never need for a loan? I mean at one point in your life you will need one. Now, as an adult, I realize that debts are inevitable. This is especially when you are investing it on something that will bring in some income. As part of your financial progress, you need to have a solid strategy to pay off your debts. You don’t want to get stuck in this cycle of just paying debts. Think about it. With the high-interest rates, there is only so much you can do. Have a system that works for you.

Retirement plan

We spend so much of our youth working hard. There is absolutely nothing wrong with that. But we forget that we will not be energetic and youthful for too long. Having a retirement plan is an excellent way to plan for your future. However little you manage to save it’s the consistency that counts.

Author's Bio: 

I am a traveller and food blogger. I would love to explore new cities and cuisines.
In short I am a typical coffee addict, social media obsessed millennial.
I love to write on travelling, healthy lifestyle and fashion.