Take a fresh look at your lifestyle.

Things you need to do now that you are working

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If you are earning a salary, or you are an artisan or a trader, this is for you. It is a known fact that you won’t or rather should not work for life. There will come a time when the body is weary and the bones weak. At this time, you should sit back, relax and enjoy the fruits of your labour. However, this will depend largely on if you do these things listed below.

Live within your means

Living within your means isn’t always glamorous, but it is smart. And being smart is what will make you a wealthy retiree. Rather than upgrading your smartphone every two years and your car every three, try being content with what you have. It doesn’t matter if all your friends are buying new phones or new cars. If yours works perfectly fine, let it be.

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Save, save, save

Once you are not spending frivolously, it is only logical that you’ll have more money to save. You should work with a Pension Fund Custodians, PFC, and a Pension Fund Administrator, PFA that works to chart the right course of action for you. It’s up to you, and you alone to save up the cash you need to live comfortably in retirement. Failure to save enough money is a sure way to retire poor. Ideally, 10 to 15 per cent of your income should be going into a retirement account each month. If you are behind in funding your savings goals, you probably should save even more.

Not investing enough

Have you heard of the maxim, “no guts, no glory”? This should apply to your investments goals. Be daring, but careful. Adopt the 70-10-10-10 approach. Invest only what you can live with. I do not want you to be dumb about your money and at the same time, take calculated risks. Placing 100 per cent of it in volatile stocks a few years before retirement is a good way to land in the poorhouse. But at the same time, be aggressive enough with allocations to ensure your returns at least outpace inflation.

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Investing wisely

Now that you are investing, invest wisely. This is why you need to partner with a financial advisor, who can help you make the most of your long-term investment options. The good news is the sooner you start investing, the more time your money has to grow. That’s the power of compound interest at work.

Track your spending, stay on course.

Create and maintain a monthly budget, and you can’t help but accomplish great things. A budget enables you to find money you didn’t know you had. You can put that money toward things you actually care about like giving, saving or paying down debt.

Because the budget takes big picture goals and breaks them down into monthly increments, you’ll slowly but surely or quickly and defiantly cross big items off your financial bucket list.

The longer you budget, the more you’ll love budgeting. It takes most users about three months to get the logistics down. After that, you can count on momentum to keep you moving.

Self-Control is key

Self-control is one of the toughest aspects of life to master, but it is also so crucial for a happy retirement. Deprive yourself today to enjoy tomorrow. Without it, your spending and your debt can balloon. If you continue to build good habits and self-discipline, you won’t even have to think about it anymore