7 Ways to Secure The Bag

Simple things you can start doing to achieve your #MoneyGoals 💰

The phrase "Secure the Bag" basically means "Get the money and store it up". We work hard for our money, but it always seems to disappear after a while.

Here are some easy things we can start doing to make it last a little longer and SECURE THE BAG.

1. Stash

This one is obvious, SAVE. Every time you receive money, put some aside and Do 👏 Not 👏 Touch 👏 It 👏. This is your stash, not to be used. Build it up and then, whether on a rainy day or fancy holiday, you've got something to fall back on.

2. Financial Education

You just need to know the basics. This will help you to make smarter choices. Invest time in your own financial education. There are many resources, like books and articles. Managing your funds can be daunting, it's best to understand what you are doing.

Let's start with some words:

• Budget- a set plan of how you will use your money.
• Invest - putting money in something, to get more money out.
• Debt - money that you borrow. (not your money)
• Compound Interest - Interest charged on interest.
• Credit Score - an assessment of how likely you are to pay back your debt.

3. Invest

Investing is just a way of making your money work for you. You can invest in all types of things from shares to properties to businesses. One of the easiest ways to invest your money is to put it in a savings account that earns interest. Interest is earned on the money that you have in the account and grows your balance. There are short-term and long-term savings accounts. You usually earn a higher interest on the long-term accounts.

image source: https://wealthtrain.com.au/blog/money-does-grow-on-trees/

4. Budget

This part is not so fun, but it's a must. Decide at the beginning how much you will spend in each area and stick to it. Say NO when you need to.

5. Control your bag

Be in charge of your own money. You earned your money, so you keep it and you decide how it is spent.

image source: http://www.quickmeme.com/meme/3s9ixx

6. Leave a Legacy

What good is the bag if you are not around to use it? If you have people depending on you, make sure they have something that can help them after you are gone. Invest in a good life insurance policy to secure the bag for your loved ones.

7. Manage Debt

The best debt to have is no debt. Make paying off your debt a priority. Avoid retail credit and credit cards like the plague. If left unchecked, these little accounts will incur interest and keep growing. If you are paying monthly instalments, you can pay more than what is due that month. This will cause your debt to incur less interest and be paid off faster. Try to stay out of debt as far as possible.

It starts with you. You make a decision to manage your money properly and you can see it grow. 👜

image source: https://www.inc.com/larry-alton/how-much-money-do-you-need-to-be-happy.html

🧐Do you have any other tips for us? Let us know in the comments. 😊