“Running out of money in retirement, too much debt and managing money day-to-day are the main financial worries for most people. Nine out of 10 people have real concerns about how long their money will last once they give up work. A further eight out of 10 fear they will never have enough savings to give up work when they reach the age of retirement,” says Ms. Christina Wesley, Financial Advisor with NDB Wealth.
Other financial issues that people constantly worry about include: Not having enough savings to cover emergency spending; Not having enough cash to live comfortably; Not saving enough for kids’ education; Having no spending money; Making poor investment choices; Missing mortgage or rent payments; Losing cash to a financial scam.
“People do not realise they can take action to relieve their worries by reviewing spending and checking their creditworthiness,” says Ms. Wesley. “Plenty of help is available online in the form of apps, calculators, spreadsheets, etc. to assist people in managing their finances.” In fact, NDB Wealth offers its own online financial utility, “The NDB Wealth Planner”, which can prove very useful for future financial planning.
NDB Wealth additionally provides a number of very simple, introductory products, such as “Money Market Funds,” which will help you plan better and facilitate a smooth entry into the world of wealth management. NDB Wealth allows you to maximise your savings and income beyond the limitations of traditional banking, by initiating clients into high performance instruments such as money market funds. For example, NDB Wealth’s money market funds offer safety, anytime withdrawal and high rates of return in comparison to traditional savings accounts. Ms. Wesley also went on to add, “What’s really unique about NDB Wealth’s Money Market accounts is that your earnings are credited to your account daily.”
“Understanding tax, pensions and savings is a daunting prospect for many people who confess they often make the wrong financial decisions because they do not fully understand their options,” said Ms. Wesley of NDB Wealth. “A lot of people told us that they need to take control of their finances to feel more confident about the decisions they make. The Financial Advisors at NDB Wealth are trained to listen to your worries and come up with plans that will take care of your specific concerns.”
To get you started, NDB Wealth suggests the following, six-point plan to help you manage your money more effectively: 1. Set a strict budget; 2. Regularly review finances to identify any wasted money; 3. Look at cutting unnecessary spending and luxuries; 4. Maintain a record of actual spending to compare against the budget; 5. Reconcile bank and credit card statements against spending records; and 6. Devise a savings plan, even if the amount is only a small amount a month.
Further, the “My Wealth Plans” section of the NDB Wealth website (ndbwealth.com/my-wealth-plans) can even point you to pre-designed, “Build your own plan” savings plans geared towards kids, women, families, retirement, etc.
Photo caption: Christina Wesley, financial adviser, NDB Wealth.