Have you ever wanted to do something about your financial health but held back because you think it’s a lot of hassle or you just do not know how?

Then give your attention to the following 17 short and clear cut financial starter tips to get you moving then.

Putting into place simple and straightforward practices can do wonders for your financial well being. Now let’s get acquainted with them, shall we?

1. Plan your monthly budget and be disciplined in sticking to the plan.

2. Record down all your expenses, such as the credit card bills or mortgage and miscellaneous payment.

Be as detailed as possible. Proper tracking of them is important in ensuring that your budgeting plan remains on course and as planned.

3. Let your money work harder for you. With the inflation rate at an all time high, it is hardly going to be sufficient to grow your money if you keep it sorely in the bank.

Therefore it is imperative that you set aside some money to park them in financial vehicles.

Stocks, bonds, fixed deposit or index funds which will give you a higher chance of a superior payout than the usual saving rates.

4. When it comes to selecting a suitable investment vehicle, do also take in consideration your risk profile and appetite. This is no one sized fits all plan.

What may suit others may not suit you.

Different investment products involve different risks and therefore it is of vital important that you evaluate carefully and understand are getting yourself into before taking the plunge.

Still Here With Me? Great, Let's Move On...

5. Always pay your credit card bills on time. Credit card has one of the highest charges rate around at 24% per annum.

Letting your debt snowball will only get you into a vicious debt cycle.

6. Diversify your investment assets to spread out the risk involved. If one of them is to take a direct hit, the gains in other investments will help to cushion the loss.

7. While you want to minimize the risk by broadening the scope of your portfolio, over-diversification is not desired because any profit gained will be minimal as the profit will be spread out too thinly.

8. Save – don’t wait till tomorrow or the day after. Today.

The power of compounding effect -  which even Albert Einstein acknowledged to be the ninth wonder of the world - will ensure that you will have a substantially comfortable kitty to retire on.

9. Set aside an emergency fund and keep it handy, especially if you are in a business. Life’s unpredictable, and you never know when you may just need it to save your from certain trouble.

Ok, that's it for today! Stay tuned for part 2 - coming your way soon!

Yours Truly,