No matter how much or how little you earn, you should plan your finances well ahead to have a steady cash-flow and a secure future. However, it’s easier said than done! That is precisely why you need to be extra cautious about your savings and expenses. If managed prudently, you will soon see your money flesh out like never before, driving worries away and supporting you to sail through all odds and lows. To help you hold the reins to your funds, here are ten tips:

1. Save a minimum of 10% from your pay to build your long-term securities, such as a retirement plan. This includes your pay hike as well. The more you save, the more you are moving towards the ‘comfort’ zone of financial stability. Consider the inflation aspect and save in accordance with that.

2. Invest, but choose your investments wisely. You can have both short-term and long-term investments. Invest in money market or bank term deposits for short-term fund-building. Investments in shares and equities are generally for long-term goals.

3. Be wary if the returns offered on your investment look unusually attractive. Then the chances are that it’s a swindle. Do your homework and check if your investment company is registered with the Financial Services Board (FSB). Don’t invest in unlisted companies.

4. Begin with safe investments like life insurance, asset allocation funds, etc. Returns may not be too lucrative here, but security is much higher.

5. Investment in shares is risky but rewarding. However, before you jump to conclusions, it’s crucial that you know the stock market completely. Be on your toes while you invest on shares—track company performances and other ups and downs to buy/sell shares judiciously and get good monetary benefits.

6. Keep an emergency fund always at hand to be on your guard and help save that bit of worry when misfortune strikes. But if all roads close, you always have an option for fast cash. It’s easy to apply for a UK payday loan online, which you can easily access when you need money.

7. If your confidence falters, get a financial advisor. But please don’t hesitate to negotiate the advisor’s commission/fees. Remember, it’s your money.

8. Don’t be fooled by fancy labels or promises while investing. Research and probe deep into the product/company for understanding the investment proposal before deciding.

9. If a big amount is sitting idle in a low-interest savings account, act. Put the same in a money market account or a mortgage bond.

10. Most importantly, consider your finances in the light of your needs, not desires. Buy houses or cars when you need them, not when you just want them. That way, you will make a more sound decision. The thumb-rule of managing finances is not to be ruled by the heart, but by the head—always!