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A lot of new graduates who are starting to work want to have savings for the future, right? However, at the end of every month, it seems like we are dying and everything is going to fail dramatically. Are there any ways to not live paycheck to paycheck? ACU PAY will tell you the secret to managing money for teenagers.
The plan will work if we set our financial goals clearly by targeting based on a SMART Goal which is Specific, Measurable, Accountable, Realistic, and Time Bound.
Then, divided the plan into 3 stages, such as
1.Short-term goal (not exceeding 3 years) Targets that want to be completed within 1-3 years, such as saving money to buy a new phone 30,000 baht within 1 year.
2.Mid-term goal (3-7 years) Targets that want to be completed in 3-7 years, such as saving 600,000 baht for a car down for the next 5 years.
3.Long-term goal (7 years upward) The goal of saving is to guarantee life security, such as saving 20 million baht for retirement in the next 30 years.
The beginning of good finance is to save money. Saving is like you know how to manage your own money. Every time you get a monthly salary, you should ‘save before use’ at least 5% – 10%. Starting with a small number will encourage you to have financial discipline to be ready for more financial management.
Emergency funds are very important for beginners who are starting work, which should save 3-6 times the monthly cost because we can face unexpected costs, whether it’s illness, accident, or even sudden resignation. Having emergency reserves will ensure that no matter what happens, we can continue to live our lives as usual.
New graduates who are starting to work may think that financial planning means living frugally at all times and starving. In fact, it is not like that at all. We can live happily together by saving money and living with money that buys happiness for ourselves. However, we should not waste too much money because the debt may come to you unconsciously. For example, if we earn 18,000 baht each month, we should have no more than 35% of our total expenditure or equal to 6,300 baht.
Savings may not be sufficient to lead to long-term stability because of fluctuations in inflation, but the right investment will ensure long-term stability. Therefore, new investors need to study for the right investment for themselves. It is recommended for novice investors to invest in mutual funds first because they can start investing with a small amount of money. Then move to bonds, stocks, real estate, and gold, depending on their financial goals and risk acceptance.
Good financial planning does not only mean saving money, but also setting goals, setting emergency funds, knowing how to use money, and confidence to invest in extra funds. No matter what the future may be, we can at least live a stable and smooth life until retirement.
