5 Steps to Feeling Financially Secure by Ollie Bridgman

Ollie Bridgman is a Digital Marketing apprentice at ForwardPMX and is writing for the Community Blogging Team.

'From pouring pints & washing cars, to working with some of the biggest brands on the planet.

Thanks to Multiverse's help, I was able to get a digital marketing apprenticeship within weeks of completing my profile.

I aim to write articles that provide you with actionable takeaways, from professional development & growing confidence, to mental health tips & how to take care of yourself.'

Becoming financially secure is not complicated, but it takes dedication & self-discipline over a long period of time. By building good financial habits now, you can reap the rewards for years to come.

Personal finance has been an interest of mine for a while now and I feel it’s an important skill for everyone to learn. 

Having peace of mind over your finances takes a truckload of stress off of your shoulders.      

Here are 5 steps towards financial stability:

1. Create a budget.
   Use Excel / Google sheets and create a personal budget. This has helped me immeasurably. Having one sheet where you can see your expenses and income helps you know where your money is going, where you could be spending less, and feel more in control of your finances.
    
2. Identify where you can improve.
   What I mean by this is, after analysing the budget sheet you have just made, where are you going wrong? Are you spending too much on eating out? Are you throwing away hundreds of pounds every weekend by socialising? (I’m not saying stop socialising, just find a balance where you can go out but not spend profusely). Are you being underpaid for your skills? Do you have current skills you can build a side-hustle with? By making these tweaks in your lifestyle, you can end up with a lot more money.
    
3. Build an emergency fund.
   An emergency fund is a source of ready cash in case of an unplanned expense, an illness, the loss of a job, or any shock that requires the support of money. Whilst it may seem unnecessary, it’s important to have, and can help you massively when needed.
    
4. Automate your savings.
   This is a top priority, especially if you don’t have an emergency fund. I’d recommend setting the automated transfer to be put into your savings on payday, helping you build your savings and reduce temptation.
    
5. Invest! 
   The importance of investing cannot be overstated, and it is simpler than you may believe. No matter how little you invest, start early. Start putting whatever you can into an index fund (Index funds are investment funds that follow a benchmark index, such as the S&P 500 or the Nasdaq 100. When you put money in an index fund, that cash is then used to invest in all the companies that make up the particular index, giving you a more diverse portfolio than if you were buying individual stocks.) 

Einstein famously stated how compound interest is the 8th wonder of the world. 

By investing early, you can build enormous wealth over the years. Investing also helps you ward off inflation stealing your purchasing power. Here you can find some more in-depth information on investing.

I’m not a financial expert, but these tips have massively changed my financial health. Make the change today!