- Spend wisely and change your lifestyle if necessary. You could start by making a list and prioritizing your needs. Budget for it so that when you receive your salary, you can keep to the list and buy only what is on the list. And instead of making payment with your credit card, you could save for the items you wish to purchase.

 

- Save early and diligently. Save at least 10% of your salary and try to increase it over time. The earlier you start, the more time your money will grow. These savings will provide funds for emergencies, food, schooling or even retirement.

 

- Invest wisely to make your money work harder for you. Your portfolio should suit your financial goals, risk appetite vis-à-vis the outlook for the economy. These factors would then determine your investment portfolio which could include products such as bonds, equities, or cash. ?You can also spread your risk by investing in a diversified portfolio. Speak to a financial adviser if necessary to provide you with information that will help you make informed decisions given your investment goal and risk appetite.

 

- Pay off high cost debt. The best investment most borrowers can make is to pay off debt with double digit interest rates, for example, credit card balance. You will be amazed how much interest you could save. For example, if you pay only the minimum balance for a $10,000 credit card balance, it will take you more than 10 years to pay off, and you would have paid more than $5,000 in  interest.