Irrespective of how much money you earn, managing it effectively is the best strategy of ensuring that your retirement is enjoyable.
It is unfortunate that some people who have high incomes and salaries often end up without a penny, when they are sacked or get sick.
Money has a way of stifling prudent thinking, especially when one is young and has few financial responsibilities.
Showbiz is an example of an industry that creates many millionaires who end up as paupers, when the money and the fame vanish.
Celebrities who earned billions at the height of their careers become a byword and eyesore later in life, owing to poor financial management.
The following simple but tested strategies can result in a better financial future.
Rarely has any person succeeded without having goals and concomitant plans.
Even when one becomes rich by hitting the jackpot, or winning a lottery, proper planning is mandatory if the fortune is to last or benefit him or her for long.
Goals and plans give one direction and focus.
Knowing what one wants, and taking decisive steps towards that direction, is crucial to achieving financial independence.
Whether it is a home you want to build, or an academic certificate you want to acquire, or the financial future of your children you want to secure, you need a plan.
The best plans are those that are documented.
The next crucial plan in managing your money is to budget for it.
Once you establish your income streams and quantify them, you must create a list of your expenditure items in tandem with what you earn.
Many people fail to secure their financial future by spending without budgeting.
Impulse buying and unplanned long-term investments will obliterate your income.
Living beyond your means hurts your prospects for the future.
Once you make a financial expenditure plan, do not allow other unplanned items to encroach into it - unless you are dealing with an emergency.
Finally, you will achieve nothing unless you minimize and eradicate debts.
Incurring unnecessary debts is one way of living beyond what you can afford.
Any money you borrow today, and which you don't invest wisely will haunt you in the future.
Create a plan to offset all your debts today.
Talk to the people you owe and agree on a repayment plan.
Set aside a portion of your income to pay your creditors regularly.
Most importantly, spend only what you earn; save a part of your income regularly, and invest wisely.