The following article is another guest contribution from our friend Katie Conroy:

Staying on track financially when you’re just starting out can be a serious challenge. From overspending to learning how to budget, there’s a lot you need to know. However, no matter what stage of life you’re in, these tips from Proteger Financial Solutions can help you spend smarter and with less stress.

Begin Tracking Incoming and Outgoing Accounts

Dealing with debt and other stressful cash flow challenges can impact your mental health. Setting a budget and tracking your expenses can help you stay on top of financial worries. Acknowledging where your money goes is the first step toward making more sound decisions when it comes to your bank balance.

• • How to Stick to Your Budget

• • How Much Can You Spend on Fun Each Month?

• • How to Cut Monthly Expenses by 50%

Start Saving for a Home ASAP

For younger generations, saving is sometimes seen as something you don’t need to worry about until later. But saving now — even in small amounts — can add up later if you want to purchase a home. Saving early will allow you to make a down payment on a home, and you’ll have a safety net in case you lose your job or are unable to work at any point. If you have spare time, you can even start a small side business to generate additional savings income.

• • 77 Business Ideas You Can Start Today

• • Consider Starting a Business with Your Family

Take Care of Credit Card Debt

Credit cards make for a quick way to spend money you don’t have, and unfortunately, many people learn the hard way how difficult it is to pay them off in full when you can only afford the minimum payment. If you’ve got credit cards accumulating interest, find a way to pay them off as quickly as possible, even if it means sacrificing some money that’s earmarked for your savings or retirement accounts.

• • Calculate Your Debt-to-Income Ratio

• • How to Pay Off Debt: 6 Strategies That Work

• • How to Stop Relying on Credit Cards

• • Your Guide to Understanding Credit Counseling

Review Your Insurance Policies

A close look at your home, auto, and life insurance policies can reveal whether you have the right coverage. Often, reading the fine print shows that we’ve got more protection than we need, so paring down on our policy can save money now while still keeping us financially safeguarded in the event of a disaster.

• • How to Pick a Good Auto Insurance Policy

• • Compare Affordable Homeowners Insurance Companies

Planning for your financial future isn’t always easy. Fortunately, taking these steps can make the future less daunting and help you stay on track financially.

For West Perth’s expert financial brokers, contact Proteger Financial Solutions today!