Life is full of surprises but financial preparedness means having a plan in place for whatever comes your way, whether it's unexpected expenses or major life events that come with more financial responsibility. This is why, when it comes to learning how to manage your money, make it grow and then protect it, it’s always a case of “the sooner, the better”. If you’re a young professional who’s just starting out on their road to success, here are our top tips.

The best financial plans start with a budget

Budgeting isn’t boring, it’s one of the best things you can do with your money! Start by tracking your income and expenses, categorising your spending, and identifying areas where you can cut back. Remember, a budget isn't about restricting yourself; it's about making intentional choices that will give you better control over your finances, pay off any debt as fast as possible and allow you to maximise your savings.

Start saving and investing as soon as possible

While budgeting will help you manage your money, saving will help you grow it. Start by building an emergency fund for unexpected expenses (oh hello there, flat tyre!) then start think about long-term goals, like buying your first home. This is where investing becomes important as it’s a powerful way to grow your wealth over time. Consider chatting with a financial advisor who can suggest the right products, be it fixed deposits, low-risk investments or a mix of both. The earlier you start saving and investing, the more your money can grow.

Protect what matters most with life insurance

When we’re younger, life insurance might not be the first thing that comes to mind when you think about financial planning, but it's incredibly important. Imagine if something were to happen to you – would your family be able to manage financially? Life insurance provides a safety net, ensuring that your loved ones are taken care of in your absence. It can cover expenses, outstanding debts, and, if you choose carefully, even provide you with extra benefits. As an example, if you have a life insurance policy with MiWayLife, it will also include funeral cover, a terminal illness benefit plus the opportunity to create a Will - all for one surprisingly low monthly premium. The best bit? The younger and healthier you are when you buy life cover, the lower your premiums will be!

 

Slay Your Life Goals with MiWayLife

Clearly, life insurance is an important part of financial preparedness – even for younger people. However, if you’re a recent graduate, there’s another reason to look into it – you could win big! If you’re a recent graduate who’s been employed for 6 months or less, you’re eligible to enter our Slay Your Goals With MiWayLife competition. Simply get a life insurance quote from MiWayLife and you could stand to win incredible prizes. View the full Terms & Conditions over here.

Did you know:

You can now take out life cover with us online in a few simple steps. No calls and no agents! Make sure to take care of those you love today by buying MiWayLife cover online.