Whilst everyone is sharing their travel bucket lists and things to do before they die, I have put together 5 must-haves in your financial bucket list to achieve everything from the rim of the bucket to the final tick off before you kick the bucket.
Be Debt Free
Pay it off! I know it’s difficult and it’s a lot but pay it off.
The more you keep it, save it and savour it, you’ll be adding more to your list of financial burdens. As much as it is difficult, write the amounts down to detail, and arrange a standing order to get them out of your way – be it a credit card, a loan, a mortgage or a lease. You’ll thank yourself later.
My list of burdens involves a 5-year loan payment, an exceeded credit card balance for the past 6 months and a binge-eating spree on junk food. Yet, I put down this money bucket list and have started to work on building an emergency fund.
If this is what you truly want, make sure when you hit the golden age – you’ve got a pension pot, a life insurance and free from debts. Walking in to retirement in the absence of either one is like walking in to living hell, harder than the years you’ve worked. Think twice and act now!
I want to retire at the age of 40 and I have decided on my pension pot, the insurance benefits and, of course, zero debts.
Have you saved anything for a rainy day? Well I am.
Start with 10% from your salary and then increase it by 10% annually (this is what I can afford, but if you can do better, hike it up right away). Trust me, it’s worth it. You never know how this may come handy for that trip to Paris you’ve always wanted to go, or to tick off another item in your bucket list like spending for your wedding.
If you are like me, a junk foodie and shopaholic, who cannot keep their hands away when there is money around, put them on a fixed deposit. You have it safe, you cannot touch it until maturity and for a bonus – you get an interest added to it.
Be A Multi-Billionaire
It’s the 21st century, anyone can become a millionaire. People are aiming to be the next billionaire and zillionaire to top the world’s richest. If you are committed, works hard and diligent at saving money – you are on the path to become a millionaire. Read this to see how much you need to save daily to be one. Get into a millionaire mindset by reading ‘You Were Born Rich‘, you’ll never turn back.
Buy A House
This is an investment. While some prefer to live on rent, there are few of them who wants to build a house to call it home.
Either way, ownership on an investment is worth a celebration. Imagine the savings you make with the monthly rentals for someone else’s apartment, room, annex, or house. I’ve always wanted to live in a vintage style house.
Note to the Spendthrift…
I, myself is a spendthrift.
This is a never-ending list, because we keep adding to it whilst we tick off. The bucket list ideas are not to cut down our luxuries but to live a financial fruitful lifestyle one day.
Lists have always inspired me to get things done. Although this financial bucket list is general, you can personalize by adding numbers and timelines.
Hope this inspires you to create your own and feel free to share it me.
Happy Savings xx