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Having a long-term approach rather than seeking instant gratification helps in so many areas of life. Here are just a few ways that developing a long-term attitude concerning your cash will work in the interests of your money.
Putting money aside for tax

If you’re self-employed, putting money aside to pay your taxes will save you that dreadful feeling of having to raise funds to pay the bill when you’ve nothing saved. Thinking ahead throughout the year and putting money aside because you’ve taken the long-term view will ensure you’re able to pay your bill on time without incurring any nasty late payment fees.

Rainy day money

Thinking long term will ensure you see the value of putting some of your cash away for the proverbial rainy day. When all is well we may fall into the trap of thinking the rainy day will never come, but circumstances can change suddenly. You or someone else in the house could unexpectedly lose a job for example. Taking the long-term view helps equip you for the unforeseen.

Insurance

Someone with a long-term view will ensure they have the right type of insurance to cover unforeseen eventualities. The best insurance won’t necessarily be the cheapest, but by parting with a little cash regularly in the immediate for a decent insurance cover ensures your family can enjoy peace of mind should unforeseen circumstances arise. You might be so swept along with your new iPhone, for example, with its myriad features that you don’t give a second thought to iPhone insurance. But if disaster strikes and it gets broken, then a you’ve either lost a hefty sum of money or will have to fork out a substantial amount to get it fixed. Someone with the long-term view won’t quickly dismiss taking out insurance for expensive items such as costly Smartphones. A little amount here and there to cover your devices will save you a considerable amount should the unexpected happen.

Retirement

Likely the most long-term goal of anyone is saving for their retirement. Many people find it invaluable to set up an automatic contribution to their retirement which has the added advantage of you not even being able to see the money, hence you won’t even miss it.

Investments

Whether you’re investing in a property or something else, you’re looking to the future. A property can be a great investment in the long term. You could of course do it up, and sell it for a profit, or you could rent it out at some point. Doing your research and making a long-term investment in property could be one of the most beneficial long term uses for your cash.

No matter what your current financial circumstances, endless examples have shown, you’ll be making the best of your money, when you take the long term view.

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