The Forgotten category in your financial plan

Hands up who saves money

Hands up who saves money for holidays, a new car, home improvements, a night out or a new outfit?

Hands up if you save for training, professional development, or upskilling.

This last one is probably not on most peoples’ lists – it should be though. That’s what I told Ms. TAM, one of my clients.

In the long-term, saving for professional development could bring you more job prospects and a higher salary; I’ll tell you how.

I work mainly with young adults, to give them a good grounding, foundation, and the information they need to start on the right track financially.

It’s not taught in schools how to look after your money and not everyone has good role models around them. Ms. TAM didn’t. 

Debt is a major problem in our society, so the next generation may often follow the first…down the rabbit hole of spending more than they’ve got coming in.

Save, invest, spend and give – these are the four pillars I workaround. I encourage parents of under 25s who attend my workshops to start with the pocket money.

Yes you may say, a few pence here and there won’t create a huge savings pot, but it’s not so much about the value of what’s saved; it’s more about the habit. 

When I first mentioned to Ms. TAM about saving for her professional development, she wondered how she would achieve that. 

Save £1 from £5 of pocket money.

Save £20 from £100 wages.

Save £40 from £200 wages.

Save £200 from £1000 wages, and so on.

Once the habit of saving money is established and wired in, it can be scaled up. By the time you are earning more, the habit of saving is there.

Who then thinks about funding training and professional development?

Throughout our careers, we should keep learning, training, and developing. This is because it enables us to do the job better or to specialise, which in turn, would mean earn more money – and this is key.

I want my students to keep on developing and thus opening up that window of opportunity to earn more money. 

Money might be a dirty word in some places, vulgar, unspoken, yet it’s something we all need – and finding a way to get more of it is key.

Saving to pay for professional development, training courses, experiences, qualifications, and courses, means that you will always have money to be able to do it. Most employers won’t always foot the bill.

They might subsidise it, and you might need to pay the balance. 

Having a pot ready will mean you aren’t held up from progressing or tempted to use credit cards.

Once you can fund your development, it brings more:

  • Skills – putting you above your peers and colleagues for responsibility and promotion; both of which should earn you more money.
  • Choice – of where you can work and what you can do. The job market opens up if you have more skills and capabilities.
  • Money – you are more likely to be promoted or find a higher-paying job as you are more skilled. You will have more to offer and therefore be able to reach further in terms of your job satisfaction and salary.

By including ‘saving for professional development’ into your finances you would find that you have a much more comfortable future. 

I want you to join the Financial Growth Accelerator program, where you get step-by-step guidance on how to grow your finances, achieve your desired goals, and have a positive money mindset.

About Gospel Eadweardfilia

Gospel Eadweardfilia Is Passionate About Helping People In Financial Difficulties Get Better With Their Money. She Has Been Supporting People Since 2006 And Draws From Her Own Experiences With Finances. Now She Is On A Mission To Educate People Especially The Generation Z And Their Parents To Become Financially Savvy And Literate. This Is What She Says: "I Understand How It Feels To Wonder Where Your Money Goes Each Month And Wake Up In The Early Hours Of The Morning In Sweat Over Debts. Years Ago, I Was In Over £20K Student Loan Debt And Leading A Pay-Check To Pay-Check Lifestyle Yet Managing To Go Out To Restaurants, Travel Abroad, And Buy New Clothes. I Never Borrowed Money To Do All These Because I Would Work, Save, And Spend All The Money. I Was Too Scared To Get Into More Debt And My Student Loan Debt Was Huge Enough. I Would Come Back From Spending/Travelling And Feel Scared Of My Future Especially Each Time I Got My Student Loan Statement. I Felt Hopeless And Confused With No Direction Or Knowledge Of What To Do Or How To Get Out Of The Mess I Found Myself In. I Had No Plans For Retirement Or The Future. I Had Enough Of Watching My Debt Grow And The Sleepless Nights. I Started To Educate Myself On Finance; To Learn A Different Way Of Looking At Money. I Wanted To Know How To Gain A Professional Degree And Build Wealth Without Debt. I Became Debt Free After Seven Years Of Being Intentional On Becoming Debt Free By Using My THREE System Framework”. Today, Gospel Is A Certified Financial Coach, A Registered Pharmacist, And A Mental Health First Aider. Her Mission Is To Educate People In A Step By Step Innovative Manner To Be Financially Literate And Build Wealth To Make An Impact In The World. She Has Given Transformational Mentorship To Her Clients Through Workshops, Online Video Training, And One-To-One Consultation So They Improve Their Personal Lives And/Or Small businesses. “I Believe Many Young People Go Through Their Day Worried Sick About Their Financial Future. Daily Stress And Worries About Money Causes Mental Health Issues- Such As Anxiety, Depression And Even Suicidal Ideations. When Young People Have A Framework To Follow [To Grow Their Finances] They Are Hopeful For Their Future”. The Financial Framework Guides A Young Person On The Steps To Take To Grow Their Finances. It Inspires Them To Live Life And Plan For A Brighter Future. When Young People Have A Framework They Smile With Confidence And Hope For The Future. Gospel Lives In The UK Where She Enjoys Dancing Salsa, Taking Care Of Her Garden, And Investing In People, And In Herself. Take Time To Enjoy Today.

 

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