As the new financial year is off to a roaring start, now is the ideal time to get your finances in order, whether that’s building an investment portfolio, paying off your debts or setting up a savings scheme. Regardless of your stage in life there are practical, realistic resolutions you can make to better your financial position. We’ve pooled together our top Financial Resolutions together with some tips to help you achieve them below:
1. Set up a budget and stick to it
Now is the ideal time to sit down and set up a budget, so that you know you’re getting the most from you hard earned cash.
Do you really know where all your money goes each month? Take a look through your last three bank statements and calculate how much you’ve spent on ‘need to haves’ vs ‘nice to haves’ and how much you could have been putting towards savings. An exercise like this is a great wake-up call and a good tool to use when forming a budget.
Budget templates are freely available online, all you need to do is plug in the numbers and figure out where you can cut back, how much you can save and if there are any areas you need to address. Once your budget is defined, you’ll need to stick to it to see the positive results really take effect.
2. Pay off your debts
When setting up your budget, set money aside each month to pay off your debts. Set a date that you want to have your debts paid off by and then work towards wiping the slate clean. The key to becoming debt free is discipline – Be strict about making debt repayments each month and you won’t regret it. Once you debts have been paid off, continue to set money aside each month to build up your personal savings.
3. Save for that rainy day
At the start of the financial year, set up a target for how much you want to have saved by the end of the year. Then squirrel away a set amount each month in your budget and you’ll achieve your goal before you know it. Our top tip: Set up an automatic payment that comes out of you pay check, the day you get it. This way you save the money before you’ve had the chance to spend it.
4. Begin to invest
If you have a small nest egg tucked away, consider investing it, so that your money can start earning money of its own. Investing may sound scary but your financial advisor can walk you through what is available and the risks involved.
5. Talk to a financial advisor
Get advice from an expert in the field, they can help you achieve your financial goals, whilst minimising your risk exposure. Financial advisors can help with everything from taking out a mortgage, to investing you money, from income protection to saving for your retirement. Whatever your financial needs, they can help you get the results you are looking for.
For more information on any of the above resolutions talk to us today on 021 283 5065 or get in touch via our website.