The start of a new year is a great time to get your financial house in order. Here’s how to whip yourself into better financial shape in 2021.
1. Set up a detailed budget
Knowing where your money goes every month is essential to getting on track financially.
2. Automate your saving
Taking some of your paycheck off the table by sending it straight to savings is a good way to avoid falling victim to impulse purchases and to stay on track to meet your savings goals. Automating the process can help.
3. Build an emergency fund
Unplanned bills can throw your budget off-course and land you in a world of debt. In the coming year, make it a priority to build an full emergency fund – one with enough money to cover at least three months of essential bills.
4. Manage your debt
Figure out which debts cost you the most, and see if it’s possible to lower the amount of interest you’re paying. Consolidating your debt could make it a lot easier and cheaper to pay off.
5. Set yourself goals
Whether you are looking at saving for a house, your children’s education, a holiday or building your wealth over time. Put that goal in writing and figure out what it takes to get there.
Make an appointment today to discuss your financial future.
The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your personal objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial adviser to consider whether that is appropriate having regard to your own objectives, financial situation and needs.