Getting where you want to be with good money habits
Knowing where you stand with your finances is a relief in itself and it let’s you set clear directions to reach your goals.
Start with the things that you can change today. It’s common, especially if you live with a partner, to ‘overlap’ on things like subscriptions. Do you really need Netflix, Disney+, Amazon Prime and Hulu? Are you popping out for lunch every day? Try taking lunch from home two or three times a week.
These savings might not seem much at first glance but saving just £20 a week will see you over £1,000 a year better off. That kind of money can really help you achieve your goals.
Now start to look longer term. If you’re not currently putting money aside, for example into an ISA, you might be missing out on some savings on the tax you pay. Saving, even just a little, means you’ve got extra options in the future. Remember, we talked about what we would do if things change unexpectedly? That’s where savings come in. While you have to be careful about ‘dipping into savings’, having them there in the first place can make a big difference when you need it. In case you didn’t know, a financial adviser can also set up protection insurance policies so that if the unexpected happens you don’t have to dip in to your savings.