Financial Health

Financial Health & Money Management is a key component of well-being. Managed inefficiently or ignored can cause arguments in relationships, it can cause unnecessary anxiety which can result in ill health. Below are a few tips on how to focus and keep on top of your spending.

Create a monthly budget

List out all of your monthly outgoings and total income. start to be realistic of how you spend or save any balance.

Understand your expenses

Keep a record of the dates you pay for your utilities, petrol, subscriptions, direct debits, standing orders, service charges, Mortgage payments, loans. (many payments come out of your bank at different times of the month which you may not be expecting)

Understand your income

Be aware of your net income, your tax liability, direct savings, sick pay

Be aware and consolidate your debt

We all take out loans and spend on our credit cards, today its so easy, but debt has to be paid back, usually with a high interest rate. Consolidation of debt is an option, however no debt is better. Always make regular payments as this will affect any future credit score.

Reduce or remove unnecessary expenses

We often subscribe to various organisations, charities and services. Some of these moving forward we no longer use or fit our needs. It is worth from time to time to check these payments and ask the question, do i really need to be paying for this anymore? am I using this service? if the answer is NO, then cancel and save a little money, every little helps.

Create an emergency fund

'Saving for a rainy day' is an old saying but still rings true. its always worth putting a regular amount away in a savings accounts, just in case you need that lump sum that you haven't budgeted for. Why get stressed out when you need to pay for car repairs, gas central heating fails, your oven fails you or your fridge packs up. another old saying 'better to be safe than sorry'

Think about your Pension

whats your finances going to look like at retirement? people think the state will look after us, well! they keep pushing out the retirement age and the funds are decreasing. so take your own initiative, save some money in a pension or in an investment fund, make it work for you.

I'm sure I will be adding more on this topic as time passes, however in the meantime become money savi, think about yourself and others who depend on you and you on them.