Sticking to financial goals is not an easy task, but by making small, achievable changes, you will eventually be able to reach larger, long term targets.
Whether saving for a house, a smaller purchase like a car or simply looking into investing, it's good to set yourself targets to help you achieve your goals. As it's the new year, why not start some financial new year's resolutions to help you on your way...
Start A Savings Account
Saving money is key to achieving financial goals. Consistently putting money away every month, no matter how small, will add up gradually and allow you to use this larger amount of money as a base. Whether you are saving up for a deposit on a house, or for a down-payment on a holiday, setting up a dedicated savings account will motivate you to save. It's also a good idea to set up a standing order straight to your savings account. This will help make the process simpler and will automatically limit the amount of money you have to spend throughout the month.
In order to save, you may need to budget. This means cutting back on unnecessary expenditure. While it may sound daunting at first, by planning where you are going to spend your money and taking a look at your existing outgoings, you can cut out spending you had forgotten about or didn’t know were doing. One of the easiest and least painful ways of budgeting is planning your spending for the month, and gradually reducing or adjusting the amounts as appropriate as you go along. If you have a spouse, work with them to ensure both of you stick to your plans.
If you are in debt, it could be a good time to start to chip away at it. Of course, if you already have debt the idea of saving may be a long way off, but if you stick to a budget, instead of putting any extra cash into savings, you can use it to pay off what you owe. Getting to a position where you can start saving without worrying about debt is a great base to build your personal finance on.
Read up on Personal Finance
You could be missing out on hundreds or even thousands of pounds each year because you either have the wrong financial product or don’t have one at all. Take the time to read up on the latest schemes and financial news to ensure you’re getting the most out of your money. Stay up to date on the Charles James blog where we have the latest in pensions, savings and investments.
If you would like to discuss your personal finances with us, get in touch with us for a free initial consultation.