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Building and protecting your wealth

10 Tips to Achieve Your Financial Goals

Your financial goals will constantly change throughout your lifetime. Your priorities will shift, so your financial strategy will need to adapt. Here are 10 tips to help you achieve your financial goals, no matter what life stage you are in.

This does not constitute advice and advice should be sought in all instances before acting on it.

1. Reduce debts

You should know exactly how much you owe, how much interest you are paying, and to whom. Once you have added up all your debt, work out how much you can reasonably afford to pay off each month and make consistent, on-time payments.

2. Track spending

When you track your finances, it gives you a baseline to help follow your progress and allows you to see spending mistakes before they become disastrous personal finance problems. There are a number of different mobile budgeting apps that put financial tracking at your fingertips.

3. Use tax allowances

From the Income Tax personal allowance and the tax-free dividend allowance, to the Capital Gains Tax allowance, the lifetime pensions allowance and ISA savings, there are many ways to save each year – so don’t lose out.

4. Start a new habit

Start out by saving a little bit each month, or finding a small investment. Soon it will become a habit and something you don’t even think twice about.

5. Top up your pension

Topping up your pension will help improve your financial security in retirement, so saving more whenever you can will make a big difference to your future.

6. Focus on your goals

Financial planning is essentially about setting short, medium and long-term financial goals and putting together a plan to meet them. When you keep your focus on what you want to achieve in life, you are much more likely to reach your goals.

7. Stick it out

Don’t let temporary setbacks derail your financial plans. There will always be some bumps along the way as you invest for your future. It’s important to take time to consider your long-term plans and take deliberate steps that can further your long-term goals.

8. Broaden your investments

Your investment strategy now could determine your financial success for years to come, which is why it’s important to diversify your investments. This lowers your portfolio’s risk because different asset classes do well at different times. Speak to your financial adviser for help.

9. Keep emotions in check

Shock events and related stock market volatility can cause investors to act on their emotions but reviewing your plan when markets turn south can temper this impulse. During any period of volatility, think about why you’re investing in the first place to help you stay the course.

10. Reinvest dividends

When an investment pays a dividend, you have two options: either take the money and use it as you would any other income, or reinvest it. Although having the extra money on hand may be appealing, reinvesting your dividends can really pay off in the long run.

DMFS Guide - Getting Finances in Order

If you’re ready to make your finances a priority, start with these tips and schedule a meeting with us to start building your own financial plan today.

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Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
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