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Building and protecting your wealth

Change the Record and Stop Repeating the Same Money Mistakes

Comfort breeds complacency, as the old adage goes. You might be stuck in your money management ways without any clue about how to change, or maybe you’re not even aware that you’re making any financial blunders. It’s always best practice to evaluate the state of your affairs and change what needs to be changed, especially when it comes to money.

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

Setting things right comes in two steps:

  • firstly, you need to identify where you’re going wrong,
  • then you need to take action to correct your mistakes.

Identify where you are going wrong

You’ve probably picked up lots of bad habits throughout the course of your life and this will no doubt extend to money. A coffee on the way to work, a takeaway at the weekend, or even blindly purchasing items without looking at the price tag all can cause a depleting bank account – and you probably don’t even think twice about those things!

Not being mindful or thrifty can really add up, and this is equally true of even bigger money matters. By going with the same bank or building society for all your financial needs, you could be losing out by not shopping around.

Take action to correct your money mistakes

Not being proactive in your life leads to a “laziness surcharge” for many people. If you commute, be sure to plan in advance and buy monthly tickets or pay in advance (and don’t forget to take advantage of pre-tax travel schemes some companies provide). If you’re travelling, the same advice stands, and exchanging currency before you leave will often net you the best rate.

Don’t forget about all the services with rates that increase the later you leave purchasing or renewal. And don’t put off searching for better deals for things like insurance, mortgages, and your internet or mobile providers – chances are you will find a better deal (or get your current provider to match the price) if you look at what else is on the market.

Remember: just because you’ve managed to avoid any consequences thus far, doesn’t mean you will forever.

Not paying off credit cards each month or letting an introductory 0% APR lapse and a bill run up will catch up to you eventually. Living for payday and not having a rainy day fund might work for students, but that just won’t do in the real world.

Plan for the future and don’t just live for today.

Now that you know where you’re going wrong, you can make a plan and take action to turn things around. Make sure you’re on top of all your bills and pay for things in advance wherever possible. Keep your borrowing and debt in check, and start a savings and retirement plan in earnest. The Dental & Medical Financial Services team can help you get serious about planning for the future and ensuring your finances stay in shape.

Want help to get your finances in order?
Investments | Financial Planning | Retirement | Save Tax | Protection |

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

Tel: 01403 780 770


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