Each week in our Friday Five, we provide five quick tips about a different topic of interest. Interested in seeing a particular subject discussed? Send an email with your FAQ to [email protected].
This does not constitute advice and advice should be sought in all instances before acting on it.
It’s always been crucial for people to save wisely and spend frugally. But in this uncertain economy, it’s even more important to ensure your financial future remains secure. While most people focus on the major avenues – saving for retirement, owning a well-priced home, maintaining a steady job, etc, here are five things you might have overlooked that will help you ensure your future is financially sound.
1. Baby on the brain
Even if kids are a far off notion for you right now, it’s never a bad idea to start saving for a family if that’s part of your plan. Even saving just a few pounds a month and increasing that amount as you earn more will go a long way when your bundle of joy does arrive. Once they do arrive, don’t get swept up in the latest fads and trends and overspend when you don’t need to. And invest in their future by contributing to Junior ISAs in their name as soon as you can.
2. Credit crunch
If you’re trying to curb your spending, running up balances on credit cards is definitely not the way to go. Keep the number of cards you have to a minimum and always try to pay your balance off each month if possible. Remember: a credit card is not free money, you will have to pay it back – with interest most likely.
3. Start a budget
If you aren’t already working within a set budget each month, consider working one up to help keep your finances in check. You’ll be able to easily see how much you have coming in and going out each month and where most of your earnings get spent. This way you can review areas of overspending, cut back, and properly start saving for whatever your goal may be.
4. Think outside the box…
…or, the country, for that matter. Trading on the stock market can be very lucrative in the right environment, which goes for any country. If you ever have the opportunity to invest in a foreign exchange trade, it’s definitely worth the consideration. Slow and steady will often win the race in these circumstances, and if you play your cards right, you could end up with a significant payout down the line.
5. Live within your means
This goes hand in hand with starting a budget. You’ll be able to see exactly how much “walking around” money you can afford and still stay on track for a secure financial future. Understanding that rent/mortgage, bills, savings, and paying off debt should be your priority is the key to living within your means.
You don’t need to tackle all the tips at once, but starting is always half the battle. If you’re ready to take the next step in your financial journey, reach out to one of us to set up a financial evaluation. With our help, you’ll be on the road to financial security in no time.