They say that money doesn’t buy happiness. While that might ring true for some people, in this day and age, for many people financial stress can create anxiety and discomfort. Because it’s not just about having enough money for your needs and wants, you need to be able to manage your money effectively to ensure your decisions will lead to happiness. Find out why financial stability is so important to our overall well being by reading on.
This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice.
There’s one surefire way to ensure that your financial wellbeing is in hand and that is to work with a financial advisor. However, there are some key areas advisors will guide you through.
Take Control
It might seem obvious, but the first step to becoming financially stable is to take control of your finances. Doing a deep dive to understand how much money you have coming and how much is going out each month can help you identify opportunities for saving. If you have debt, create a plan to pay it down. A thorough financial review with your financial advisor is the perfect way to kick-start the process.
Be prepared
Stability and security go hand-in-hand when it comes to finances. Sure, long-term savings for things like a home or retirement are important, but it’s equally as important to have an emergency fund. If you don’t already have one, an emergency fund should cover about six months’ worth of expenses and be held in an easily accessible savings account.
While an emergency fund will help you during a short-term difficult period, there are some financial emergencies that this kind of fund won’t cover. For thing like severe illness, injury, or even death, there are products that will help you be prepared for anything. Consider your options for wealth protection like income protection, critical illness cover, and life insurance to ensure that you and your loved ones are properly supported financially in case of an unfortunate event.
Meet your goals
When you have a plan to reach your financial goals and actively take steps to reach them, being on track will help with your sense of financial wellbeing. No matter what your end goals are, it will create a sense of pride that you are working toward your future. A financial advisor can help you by suggesting strategies or products like ISAs or pensions to ensure you’re doing all you possibly can to reach the future you’re dreaming of.
Work toward your future, but enjoy the present
If you are interested in learning how to work toward financial and overall well being, get in touch with Dental & Medical Financial Services. We can help you build a financial plan that suits your current circumstances while working toward your future. Get in contact today.