STYLE | Business
REBOOT YOUR FINANCIAL LIFE
We all like to turn over a new leaf at the start of a new year so, while you’re planning how to flush out the toxins of 2019, why not consider giving your finances a health check too? It’s actually easier than you think to get on top of your financial life and, whatever state it’s in, the new year is a great time to ring the changes.
and going out is the base line as it gives you the starting point for a plan to take control. This is the perfect time to check whether you’re still paying for subscriptions you no longer use.
It’s important also to have an understanding of what you’ve actually got: cash balances, pensions, investments, that sort of thing.
Many of us are not saving enough for our retirement years. Decide when you (realistically) might want to retire and how much you might need each year to live on – if there is a grievous discrepancy between what you currently have saved and what you might need, it’s time for action. The sooner you start, however close you might be to retirement, the more your money can work for you.
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f it seems a daunting task, particularly if you know it won’t make pleasant reading, taking it in stages helps lessen the shock and the workload. When trying to develop good habits, it’s all about small steps. To
start with, perhaps consider scheduling a few minutes a day to check your accounts. Many of us are scared to look so don’t look at all, which is a big mistake as you only end up carrying those money worries with you. Looking at your account every day will become second nature and as you develop your savvy financial mindset it will be even easier to stay in control and make better daily financial decisions.
Alongside checking, you need to assess the situation. Know your financial commitments: your day-to-day spending as well as all your financial liabilities such as your mortgage, rent or credit card bills. Knowing what’s coming in
Refreshing your financial life also means putting things in place that will mean a better financial future for you and any dependents. Such as a Will – it’s important to keep this up to date with any developments in your life, such as home ownership or children – to ensure your assets end up with the people for whom they’re intended.
An easy financial housekeeping win right now is to be open and honest in your financial communication. Talk to your spouse, partner, family or dependents about your current situation and your plans for the future.
Make this the year you become money mindful; make this the year you take control!
For independent, qualified financial advice, call Rouse Limited on 01983 535740 or visit
rouseltd.co.uk Rouse Limited is authorised and regulated by the Financial Conduct Authority.
styleofwight.co.uk
By Ben Rouse ROUSE LTD
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