Four tips for better finances

The decisions that you make about money have a direct impact on your life and so it pays (in every sense of the word) to get them right so here are four tips that can help you make the right decisions for you.

Who are you and what are your goals?

It’s a cliché to say that we’re all individuals but it’s also true and this is reflected in the decisions we make. Age and personality both play roles in the decision-making process, e.g. a child may want to save for a toy but the saving goal of an adult may well be something like the deposit on a property or planning for retirement. So we first have to know what we’re aiming for and whether they’re short, medium or long-term goals.

Don’t sweat the small stuff but don’t ignore it!

“Look after the pennies and the pounds will look after themselves” may be an old saying but it’s stood the test of time and it’s a fair point. Small costs can go by unnoticed and turn into a large amount over a period of time but people do lead busy lives and it’s a big challenge to keep track of every single penny. Take a little time and make adjustments such as taking a packed lunch to work or buying a refillable water bottle instead of buying a bottle of water each day and the savings will soon mount up.

Your personal wealth is your responsibility

As an adult you are responsible for your own health, wealth and happiness. This can seem a little intimidating but once broken down into manageable chunks you can create a budget that works for you. Make notes of renewal dates for mobile phone contracts, insurance, end of mortgage deals etc. and find a little time to look for the best deals for the significant purchases. Plan to ensure that you have some funds in hand to meet your medium to long-term needs be it large purchases or a retirement fund.

The right financial advice can more than pay for itself

Just because you’re responsible for your life doesn’t mean that you have to do it all alone – you are allowed to ask for help. If you look at the financial sections of the press or on website you can get confused by all the different pieces of advice and the huge amount of information that is just sitting there. Family and friend all have their own point of view about matters too and the idea of making a decision can become intimidating. A professional financial adviser can help you see what applies to you and explain jargon to allow you to make the right decision for you and in this way their advice can be, quite literally, invaluable.

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