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10 Most Helpful Financial Planning Tips

In today’s unstable economy, financial planning has become increasingly significant. Creating a financial plan helps you see the big picture and set long- and short-term life goals. Don’t hesitate to start today. Here are 10 Most Helpful Financial Planning Tips…

10 – Treat your savings as outgoings

If you’ve managed to start saving, first of all, Well Done! Secondly, make sure you treat them as outgoings. This is because saving money on a regular basis over a long period of time is extremely difficult. If you treat your savings as you do your rent and your car insurance, you’ll find it easier.

09 – Sort out your direct debits

Write out a list of all the direct debits you pay on a monthly basis and sort them out. Maybe you’re paying a little too much for that Spotify Premium account? Or maybe you could do without your £35 per month phone contract which ran out two years ago.

08 – Save in a tax-deferral account

If you do set up that direct debit, you could send your money automatically to a tax-deferred account or for example a private retirement fund. This will help you stop spending it because if you take the money back out before your retirement, you’ll be subject to charges.

07 – Distribute and diversify

Don’t put all of your savings in the same account. Use a few different methods of saving to ensure that if one of them doesn’t produce fantastic results, you’ll have a few back-ups.

06 – Plan and budget

Plan ahead with your money by budgeting. Perhaps even on a weekly basis, and you’ll see positive long-term effects.

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05 – Check your accounts

Many people are scared to look at their bank accounts. You should try to check them every couple of days to ensure you’re not incurring any unnecessary charges.

04 – Get advice

Talk to your friends, mum, granddad, uncle-twice-removed and your step daughter. They’ll all have helpful tips for you to follow, particularly if they’re more experienced than you.

03 – Get professional advice

Although your family might be able to give you useful advice about personal finance, when it comes to planning for your pension you may need the help of a professional such as Pensions and Wealth management who can tailor advice to you using a wealth of knowledge.

02 – Pay yourself first

This is a commonly used adage in the financial world, but it’s true. Make sure to set up an emergency fund. It’ll help you sleep at night.

01 – Start now

Don’t treat saving like a chore to be put off. Starting early also means that you won’t need to cram your saving later on in life, too.