At this time of year, we all have a habit of looking at our lives and thinking about the things we’d like to change.
Now, we can’t help you commit to that gym membership or make sure you read a new book every month. But, we can give you a few tips to get your finances in order for the New Year
1. Think about your goals
Take the opportunity to sit down and think about what you want your money to achieve. Do you want to retire a little bit early? Do you want to try and pay off your mortgage? By taking the chance to decide what you want your money to do, you can then work out how to get there.
2. Look at what you currently have
In order to plan for the future, you need to understand what your money is currently doing for you. Who is your pension provider and how much have you already saved? How much have you got in your savings account? Would you earn more if you switched accounts? Once you fully understand where you stand financially, you can move forward with planning for the future. If you have a partner, it’s best to do this together as a couple.
3. Budget, budget, budget!
If you want to add more to your savings, consider taking account of all your current expenditures and set yourself a budget. Consider SMART objectives. Decide on what you want to budget for, then make sure your goal is specific, measurable, achievable and realistic then set a timeline. This helps to make sure that your goals are within reach.
4. Check on things regularly
Keep an eye on your finances and review them on a regular basis. This will help you to spot any irregularities or help you identify areas where you could cut back.
5. Contact a financial adviser
We may be biased, but we think this is an important one! A financial adviser can help you put things into perspective and help you work out the best plan of action. They can also make sure you fully understand everything that is happening with your finances as they can explain the jargon. If you get in touch with Ethical Futures, we can help you put together a plan for your finances that will not only benefit you but will be aligned to your personal ethical beliefs. After all, we want to make your money change your world!