So, we’ve partied our way into the new year and I imagine you are now currently sat in work, broke and praying for a big lotto win (I know I am). Well, although we should never say never, it’s time to come up with some realistic new year resolutions.
The obvious choice for many may consist of going to the gym more, eating healthier foods, and seeing new places, but what about financial goals? Being on top of your money allows you to save up and lets you lead a comfortable lifestyle (financially anyway). No more praying for payday, no more missing out on holidays and no more stress!
Where should you start?
Assess your current financial state
Look at your current finances and see how much you earn, how much your bills are etc. This allows you to work out how much can be saved, how much you have for necessities, such as your weekly food shop and how much spends you’ll have for other things such as social activities.
Set realistic goals, whether that’s an amount of money you want to have saved up by a certain date or maybe a summer holiday. Having a goal is a great motivator and allows you to aim towards something. It is important to ensure these goals are realistic, telling yourself you’re going to buy a house in the next six months is a little daunting, start small and save in steps.
Plan of action
Creating a plan really helps you visualise the outcome. Being able to see what your saving and what your spending allows you to see what you can cut back on where necessary. Begin with budgets. Now, you don’t need to run and hide, budgeting is a really helpful way for you to gain control of your finances. So prioritise your wants and needs and decide on a budget, it is important to make them realistic budgets to ensure you stick to them.
Save, Save, Save!
Saving up may seem like an obvious tip and you may already have savings for maybe a wedding, a holiday or university fees. But what about emergency funds? Have you thought about your MOT for this year? Or that new phone you always smash etc. Having emergency funds means you can deal with all these unexpected payouts without worrying about where you’ll find the money from!
When in doubt, ask!
If you find yourself struggling, then don’t be afraid to ask for help. No matter the city you are based, there are London, Edinburgh, Birmingham, and Manchester based accounts ready to help you and answer any financial questions you may have about running a small business or professional budgeting to keep everything in order.
Do you have any great tips to helps others get on top of their finances this year? Maybe you’re here to find advice. Either way, we want to make the most of this new year and it’ll be much easier to do that knowing our finances are in order!
Photograph by Steve PB