Quick And Easy Financial Planning Tips

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money tipsYou don’t need a financial adviser to make some easy changes to your finances that can make a huge difference to you and your family. In this post, we walk you through 6 tips that will start paying off big time with little effort. Sounds too good to be true? Not in the least. These are tips you can start using today and begin to see a positive effect on your finances tomorrow!

Save Save Save

Saving money is the number one tip that I found while researching this article. Having a healthy stash of savings ensures that you’ve always got something to fall back on or in case of emergencies. And if the emergency never happens, you might be able to invest in assets or leave something behind for your next of kin.

Plan For The Future

Speaking of next of kin – who’s paying for your funeral? Planning for these kinds of events now can be a huge help to your family after you pass on. The cost of a funeral is sometimes included in your life insurance plan, but these often don’t pay out until long after the funeral. A funeral plan means anything you leave behind can go straight to your beneficiaries.

Insure For Risks

Another way to plan for the future is to assess risks in your life, and take out insurance to cover them. For instance, you may take out critical illness insurance to cover your mortgage if you can’t pay it. Life insurance can ensure your family are looked after should you pass or contract a fatal illness. Even pet insurance can save on hefty medical bills for injured or aging pets.

Make Small Swaps

Pay close attention to what you spend money on, and consider if there are any areas when you can find savings. Packed lunches are cheaper, healthier, and often more tasty than eating out every day. A cafetiere or aeropress for work will soon pay for itself if you usually spend a lot of money on take-out coffees. Meal-planning before shopping trips can also help you spend less, as well as reducing household waste – win win!

Minimise Debt

Before taking out a credit card or financing a purchase, think: is this something you really need? Financing can be a great way to make necessary purchases more affordable, but should be avoided for frivolous or unnecessary items.

For any debts you do have, make a plan to actually pay them off. Paying the minimum amount can easily lead to a debt hanging over you for the long term. Consider consolidating debts if you are juggling a few, and remember to shop around for the best rates – for instance, you can sometimes save interest on credit cards by taking a balance transfer offer. Just be sure to pay it off or move it before the promotional period ends, or you can end up paying even more interest than before.

Spend Less Than You Earn

This sounds simple in theory, but is honestly where most people fall down when it comes to financial planning. Take the time to write down all of your income and expenses, and make sure the numbers add up! If you find you’re spending more than you can afford, is there anything you can do to reduce your expenses?

Can you change to a cheaper gym, or invest in insulation so you use less heat? Consider which appliances use the most energy in your home and plan accordingly; wash dishes by hand, air dry washing, and learn a few one-pot recipes. Or even consider buying store brands when shopping for food. There are lots of little things you can do to trim expenses that will add up over time.

1 thought on “Quick And Easy Financial Planning Tips”

  1. It might not seem like cutting small expenses here and there will help you, but those numbers really do add up! Taking action against debt and expensive living will benefit your financial health for years to come, just like slip-ups can impact you for months if not years.

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