Best personal budget facts1/13/2024 For example, if starting a family is on your mind that is something to factor in. Work out ways to cut back but also methods to increase your income such as asking for a pay rise, ensuring you are getting all the benefits you are entitled to and exploring side hustles.Īnd don’t just think about the now – think about your earnings in the future and your possible financial commitments. Knowing how much you have coming in and going out, will give you a clearer idea of how much extra money you can set aside to commit to your goals. Look at your current financial situation and draw up a budget. Most long-term financial goals would relate to increasing your retirement accounts. Think about a longer-term objective such as overpaying your mortgage by a set amount each month so you can be debt-free sooner.building up 3-6 months of essential outgoings in cash in an easy-access savings account for emergencies.Try to think about short term financial goals such as:.If you don’t want to see a financial adviser yet or you don’t have the money, you can take on the role yourself and ask yourself the same questions: what would I like to achieve – and be specific about it.They will play out “what if?” scenarios to test the resilience of your plan, such as, what if the stock market crashes? What if I have children? What if my income streams are affected? You can speak to an independent financial adviser who will help you map out your life from a financial perspective.Saying that, while your goals should be affordable and practical, they should also push you a little bit. Of course the dream is to be a millionaire by the time we’re 25 and retire at 35, but having a more realistic objective means you are more likely to achieve it. Setting realistic financial goals is important. You might want to read more about these 10 money-saving tricks if you want some extra inspiration to save. The aim is to be in control of your money, so it doesn’t control you. You will also be able to track your progress and measure your success, giving a sense of achievement.
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