ver set your New Year goals with the best intentions but when Jan 17 comes around you back to your old ways and those resolutions are already long forgotten, if YES then you're not alone.
January can be full of good intentions, but the restrictive nature of “paying off your credit card debt in record time” or “saving more than you have ever been able to save before”, all start to wear thin by February.
Financial resolutions need to be “SMART” goals in order for you to have a better chance of achieving them. SMART stands for – Specific, Measurable, Attainable, Relevant and Time-Based.
In Paul J Meyer’s 2003 book “Attitude is Everything: If You Want to Succeed Above and Beyond” it is broken down as follows:
The goal needs to be clear and specific. Can you answer the following questions
a. What do I want to accomplish?
b. Why is the goal important?
c. Who is involved?
We all have the burning idea that we have been thinking about for years, but many of us never take the first step because we get overwhelmed, not sure where to begin or are worried about the cost!
Now starting a side hustle doesn’t mean you need to invest hundred into buying URLS, creating the perfect logo or even having a website, especially if you’re not sure the idea will even work!
Freelancing is a great way to use the skills you already have and are an expert at to help pay the bills! These are our two favourites:
Where professional freelancers go to find work from all around the world. You can create a profile for free and pitch for work! Whether you work in marketing, are a developer or simply can input data there’s a huge range of jobs available from potential clients all around the...
Sometimes too much information can be overwhelming; many people decide it’s too hard or they’ll start later. The best way to improve your long term chances of success in investing is to start now – small actions now have a huge impact over time. Start a savings account with a regular direct debit, buy an ETF every month, or increase repayments on your debt – choose one or more simple actions and start today. Even better if you can automate them; discipline is overrated.
“Don’t put all your eggs in one basket” – Humans are rather strange, we research buying a fridge, a car and even our makeup, but when someone gives us a hot share tip, we pile all of our savings into one idea. Always diversify your risk, don’t pop all your savings into one share tip. Investing across a number of shares or a couple of different ETFs over time, means if something goes wrong with one of the investments, you will not lose or suffer losses on...
Couples Talk About Money – Keep your money relationship healthy by By Kim Crewe
After sex and chores, money is the next biggest cause of arguments between couples. So, what are the best ways that you can ensure that money doesn’t become the big rift in your relationship?
To be financially healthy as a couple it is really important to understand one another’s money histories. Most of us have some quite unhelpful and untrue beliefs about our relationship with money from our childhood experience.
Put aside a good chunk of time, find yourselves some large sheets of paper and plot the timeline of your life. Add the key people, parents, other family members and anyone else of influence. Put a £ or $ sign by the ones who had a money message for you. Once you have both finished then take turns in talking through your timeline, focus on the money messages, do this without interruption and then change over.
We are generally attracted to partners who...
Lisa had some great advice
Money is one of the top reasons why couples break up, so it's vital that you and your money are on the same page when it comes to talking about money.
Now when talking to your honey about the money, pick a neutral space. For example, a restaurant, park, bar or cafe i.e. out of the house where you can have wine or a coffee. Be relaxed and talk about these questions open & calmly.
The last year has seen HUGE volatility in the financial markets and things may stay this way for a little longer. However, in the last year, I can count on one hand the number of clients that called concerned. Hopefully, they have comfort in the fact that their money is invested for the right reasons, in the right things and that their investment risk perfectly matches their appetite for risk. However, this isn’t always the case for self-investors or those with a pension pot that is not professionally managed. So how do you prepare your investments and pensions so that you can have a good night’s sleep?
Have you got the right investment for your risk? If it is a work pension that you have, spend some time on the website looking at your investment options. There should be a booklet which shows you which ones are suitable for you.
Make sure that you are taking the right level of risk. When you are young, you want to be taking the most amount of risk that...
I think having had a background in finance and studied finance at university for four years gave us a good foundation when it comes to money. We've always been quite tight on our cash flow.
When starting a company, it's really important to have a close eye on what is coming in and going out so we're quite tight on our relationship with money. We are definitely not big spenders.
On the one hand side, being wealthy is about being able to do what you love and what you want to do. For example, going on holiday, buying clothes or new furniture. But on the other hand, having a good life is a nice evening with friends and being close to your family. My relationship with my twin sister makes me really wealthy! We're each other's best friends and I think it's definitely a cheeky answer but I think that's also an example of being very wealthy.
I don't really splurge on...
Work out what you will spend on holidays over the next 12 months.
Don’t forget to include weekends away, hen dos, and spa breaks. Make sure that your calculation is comprehensive and includes the cost of insurance, spending money, airport purchases etc.
Take a look back to previous years to work out what you have spent in past years to check that your figure is accurate.
When you know what you will spend in the next 12 months, divide this number by 12. This is the amount that you should then be set aside each month into a separate holiday account to prefund your fun.
So, for example, let's say you are going to spend 2,750 in total, you then need to save 229.17 each month. You could use a regular saver that allows withdrawals for holiday account.
We all need a financial safety net. Ideally this should be 3-6 months’ worth of outgoings. This money is there to protect you should things not go financially to plan. The safety net stops you having to tap into your investments at times when the markets mean that it is not a good time. Emergency cash buffers should be kept in an easy access cash buffer. Here are the top accounts for you to consider.
If you are still building up your emergency fund you can currently get a better rate with a regular saver account. These are accounts that are designed for you to pay in regularly every month. To get access to the best rate, you will need to already have an account with the bank.