When talking about financial goals, many different things come to mind. For some, it could be a place of your own, others may focus on saving to secure a financial future.
Regardless of what your standpoint is, the first thing to consider is financial freedom. This could be a goal in itself as it means having enough savings, investments and cash on hand to afford the lifestyle you want for yourself and your family.
Sadly, too many of us fail in achieving that goal. We are often burdened with a large amount of debt, financial emergencies, excessive spending or simply get distracted.
Here are our top tips to help you stay on the right track in your quest to achieve financial freedom or peace of mind.
A general desire for financial freedom is too vague a goal. What is it exactly that you want to achieve? How much money do you want to have saved in your bank account? How many holidays do you want a year? What kind of a lifestyle do you wish for?
The more specific you can be, the better and the higher the likelihood of you achieving your goals. Once you have the numbers down on paper, count backwards to your current age and set mileposts at regular intervals. This way you will be in the clear where you are at and how much further you need to go.
We know life is full of surprises, those beautiful ones and unfortunately those unwanted too. That’s why it’s important to plan for every possibility. Our advice here is to run through the numbers with every financial corner you turn. This should help you make the right financial decisions when you face the surprises that life can throw at you.
Have a budget
Sorry if you heard this mantra before but having a set monthly budget is a must! It helps you to manage your finances more effectively and ensures you don’t spend money that you don’t have. Before the age of plastic, people knew exactly where they were with their money at the end of each month. Nowadays it’s just too easy to go on a wild spending spree and then end up drowning in debt.
By sticking to a budget, you will know exactly how much you can spend every month, how much is left at the end of the month and how much you need to save to achieve your goals.
This could be easier said than done…As hard as it is to deny ourselves little pleasures, having an end goal in mind should make it more bearable. An integral part of this process includes cash flow modelling. You’d be surprised how little changes can make a big difference! Simply by making your own lunch 3 times a week, you can save around £780, swapping utilities or insurance suppliers on a regular basis could save hundreds too!
Hire a financial advisor – Lower My Charges
As professional financial advisers, it’s our job to ask you a series of questions about your personal circumstances, your goals and how much risk are you willing to take when investing. With a full understanding of your circumstances and priorities, we can then provide you with personalised professional advice and suitable and affordable financial products. Together we can develop a strategy to help you achieve your financial and lifestyle goals.
Book A Discovery Call
Your free discovery call will last up to 20 minutes and we’ll use this time to understand your circumstances so it might be helpful if you have the details of any financial products you may hold ready to hand. We will explain how our service works and how we can help you achieve your financial goals. All our calls are recorded for your protection and you are under no obligation to proceed. We are here to help.