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11.01.2017

Financial Planning Tips For 2017

The dawn of a new year is the time when many of us make resolutions of change. This could be in our career, our fitness levels or perhaps in our personal lives. They are promises to change and make things better.

One aspect of “change” that we seem to forget when the clocks hit midnight is the change in our pockets. However, this is a small change that we could really benefit from. In fact, if we all made the resolution to take greater care of our finances for 2017. We may be surprised to see how much of a change it really could bring.

Not sure on the best way to get your finances in order but still want to try and make a difference? Well, we are here to help. We have put together our top financial planning tips for 2017. All simple things that you can do to make a big difference to your credit rating, bank balance and savings.

This will also help you stay out of financial trouble which could result in an IVA or Trust Deed.

Be more organised

One of the best ways to start being better with money is to actually organise yourself better. Take all those odd bits of paperwork that may be flying around and use them to make a simple plan. Not only will it allow you to know where you are currently at, but will get you in the right frame of mind to focus on finances.

Know your interest rate

So many of us are guilty of not being aware of the interest levels that we are paying on some of our accounts. This could be costing you money in the long term. Set yourself some time aside in January to take a proper look at the interest rates that you are currently on and see if you can find a better deal.

It may take you a little bit of time, but by shopping around you may just save yourself money over the next 12 months.

Find a way to budget better

We all have budgets in mind on how much we want to spend on things. But how many of us stick to them? Make 2017 the year that you budget, better. Find the ideal way to keep track of your spending (not to mention plan out how much you can spend) and stick to it.

Some people find it much easier to have a “cash only” approach to their spending. This means that they only take out the money that they can spend. That way you cannot go OTT and end up with no money left for food, utilities or any essential purchases.

Know your financial vision and keep it in mind

Have a reason for wanting to get your finances on board? This is much more likely to help you stay on track. Know the end game for you and make sure that it is always in your sight. If it is a holiday of a lifetime, then have a picture of your destination on the fridge. Saving up to buy a property? Tease yourself by checking properties online that you might like to buy.

By doing this you can really help motivate yourself to succeed.

Tackle some of your smaller debts

Many of us may feel that we are drowning in a mountain of debt. If this is true for you, then you will benefit most by tackling the smaller debts first. By paying off those smaller debts, you will get yourself in the mindset of paying back money owed. The smaller ones will be finished quicker, giving you the feeling of satisfaction that you have achieved something great.

Then it is just time to start chipping away at the bigger borrowings.

Shop smart

We all love a little treat, but when those treats are having a negative impact on your financial situation it is time to curb your spending. Really take the time to think about all the purchase that you make and evaluate whether or not they are actually worth the money.

If you have been good enough to deserve a little treat, make sure that you buy something that you will really enjoy, such as an experience (concert, theatre, gig or a nice meal with friends) rather than something materialistic.

That way you will have a great memory to keep you going rather than a quick fix!

Look at your credit report

This is another great starting point for getting your finances in order. Checking your credit report is easy, and shouldn’t involve you signing up to any monthly commitments. You may even find that there are some inconsistencies listed on your report, which could leave you with a negative credit score. By checking and correcting these, you may see it get a little bit of a boost.

Be more aware of your spending

Some of us have the issue that we really don’t take much notice of what we are spending. This could lead to spiralling debt and money concerns. If you think that you spend too much money, then the chances are that you do.

Rather than leave it up to guesswork, make sure you keep a note of those outgoings and you can soon see exactly where your problem lies.

We hope that these tips help get you on the way to a healthier financial life. Money can be a huge cause of stress, worry and tension in relationships. So, by making changes to this part of your life, you may just find that other parts improve too.

All that is left to say is that we hope that you have a fantastic 2017 and end the year in a much better financial position then you may have started it!

If you need more information about the options available to you in dealing with your debt, you can always speak confidentially with one of our friendly advisors on 0808 2085 198.