Budget Advice to refill those freshly emptied pockets
Written By: Alice Robinson
For many families, the budget can take a massive hit over the festive season. It is important that everyone is able to feel confident in their finances going into another year of school fees, mortgages and everything else. To help out, we have made a list of three tips that will help you and your family financially prepare for whatever may come your way in 2017.
- Calculate your net worth
To start the year strong, you need to know what you have. What are your assets, what are they worth? Is their value appreciating or depreciating? By how much? What cash do you have and where is it coming from? What expenses will you have to pay and what is the value of your debt? How much super do you have? Do you know where it all is? Get to know the ins and outs of your financial position and you will very quickly start seeing areas to improve.
- Set up some sub-accounts
Sub-accounts are great for helping out with your budget and they are so simple with online banking. Set up a sub-account for bills, one for holiday savings and one for other savings if you are planning on a big investment soon. Set them up for anything you think will take a reasonable portion of money; you could even set up a sub account for Christmas presents if you want to! (I did and it is the best idea I have ever had because it took all the stress away from the end of the year)! Sometimes it is better to divide your big sum of money into smaller clusters of money so that you can ration and know that the money you need for a particular purpose is always there for when you need it.
- Check up on your interest and your insurance policies
Interest rates and insurance policies are always changing. What may have been a great option one year may not necessarily be as good the next. Have a look into all of your options and make sure you are still getting the best deals. You don’t want to be losing money where you could be saving it!
These are just some basic tips for getting reorganised and financially fit this year. If you would like some more ideas on how to boost your financial position or would simply like someone to talk to, Growth Focus is here to help. Just go to the Enquire Today page on our website and book a consultation with one of our friendly financial advisers. The first consultation is free and will allow you to get a feel for our service, to see if you are comfortable with us and what we have to offer.