We all have financial goals that we know we should look at but instead of tackling these goals we often put them on the long finger. We may not necessary think about them on a daily basis but rather than put these off we should put a simple plan in place to overcome any financial obstacles that we may face.
Track your income and outgoings
If someone asked you how much you take home in each pay cheque, you would be able to rhyme off the number. Now if someone were to ask you to give a breakdown of the expenses you spend this pay cheque on would you be able to give this answer as quickly? Quite often we find ourselves at the end of the pay period wondering where all our money has gone. If you keep track of your spending, spending trends can easily be adapted once you know exactly what you are spending your money on.
Plan for your retirement
We all know that it is a good idea to save for your retirement, many of us are paying into a pension but do we know how much we will be receiving when we reach retirement? Often our pensions fall short of expectations. If we establish this in time we can come up with a savings plan to supplement our pension and the sooner we establish this the easier it will be to build a retirement fund.
A Rainy day fund
Everyone has an unexpected emergency that crops up or an event that was unplanned. This could be anything from unexpected car expenses or necessary house repairs. Try to keep an emergency fund aside for such instances in a rainy day savings account.
Designate beneficiaries on your accounts and make a will
This is a task that many of us know we have to do but we seem to put it off. It is important that you make clear what is going to happen to your money and assets should something happen to you. It is also important that you review these instructions and ensure your wishes are kept up to date taking into account changes to your personal circumstances.