Money Matters: How To Future-Proof Your Finances

June 15, 2020admin
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If 2020 has shown us anything, it’s that nobody knows what is around the corner. Life has a habit of throwing curveballs our way, and it’s crucial to be prepared for all eventualities. While there are benefits of living for the moment and seizing the day, when it comes to money matters, it’s also wise to future-proof your finances. Here are some ways you can start managing your money and planning ahead. 

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Taking control of spending

Most of us are guilty of spending money on things we don’t need from time to time. The problem is that overspending can become a habit, and before long, you can be living beyond your means. If you spend more than you earn, you’ll get into debt, and there’s a risk that you could find yourself in a tricky situation. The best way to avoid overspending is to keep a close eye on where your money goes. Budgeting is a brilliant way to monitor your income, your outgoings and your spending habits. Use your budget to set a suitable weekly or monthly limit and to set money aside either to pay off debts, for example, a credit card, or to add to your savings fund. Analyse your outgoings to highlight areas where you could reduce spending, and try and cut down on luxury items if you’re on a mission to save or to clear debts.  

Paying into a pension

Pensions are designed to provide a nest-egg when you retire and you stop receiving your salary. If you don’t already have a pension, it’s beneficial to explore your options. If you’re employed, there may be a work scheme you can contribute to, along with your employer. If you’re not employed, look into private pensions. If you’ve been paying into a private pension, and you’re worried about the advice you received, it’s worth investigating SIPP compensation. SIPP (self-invested private pension) claims have become increasingly commonplace in the last few years. If you think you might have been mis-sold a pension, or you’ve been misled, seek expert advice as a priority. If you don’t already have a pension, and you’re self-employed, talk to a reputable, trustworthy financial adviser. They will be able to offer you advice based on your circumstances and requirements. 

Setting up an emergency fund

Your bank balance may be looking healthy at the moment, but would you be able to cope financially if you lost your job, your home needed emergency repairs or your pet was injured in an accident? We never know what is around the corner, and often, we find ourselves facing unexpected financial difficulties. Setting up an emergency fund is an excellent way of covering yourself if you need to pay a bill that comes out of the blue. It’s also wise to invest in insurance to protect your home, your car and your furry friends. 

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Nobody knows what the future holds, and that is why it’s so crucial to plan ahead and think about spending and saving. Budgeting, paying into a pension and putting money aside for emergencies can help you avoid disasters and money worries now and for many years to come.

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