Ann-Marie Atkins, Managing Partner at Tilney shares her top tips for getting your money and bank balance healthy in 2020’s new year.
- Create your own budget newsfeed
You wouldn’t leave it a month to check your Twitter newsfeed, or what your influencers are doing on Instagram, so why wouldn’t you check what’s happening with your money? Even creating a basic monthly budget sheet or simply monitoring your account, will help you keep track of your finances and show where you might be able to make some cutbacks and whether you have any spare money to spend or save elsewhere.
- Play the savings challenge
Let’s be honest. All too often we hear ‘saving’ and think boring! But it doesn’t have to be. Having something to save for is far more exciting than simply putting money away. Why not set yourself a saving challenge by agreeing a realistic figure and seeing if you can save a little bit more each month. You can even have a competition with family and friends on who can save the most.
- Talk money
Money might be the last thing you want to talk about, but it doesn’t have to be feared. Rather than bottling up any concerns, talk to someone. Even if it’s someone you wouldn’t usually turn to. In fact, 8% of Brits would get their money woes off their chest to their hairdresser, increasing to 23% for millennials. Talking to someone is better than talking to no one.
- Plan for the unexpected
It’s unsettling to think about losing your job, or becoming unwell, let alone the prospect of having to care for a relative. Sadly, this is increasingly becoming a reality for many. Preparing for the unexpected can help ease the stress should something happen. The personal strain is tough enough, the last thing you want to deal with is the financial impact. This New Year, let’s plan for the unexpected.
- Protect yourself
If you’re in a relationship or getting married make sure you protect yourself financially. Do you know your partners’ financial status? Are they in-debt? If so, the last thing you want to do is take this on or open a joint account. While this isn’t romantic, neither is lots of debt and a bad credit rating.
- Don’t let fear rule you
Ever thought about investing? Are you worried you’ll lose money? It’s only natural to feel that way, but don’t let that fear stop you from investing. It’s never too late to start investing for your future, but remember, the longer you invest, the higher the chance of a better return. You don’t have to be an expert, it’s about knowing what you’re investing for and getting the right advice.
- Don’t pay more tax than you must
Most people hate paying tax and wish they could just keep the money they earn. So why pay more than you must? Embracing tax efficiency can make a big difference to your money pot in the long run. There are plenty of options for saving tax. With individual savings accounts (ISAs) and pensions, you could benefit from tax relief at the same time as giving your savings a welcome boost. This New Year make it your mission to research the best accounts for you.
- Think about your future
I know, I know. The last thing you want to think about is retirement. But the earlier you think about your future, the more chance you have of achieving the one you want! Talking to a financial planner can help set you on the right savings path and make your money work harder for your future.
So there you have it, money tips to increase your bank balance for the New Year.