Managing your finances starts with getting to grips with your monthly outgoings.

It does not matter how much money you are earning from your salary; bonuses, rental income, dividends, pension, and annuity income, investments, savings interest, or tax planning unless you can manage your outgoings.

You need to run your personal expenditure like a business and cut out all the unwanted waste. Do you have a gym membership you don’t use? A Sky TV ultimate package that you don’t watch it to be worthwhile? A magazine subscription you don’t even open each month? That bank account with extras that you don’t use when paying around £35 a month for the privilege?

So let’s get Ruthless! Open our expenditure file and look at all your outgoings for the past six months, from your bank accounts and credit cards. List it all and see how much you actually spend each month. If ever there was a time to start to understand your outgoings, then Covid-19 and lockdown was it! Don’t forget to add in all the costs you normally have like: holidays; travel; birthdays and eating out etc. Work on averages here and if you are looking back over six months then you can simply divide the totals by six. Enter these as your regular monthly outgoings.

Do you want to plan for something in life? Travel when we get out of lockdown, or another bucket list item? Take a look at our Life Goals planning document next an to see what you really want to start spending your money on. Once you have narrowed your list from question three and know what you should be spending your money on, it will then make saving for it (by cutting your outgoings) ll the more worthwhile.

Do you want to plan for something in life? Travel when we get out of lockdown, or another bucket list item? Take a look at our Life Goals planning document next an to see what you really want to start spending your money on. Once you have narrowed your list from question three and know what you should be spending your money on, it will then make saving for it (by cutting your outgoings) ll the more worthwhile.

So you have completed your expenditure and goals list, what next? Now you need to see if you can purchase your outgoings with lower monthly costs, so you can get to achieve your life goals faster. Look at trying to buy utilities cheaper, car and home insurance, TV subscriptions. Every time you save money each month, put that into an ISA or savings account and work towards your first goal. make sure you write it down and share with others so they can hold you accountable for acheiveing your goal.

Let us know how you are getting on and what plans you have in place. https://assuredwep.co.uk/contact-us/

Good luck. If you need a professional review of your finances, book a FREE online review today.

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