City thinking, local knowledge

Managing Finances: A Stress-Free Guide to Financial Freedom

By Questa Chartered

We’re all busy people, and our spare time is precious. It’s easy to neglect important tasks like managing finances in favour of more enjoyable activities.

Reclaim Your Time

Consider this: UK adults spend an average of 48 minutes a week scrolling through social media and 39 minutes playing video games, according to Moneybox research. Yet, we only spend 24 minutes a week on financial tasks like budgeting and planning.

Imagine what you could achieve by redirecting just a fraction of your screen time towards managing your money. Whether it’s saving for a dream holiday or a new home, the benefits of being financially savvy are immense.

Make a Difference with Small Steps

Brian Byrnes, head of personal finance at Moneybox, advises: “Setting aside time every week to review your budget and plan your finances can boost your confidence and improve your financial situation over time.”

Start by examining your income and expenses. List all your sources of income and track your spending. This will help you identify areas where you can cut back and save more.

Choose the Right Financial Products

Only 20 per cent of people consistently research financial products, and 28 per cent don’t know how to choose the right ones. This means many are missing out on better deals and opportunities.

Take the time to compare financial products like savings accounts, credit cards, and insurance policies. Websites like MoneySavingExpert can help you find the best options for your needs.

Professional Advice Can Be a Game-Changer

Feeling overwhelmed by the sheer number of financial products and options? An independent financial planner can provide tailored advice based on your specific circumstances. They stay up-to-date with market trends and regulations, ensuring you receive informed advice.

Financial planners can also help you set realistic goals, manage risks, and optimise your tax situation. This support can give you peace of mind, knowing you’re making well-informed decisions.

Practical Tips for Managing Finances

  1. Automate Savings: Set up automatic transfers to your savings account. This ensures you save regularly without thinking about it.
  2. Create a Budget: Use budgeting apps like YNAB or Money Dashboard to track your spending and stay on top of your finances.
  3. Review Regularly: Schedule a weekly financial review. This habit can help you stay informed and make necessary adjustments.
  4. Set Clear Goals: Define your financial goals, whether it’s building an emergency fund, saving for retirement, or buying a home. Having clear objectives keeps you motivated.

Take Action Today

Taking control of your finances doesn’t have to be daunting. Start with small steps, and over time, you’ll see significant improvements. By prioritising your financial health, you can achieve your goals and enjoy greater peace of mind.

If you have any questions about managing your finances or need advice, please feel free to contact us. We’re here to help you secure a better financial future.

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