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Practical Solutions To Keep On Top Of Your Finances

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The last year has been a challenge for most people. Money worries are among the most common sources of stress, with more and more people experiencing sleepless nights during the pandemic. A 2020 survey suggested that 9 million Brits worry about money daily. As restrictions ease and we start to move towards a life resembling some kind of normality, it’s essential to keep on top of your finances. In this guide, we’ll explore some effective, practical solutions to make managing money easier and more accessible.

Budgeting and tracking spending

Today, we pay bills and make transfers without even touching a button. With direct debits, standing orders and tap to pay, it’s very easy to lose track of spending. If you tend to get a shock when you check your balance, or you’re one of those people who signs up for free subscriptions or membership trials, use a budget to monitor spending and highlight unnecessary expenses. Go through your monthly transactions, see where your money goes, and set spending limits if you’re trying to save more or lower your outgoings. Cancel memberships and subscriptions you don’t want or need and use your budget to work out how much you can afford to spend. 

Seeking expert advice

When it comes to accounting, managing your personal finances, investing money and buying financial products, it can be hugely beneficial to seek expert advice. From using a personal tax accountant to calculate your annual payment and fill in and submit your tax return to planning investments and finding the right loans and mortgages, consulting experienced professionals can eliminate stress, reduce risks and save you time and money. Take the time to read reviews and testimonials and check credentials before you decide which firm to work with. 

Setting spending and saving targets

Many of us would admit that we spend more than we need to. We have become accustomed to purchasing items that we don’t necessarily need, and it’s easier than ever before to spend money on products and services. One way to reduce expenses and save more is to set limits on spending. You can do this by budgeting for specific purchases, for example, grocery shopping or going out, or by setting a monthly cap that covers every outgoing. 

Auditing

How often do you analyse your accounts with a fine-toothed comb? Online banking is a brilliant invention because it enables us to access statements and analyse transactions in real-time. It’s wise to get into the habit of looking through your transactions and understanding what you’re spending money on and where you could save. If you run a business, or you are self-employed, it can be useful to separate your accounts for tax purposes. You may also benefit from hiring an accountant or a bookkeeper to manage your business accounts if you’re short on time, or you have limited experience in this area. 

Money is a source of stress for millions of adults. Keeping on top of your finances can help you save more, spend less and feel more confident about your financial situation. If you’re keen to take hold, start budgeting and auditing your accounts, seek expert advice and set spending and saving targets. 

Entrepreneur, blogger, content creator and business mentor.

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