Most people come into the New Year thinking, I’m going to be good, cut down the alcohol, eat healthier, save more money and have a better work/life balance. This year, I refrained, I thought, I always fail because it’s not planned, it’s a knee jerk reaction cause it’s the New Year. So this year I had a good think about things and came up with a few things that I wanted to change in my lifestyle rather than going all out for the resolutions.
They are pretty much the same as the resolutions that I would normally profess at New Year to sticking to, but this year I’ve planned them. So, if you are looking to enhance your finances, there is a company called Chime. Chime specializes in mobile banking, and is helping to move us toward smarter financial decisions. They have developed the inforgraphic below showing you the top tips to keep you in check:
- You need to save some of your paycheck each month – 10% is a good amount to start with
- Tackle your debt, if you have debt, the chances are this is costing you money. Transfer it, if you can to a 0% option and then take the time you have that 0% to chunk up the repayments and commit to paying it off in a given time
- Increase your credit score, now I’m no expert here, but I believe that if you don’t have credit anywhere then they won’t have details on you so the chances of your getting credit will be harder. I have a credit card that I put my fuel on every time I fill up and pay it off every month in full, this seems to work for me
- Think about the future – right now retirement might seem a long way away, but lets face it, by the time it comes round the chances of getting a state pension are pretty slim. The longer you can put something into a pension, the more money you will have to draw on when you retire. It’s worth getting advice here from an independent Financial Advisor
- Invest smartly – There are lots of options here, the important thing is to do your research, have a plan and work towards that, there is so much advice out there about options available. It’s about reading up on this or of course getting some advice.
The upshot for me really is to be organised, think about how you are going to be more savvy about your finances and put a plan in place. I would also get advice from the experts where appropriate, this may cost you a little bit of money, but they are experts for a reason.D
Disclaimer: I have not been paid for this, all information written outwith the inforgraphic is my own and my own opinion, not expert advice on finances.