Does thinking about your finances leave you in a cold sweat? Many of us are trying to come up with a good financial balance at the moment, but even if you’re currently satisfied with your financial situation, there’s always room for improvement.
The truth is that our finances could change in an instant. You could lose your job, you could become ill and no longer be able to work, you could have an unexpected pregnancy or another unanticipated situation that leaves you in financial difficulty.
That’s why working on your financial confidence is essential in today’s unpredictable world.
If you want more confidence in your finances, read on for some simple steps.
Invest in your child’s future
We all want our kids to have the very best start in life, but when we’re living paycheck to paycheck it’s not easy to think further than your current budget. However, investing in your child’s future is easy with a junior ISA from Wealthify, click the link to find out more. Ensuring your child has some money set aside for their adult years can give your financial confidence a much-needed boost. A down payment on a car, their first property, university fees or money to fund their travel dreams – the possibilities are endless open a junior ISA today to get started. You may also be eligible for an Usda Map so do check all areas possible.
Be honest about your finances
Do you really know where your money is going each month? Are you confident that your budget is the lowest it possibly could be? Do you know how many direct debits you have? Being honest with yourself will bring you a step closer to full financial confidence. Going through your finances now can help you make changes and save more money. Start by going through your transactions and figure out where your money is going each month – it might be uncomfortable but you’ll take back control of your money, which is vital. Also, factor in taxes and expenses if you are self-employed.
Stop comparing your situation
It’s easy to scroll through social media and feel the need to compare yourself to others. That school friend who seems to have it all, a nice house, gorgeous car, kids and multiple holidays each year – it’s difficult not to feel inadequate. However, you should take a step back.
Remember that social media is simply a highlights reel of the best parts of people’s lives. Yes, it may look like others are better off than you, but they could have saved for that holiday for years, or be living with huge amounts of credit card debt. Don’t be fooled.
Choose a financial goal
When you set yourself a goal, there’s nothing more rewarding than getting a step closer to it. By choosing a financial goal you can build on your confidence and reap the rewards further down the line. Decide what you want to save towards and how much time you need, work it into your latest budget and voila! You’ve already taken your first step.
When it comes to your financial confidence it makes sense to revisit your goals, your budget and your expenditures frequently. Start today.
*This is a collaborative post. For further information please refer to my disclosure page.
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