So, you're in your 20s or 30s, you've been making strides in your financial responsibility lately, and everything is going well. So how can you keep it that way? Well, it's important that you prioritise checking in on those finances from time to time in order to make sure that everything is still in line - after all, it's easy to lose track of something when you aren't keeping regular updates.
Regularly tracking your financial health can help you to spot weaknesses in your budgeting, identify potential investment improvements, and course-correct if you see yourself going off track.
So how do you check in on your finances? Here's everything you need to know about keeping your eyes on the prize...
1. Stay in touch with your financial advisor
It’s advisable to keep your financial advisor up to date on everything that could significantly affect your finances. Tell him or her about any important milestones, such as a relationship change or inheritance news. In turn, your financial advisor will be able to update you on important tax legislation changes and other financial regulations that may have come into play.
2. Check your credit
You should keep an eye on your credit score, checking in on it periodically. This way, you can be alert to any drops in your rating and make changes to improve it if needed. Things such as missing a payment can cause your score to tank, so be sure to keep on top of everything needed to maintain a good score.
3. Consider other savings goals
So, you have everything all planned out for the time being, but have you considered what Future you might prioritise? At the moment you may think that you will be satisfied with a quiet retirement, but when you actually do retire, you might not be so ready to give up the life you enjoy now. Reconsider if you would like to have a holiday fund. If you have an emergency fund (which is advisable), potentially think about trying to double it. Always aim to save more.
Conclusion
In 2023, inflation is at its highest for a number of years, and many of us are feeling the pinch. In order to navigate these tricky waters, the healthiest thing you can do for your financial future is to prioritise it. You can get expert advice from our friendly team by calling 01283 777014 or clicking here to make an enquiry today.
Image Source: Canva
