How do you manage your money? We all need to manage our money as best possible. The pandemic is something that has highlighted that. Many of us who were just getting by have found ourselves struggling as soon as we’ve faced unprecedented circumstances or other difficulties. Coronavirus and Covid-19 have resulted in mass unemployment, as well as other circumstances (such as reduced working hours or salary) that have resulted in financial difficulties. It’s not all too surprising that many of us are turning to wealth management professionals to determine how we should be managing our money. Let’s take a moment to get to grips with effective financial management, as well as going through some simple tips and tricks that can help you to achieve your goals.
Using a Financial Advisor or Wealth Management Service
The first step you can take to managing your money correctly is to look to professionals in financial advice or wealth management services. Todd Perry with UBS is a great example. A good financial advisor or wealth management service will be able to take a look at your individual needs and requirements and guide you on the best steps to make to maintain or maximise your wealth and to consequently lead the best, most comfortable and most secure lifestyle possible. They can really help to change your approach and attitude to money matters and get you on a path that can ultimately prove life changing!
Financial Management Tips
Once you’ve looked up Todd and his advice, you should bear in mind some of the financial management tips below. They can make all the difference and really help to get you set up on the right track to success!
- Pay off debts – your first area of focus should be paying off your debts. Debts are generally paired with interest, which can see you paying a lot of money for practically nothing. See whether you can arrange a direct debit to contribute monthly payments.
- Save – once you’re debt free, you can start saving. This will ensure that you have money tucked away for a rainy day. Alternatively, your savings can help you to eventually afford a major purchase, such as a house, a car or a dream vacation.
- Invest in insurance – if you have anything of value, it’s a good idea to insure it. This will ensure that you are able to reclaim costs if damage does come to anything that you care about. There are countless forms of insurance out there, from contents insurance to life insurance.
- Plan your retirement – of course, we all retire when we reach a certain age. It’s best to have some money put away for this. So, start paying into a pension as young as possible. This will help to ensure you always have something to help you lead a good quality of life down the line.
There are many more steps you can take to manage your finances well. But hopefully, some of the advice above can really help you along the way!