Planning your finances – the SmartPurse way
Now that we’re well and truly into January, here at SmartPurse HQ we’re planning our finances for 2023 and we want you to join us.
We’re here to help you gain financial independence and we’d love you to start off the year on a positive note. No matter what your money looks like now, you can plan for a better future, starting with a few tips from us - watch the video and click here for your free checklist to help you get started!
🚀 Take some time to consider what financial independence means to you. Is it a pot of money that is just for you? Is it stepping into the world of investment? Whatever your motivation, write down what you want and whether anything is holding you back. This will give you an excellent foundation to start a successful year.
🚀 At this point, it’s a good idea to dive into your financial lifecycle. This is a breakdown of the financial resources you will need during the different stages of your life. Don’t worry about it being too detailed now; estimates of how much you will need for every life stage will do for now. It’s more important to start with a rough outline than wind yourself up into unnecessary detail. To find out more, watch our video.
🚀 Pinpoint the life stages that will impact your finances the most. Are you funding your own or someone else’s education? Do you plan to buy a house this year? Are you on a career break or returning from one? Are you nearing retirement or already retired? All these different circumstances will dictate how much you earn, spend and save.
🚀 Talk to the significant people in your life about money. If there is anything that we avoid, like the plague – yet are told to do most often by financial advisors – it is being honest with others about our finances. No matter what state you think you’re in, sharing and asking for help is a great way to get yourself on track for the coming year.
🚀 Gather your evidence. Write down all your bank accounts and their contents, make a list of debts and outgoings, and take a look at your pension pot. Having these at your fingertips will help you plan your year more accurately, as you’ll know how hard your money can work.
Preparing for events, big and small
Now that you have all your financial details close at hand, you can deal with any event, whether planned or unplanned. Although a small amount of savings can go some way towards helping you prepare for life’s changes, emergencies can be a different thing altogether and may wipe out much (or all) of your savings pot in one fell swoop.
But there are ways to protect yourself. Regular payments and investments into a pot for emergencies – as well as sound
insurance policies—will go a long way to guarding against significant changes in your circumstances.
Building a financial safety net can help to alleviate the worry of going into debt if your life takes an unexpected turn. Our advice? Don’t put it off another day! Even a tiny amount, diligently saved every month, will build throughout the year. If you set up an automatic direct debit, after a while, you won’t miss that cash.
Money School is free until 31st January!
How will you be spending 2023? Financially free or stuck in the mud? Whatever you’re going through with your money, we can help. Our Money School is free for the rest of January, so sign up today!
The Money School App is coming on Android
Last summer, we released our Money School on an app for iPhones and now, the Android version is almost ready for release. So if you want to access the Money School on the go and have our unique toolbox in your pocket, click the link below to join the waiting list and be the first to know when the app is available.