It’s a new year, a new decade and about as good a time as any to turn over a new leaf and make some positive changes. But while you may have already made some promises to yourself in terms of losing a little weight, developing healthier eating habits or kicking cigarettes to the kerb, changing your financial fate can seem like an even more insurmountable challenge. It’s easy to fall into the habit of thinking that you have no control over your household finances. But that’s not true. It may not feel like it, but you’re always in complete control of your financial wellbeing.
And here are 5 positive financial changes that you can make today that will pay real dividends by the time we ring in 2021…
Get a better savings account… and start actually using it
Paying into your savings account is a great way to grow your money and ensure that you’re always prepared for a rainy day. The unfortunate but unavoidable truth, however, is that most savings accounts are absolutely pants. With pitiful rates of interest, there’s little chance of growing your wealth even if you make sizeable deposits. You’ll often find that looking outside the usual lineup of high street banks yields better savings accounts with more generous rates. Here are some of the best of the year so far.
Choose a financial advisor
Whether you’re looking for a mortgage, business loan, credit card or ISA, the most useful call you could make this year is to a financial advisor. They can give you unbiased financial advice and help you to choose the best financial products for your needs. Price comparison sites are all well and good, but financial advisors have access to products and rates that you might not be able to find on your own, no matter how much online searching you do.
Stop shying away from your bank balance
I get it… I really do. It’s easy to turn a blind eye to your bank balance and surrender your financial health to the whims of fate. However, the longer you leave it between checks, the more likely you are to receive some very unpleasant surprises. And the more non-specific money worries can start to encroach on your mental wellbeing. Speaking of which…
Draw up a household budget and say goodbye to unpleasant surprises
Part of feeling like our finances are spiralling out of control comes from our inability to account for all the little expenses which can add up to make a big difference by the end of the month. One of the most effective ways to restore control over your finances is to download a household budget template and make sure you stick to it, month in and month out. Not only does it help you better account for life’s little expenses, it also helps you to form better spending habits and curb impulse-buying.
When you can account for every penny that goes into and out of your bank account, it’s much easier to relax and unwind safe in the knowledge that there are no scary surprises around the corner. And there’s no need to let months’ worth of unopened bank statements sit in an unopened drawer emitting a feeling of non-specific doom.