Why you should get to grips with your finances

We’re all busy people and our spare time is very precious to us.

So it’s no surprise that many of us are neglecting vital life admin and instead spending time on – how shall we put it? – less important pursuits.

According to research by Moneybox, UK adults spend an average of 48 minutes a week scrolling through social media platforms and 39 minutes a week playing video games.

By contrast, we’re spending just 24 minutes a week looking at our money, reviewing our expenses, budgeting and planning ahead.

Furthermore, just 20 per cent of those polled said they consistently spend time researching the best financial products for them, and 28 per cent admitted they don’t know how to choose the right financial products for them.

Take control of your future

Imagine knowing that you’re able to afford a dream holiday, buy a bigger property or pay for your child’s education because you’ve reviewed your finances.

It could make a huge difference to your life, both in the short and longer term.

So why are we neglecting this vital aspect of our lives, missing out on opportunities to maximise our wealth and storing up problems for the future?

After all, if you’re on top of your finances, you can plan ahead with confidence, and avoid that feeling of dread and uncertainty when letters from your bank, building society and investment manager drop through your door.

As Brian Byrnes, head of personal finance at Moneybox puts it: “Setting aside time every week to review your budget, research the best financial products for your needs or make a plan to help you achieve an important financial goal will make a huge difference to your confidence and your financial position over time.”

Mr Byrnes shares good advice that all of us should follow, regardless of whether we’re on modest or high salaries.

Taking a look at your income and outgoings after tax, including your utility bills, pension contributions, savings and investments, means you can have a clear idea of how much disposable income you have each month, where savings can be made and how much you could possibly invest elsewhere.

Next, researching the best financial products means you can be sure you’re picking the right ones for you, your family and your circumstances.

And if you have specific financial goals in mind, you might have extra motivation to get on top of your finances, actively maximise your wealth and make better, more informed choices, as you’ll have an end point that you’re determined to reach.

Get professional financial advice

Of course, researching the market and navigating the complexities of the financial world can seem daunting and time-consuming, particularly if you have countless other responsibilities on your plate.

But help is at hand.

An independent financial adviser will take a look at your specific circumstances, priorities and objectives, and advise you accordingly.

They’ll also be fully up-to-date with the latest market developments, regulations, product offerings and investment opportunities, so they can point you the right way when market conditions change.

At the same time, they’ll be able to help you set clear and realistic goals, manage your risk exposure and reduce your tax liability.

You can then get on with living your life with confidence and certainty, safe in the knowledge that you’re making informed financial decisions that align with your goals and objectives.

If you have any questions about managing your finances and setting yourself up for the future, please feel free to contact us and we’ll be happy to speak with you.

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The guidance and/or advice contained within this website is subject to the UK regulatory regime and is therefore primarily targeted at consumers based in the UK. Welby is a trading name of Welby Associates Wealth Management Ltd Company Registered Number NI630504 who is authorised and regulated by the Financial Conduct Authority, FCA register number 697372. The Financial Ombudsman Service is available to sort out individual complaints that clients and financial services businesses aren't able to resolve themselves. To contact the Financial Ombudsman Service please visit www.financial-ombudsman.org.uk

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