Financial Wellbeing
Financial fitness, or wellbeing, is about feeling comfortable and in control of your financial position.It means having the knowledge and confidence to make the most of your money – on a daily basis and through planned and unplanned events. Easier said than done, but some simple good money habits can put you on the right path and keep you there.
Advisor Link can schedule a complimentary financial wellbeing review for our users, one of our FCA Certified partnerting advisors can give you expert advice on how to improve your financial wellbeing and maintain it.
Budgeting and Planning
Like a balanced diet for your physical health, a budget can be the first step to better financial health.
It helps you take control and decide where you need and want to spend. A budget should include essentials, like your rent or mortgage payments, utility bills, transport, and hopefully some things you enjoy
The important part is to set aside time to forecast your spending often – each time you get paid, for example. There are plenty of apps that can help you do this.
Spending Habits
Creating a budget is relatively easy, but sticking to one can be harder – monitoring your expenses is vital. Again, you can use specialist apps to help with this.
Being mindful of how and when you spend your money can help you stay in control. You might also spot areas where you could cut back.
No matter how big or small your budget is, not overspending is an important habit to get into.
It means focusing your spending on essentials and things you really get pleasure or value from. For example, you can spend money on clothes or going out with friends if those are things you enjoy but include them in your budget so you won’t regret it later.
Borrowing and Saving
Borrowing money is not necessarily a bad thing. When used appropriately, debt can help you improve your finances.
For example, borrowing money to buy a house can help you become better off in the future, as the house may increase in value. So long as you can afford to keep up with the repayments.
That said, you should avoid borrowing more than you need to. You should avoid borrowing money for day-to-day essentials like food or bills, as this may lead to bigger problems - especially if you’re using short-term credit or overdrafts with high interest rates.
Get to Know Us
At Advisor Link, we are proud to work with industry-leading professionals who share our commitment to delivering high-quality, client-focused services. Financial Wellbeing is about feeling comfortable and in control of your financial position. and we are here to help you achieve that with the utmost care and professionalism.
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