Have you got a few bad habits when it comes to your finances? We’ve compiled a list of things to leave behind.
1. Stop burying your head in the sand
Ostriches don’t make the best role models – you need to make sure you know what is going on with your finances.
Create a budget to see where and when your money comes in and how, when and where it goes out. Once you know then you can look for areas of improvement whether it is more money in or less money out. It is important to keep track of it too, that way you can spot any problems early.
Keep an eye on your credit file too. Unexpected activity here such as enquiries in your name that you know nothing about can be an early indicator of identity theft.
2. Stop accepting the status quo – you can do better!
When was the last time you went through your financial products and checked whether you are getting the best deal you can get, even from your current providers?
Check your own account information and do your research on what else might be out there. Then armed with this information, challenge your bank, insurer or whoever the provider is to give you a better deal. If they won’t then maybe someone else will. Remember to thoroughly read and understand product information before making any commitments. If you’re not sure then you can always get some professional financial advice from a reputable mortgage broker or financial advisor.
3. Stop making the same mistakes
Be honest. What have you done in the past that you might want to avoid in the future?
Think about what you could do to avoid the same thing happening again. You could come up with a plan to spend less or you could save up in advance, or do both! Identify a few things you’d rather not repeat over and make your plans.
4. Stop being unrealistic – factor in some fun
One of the keys to effective planning and budgeting is that they should be realistic. If they’re not then you really don’t stand a chance of achieving them in the first place. If you can, you should always factor in a bit of fun!
Do you have any other tips on things to stop doing in the months ahead? Let us know in the comments below!