Making the Most of your Monthly Income
HOW TO MAKE THE MOST OF YOUR MONTHLY INCOME
The moment our wages transfer into our bank accounts each month it’s already being distributed out. Our income allows us to support our social lives, feed our bellies and pay those ever important bills. However, do you feel strapped for cash at the latter end of the month? And are putting enough money aside for a rainy day? At Financial Foresight we have outlined three key areas to focus on to help you stretch your income to make it last.
Making the Most of Your Monthly Income
Here at Financial Foresight we know the importance of saving money and investing it where it really matters.
1. Budget
You should work out how much outgoings you have compared to your income. Prioritize important bills and policies you need to pay first, such as your home insurance and mortgage & life insurances. This will help identity how much money you have left to play with, helping you to budget for the month ahead.
2. Savings
Now that you’ve worked out how much spare money you have, how much are you going to save? It’s a good idea to get into a habit of putting money aside each month to save for your future goals such as a new car or house deposit, or even when trouble strikes – car breaks down, household appliance. Please Contact one of our financial advisers today for expert savings advice for you and your family.
3. Worst Case Scenario
The future is unknown and anything is possible. Therefore, the sensible option is to think about your future today. There could be a time in your life where you are unable to work due to sickness or ill health, meaning your income could be reduced. To combat the impact of this you can take action today with the help of critical illness cover or income protection. This will ensure that you still have a source of income to help you and your loved ones in your time of need.
Financial Foresight
For trusted advice book a free, no obligation consultation with our financial advisors today. We’d be happy to help!
In the first instance, please contact Simon on 028 9332 2822