How to make the most of your monthly income?
The moment our wages transfer into our bank accounts each month it is already being distributed out. Our income allows us to support our social lives, feed ourselves and pay those ever–important bills. However, do you feel strapped for cash at the latter end of the month? And are you putting enough money aside for a rainy day?
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. Below we have listed our top tips for making the most of your monthly income.
1. 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.
2. Budget
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. This will help identity how much money you have left to play with, helping you to budget for the month ahead.
3. 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. There are a range of products on the market today to help assist your saving habits, i.e. Help to Buy ISA for first time buyers. Contact one of our financial advisers today for expert savings advice for you and your family.
Financial Foresight
For trusted advice book a free, no obligation consultation with our financial advisers today. We’d be happy to help! Give us a call on 028 9332 2822 or email us at smenabney@financialforesight.co.uk