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Financial Management

Three steps towards a more financially organised life

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Are you managing your finances or are your finances managing you?

We’ve all got money, but how much we have is dependent on the work we do or did and the life we lead. Furthermore, managing our finances and staying organised can be a real challenge for most people.  We’re not always taught how to be financially well organised as part of our education, so a lot of us have had to figure it out as we go.

At Wells Gibson we want all of our clients to be better organised financially so we’re going to look at a few steps to help you achieve this.

Budgeting

Your biggest and perhaps best step to a financially organised lifestyle is learning how to budget effectively.  A budget is something that everyone needs as it helps to allocate funds to particular areas of your life; household bills, social events, debt repayment… they all need to be taken into consideration when it comes to you and your life.

By having a budget, you help to ensure that no matter what happens, you’re taking the time to plan out what you spend and when.

Have An Emergency Fund

You never know when a disaster will strike.  Something can easily occur which will require a lot of money.  Your car might break down, or you might find that something in the home needs to be replaced.  When this happens, it’s important to have an emergency fund, so that if you need to, you can pay for things without upsetting your main finances.

An emergency fund gives you peace of mind, stops you relying on family or friends and doesn’t leave you relying on your main finances to desperately find the money you need.

Consolidate Your Debt

Do you have a lot of debts scattered about?  Most people do.

With various loans and new items available on credit from companies, a lot of people balance multiple loans, all of which come from different places.  However, that’s a chaotic and stressful way to track them.

If you can consolidate your debt, it’s well within your interest to do so.  Consolidation means that all the money you owe to various places is condensed down into one place, which means it’s so much easier to keep track of what you’re paying, when you’re paying it, and most importantly who you’re paying to.

Overall, these are just a few of the steps that you can take to ensure that you are working towards a financially organised life.  It’s difficult at first and we appreciate that people aren’t always conservative with their funding or forward thinking with debt.

It’s so worthwhile trying to make sure you are better organised financially as you’ll soon discover that it’s so much less hassle, and also much easier to keep track of everything.  Better still, you will probably be less anxious about tomorrow.