Feeling that you have control of your finances is important with all the noise of modern times and media.
The modern world has dished up plently of things to keep our financial minds occupied in the last few years, with not so much indication that things will be slowing down any time soon so here are a few ways to keep things in perspective and not get too stressed about your finances:
Take On A Wealth Manager
It’s easy to make irrational decisions around your finances when emotion is brought in to the equation. A Wealth Manager is experienced at not letting that happen and can ease the burden by explaining exactly where you stand, what your options are and significantly reducing the anxiety you may be feeling about your finances. They can give you clarity and more peace of mind in turbulent times.
Have A Consistent Time To Review Your Finances
Having the same time every week to quickly run through your finances, payments and savings, both short and long term, be them written down basically, on a spreadsheet or in a detailed app will give you the feeling of being proactive and ease stress.
Also once this task is completed it leaves your brain free to not think about your finances until the following week at that time keeping those kind of thoughts much more out of your head and dramitically reducing any stress that can be caused.
Saturday morning works well as you may have spent a little too much on a well earned Friday night out, but you’ll get back into being sensible throughout the weekend and not go too far outside your budget.
Remember The Principles Of Investing
Turbulant times can cause stress in the short term and with todays media things are much more amplified. Remembering to focus on why you are saving and investing long term rather than what the markets and your assets are doing short term can help ease stress. Easier said than done if you have an important life event due in a short term time horizon. If this is the case and you are feeling stressed about it, again not letting emotion dictate your decisions and engaging a professional may be prudent.
Prioritise Whats Important
Work out which financial tasks you need to accomplish in order of importance which could be; setting your weekly review time, working out your short term plan like building a basic spreadsheet, making sure you can pay your essential bills, saving every month, reducing debt, saving for holidays, assets, experiences so you have something to look forward too and your psychology is good.
Then move on to more long term things such as creating or checking your investments, pensions, long term savings, family insurances and your long term financial goals and strategy.
Give Your Energy To The Controllables
The media will have you stressed about your finances if you let it. We can’t control what is going on in the world so why put your energy into the subjective? Controlling the controllables, being proactive, having a plan in place, doing all we are in control of well and consistently will significantly relieve financial stress Iin these times.
If you would like some help in creating an easy and structured financial plan, have more peace of mind and be in control of your finances, talk to one of our FCA authorised wealth managers by arranging a Discovery Call [Here]
This article is for informational purpose only. It does not constitute finacial, tax or legal advice, nor is it a recommendation to buy, sell or hold any investment. Past performance is not a guide to the future, investments rise and fall so investors could make a loss. No view is given on the present, future value or price of any investment and investors should form their own view on any proposed investment.