A Plan to Improve your Finances for 2021
New year, new you right? And the best way to start being the best version of yourself is to focus on all areas that affect you — mentally, physically and financially.
Finances are important to feel successful in your life endeavours; and to maintain a good level of finances can be achieved efficiently with a plan. Here are just a few tips to help you get to where you want to be with your money and how to handle it.
First off — setting goals and making plans
There is no point in setting out instructions for how you will get money without having a clear goal that you can work towards. Setting these financial goals will make you feel more efficient and organised when it comes to sticking to plans and laying down rules for yourself.
Make a list of goals you want to achieve. For example, writing down a number that you want to reach in your savings account by the end of a month or the year. Seeing that number on a daily basis will give you an incentive to reach it subconsciously.
As well as this, you can list below any goals for how you think you can reach them — whether that is keeping track of what you need to pay for, including cutting down on buying unnecessary items, which leads me onto my next point.
Don’t get me wrong, it is so easy to fall into the trap of splurging out on unnecessary items that are not needed especially after your wages come through at the end of the month. But this is something that can be limited by having a little self control and thinking about the money that could be wasted if you go through with the unimportant purchases.
One thing that I always have found to be effective is to put a certain amount into a savings account at the end of every month when your money comes in. Transferring the money gives you that incentive and will discourage you to then take money out of that savings account — it serves as a reminder that you shouldn’t be spending that money.
When doing so, you should also be realistic with the amount you transfer. There is no point in putting a big amount into your savings when you know that you will need to use this for the month for basic necessities. Even just saving a small amount can go a long way for future prospects.
Reading books about personal finance
Finances can be a complex and in depth part of our lives. Sometimes people can struggle to identify what they really need to do in order to help them save for future prospects. Here are just a few book recommendations that can help you understand what you really need to do to achieve financial success:
- I Will Teach You To Be Rich by Ramit Sethi
- Retire Before Mom and Dad by Rob Berge
- Your Money or Your Life by Vicki Robin
If after reading these books you are still struggling with your personal finances, here at WellBe we have professionals and mentors that can help guide you through the process of finding what is best for you. Reach out to our coordinators today to find out more.
Written by Shannon Donovan
WellBe is spearheading the way to a brighter future for corporate wellness. Our innovative portal is scientifically designed and tailored to each individual employee to improve their wellbeing. We specialise in a range of services from coaching and therapists, to meditation and reading materials. Our aim is to reduce workplace stress that costs UK businesses £42 billion per year. Get in touch with us by visiting our site wellbe.global for more information.