6 STEPS to healthy finances

LIST YOUR GOALS Write down short, medium or long-term financial goals for this year – like setting up your own business, paying off the mortgage early, affording a big holiday or paying off credit card debt. Having something specific to save for will help you focus and make it easier to sacrifice the small stuff to achieve it. Pin it up somewhere to remind you on days you’re feeling tempted to splurge! ALWAYS KNOW YOUR BANK BALANCE With so much of our daily spending on contactless cards now, it’s easy to lose track. People who check their bank balance every day tend to not overspend. So whether you set up a text alert from your bank or use a banking app (like Yolt or Money Dashboard, where you can see all your spending in one place) or simply stop when you pass an ATM, get into the habit!

The easiest way to shift money into savings is to set up a regular direct debit. Do this at the start of the month – in short, pay yourself first. Know your weekly spending budget, then if you have any spare cash at the end of the week, move it into a savings account or invest it. SET A DATE The best way to stay on top of your money admin, ensure bills are paid and accounts are up-to-date is by setting aside time once a week to deal with your finances and any correspondence that’s come in during the week. Prioritise this! TAKE A LONG HARD LOOK Now’s a great time to review your non-essentialbut-nice-to-have lifestyle spends to see what you still use, what you’ve forgotten about, what you really value and what you could cull or trim back. We’re looking at you – gym membership, music subscription service, extra TV channels, beauty treats and daily lattes. GET MORE MONEY SAVVY Make this the year you never pay full price if there’s a discount, voucher code or cashback opportunity. Whether it’s a meal out or switching insurers online, be alert to money-saving tricks and tips. Sign up to our newsletter – a fortnightly fix of Financially Fabulous (financially fabulous.co.uk), read our GH money pages and find a news outlet with money content that speaks to you. PEP UP YOUR PENSION If your company has a pension scheme (and you earn more than £10,000), it’s a no-brainer to be enrolled. Whatever you’re contributing, your employer will match it up to a certain amount, but could you be putting in more this year? If you’re not sure how much to save to get the retirement you want, use the pension calculator at moneyadviceservice.org.uk to get an idea.