If not, now is the time to act!
At the beginning of the year we published an article highlighting some easy steps everyone can take in order to maximise their financial growth and achieve all their goals.
October is now upon us and as we go into the last quarter of the year, many people will be reflecting on the goals they set themselves and how successful they have been in achieving them.
These last 3 months are the most crucial to making sure you hit your financial goals. Reviewing your situation now gives you enough time to implement any changes that may be needed to get you back on track. If you are on track with where you wanted to be, you may have the opportunity to exceed your target!
Here are 4 key things we recommend everyone does at this time of the year:
- Complete a review of your current finances.
Vary rarely do people sit down and complete a full break down of their financial situation. Often people have an ongoing idea in their minds of where they are with everything, but this can easily become skewed from reality as people tend to be quietly optimistic.
Many of you reading this will have previously sat down with an advisor and completed a ‘fact finding’ questionnaire. Regardless of the outcome of that meeting, going through that process with an independent third party is the best way to get a realistic and honest perspective of the true state of your finances.
If you have an advisor, get in touch with them and request a review. If you don’t, get in touch with us to speak to one!
2. Look back through all your bank statements from the start of the year.
The best way to start increasing your savings is to decrease your spending. Yes, it sounds obvious but it’s the small and often unnecessary regular purchases that eat away our money. Adding them all up and seeing exactly how much you have spent can be enough to put an end to the habit. Even if it’s something as simple as a £2 protein bar snack you get mid-afternoon every working day. Keep that up over the year and you’ve spent £520.
There are some great apps that you can use which will track your spending and show you how much you have spent on different categories. Pick one thing and stop buying it!
3. Revisit your goals and update them if need be.
It is easy for us to forget what it was we set out to accomplish all those months ago. If you managed to write it down somewhere, find them and remind yourself what they were. If any of them seem unachievable, there is no harm in re-setting the goal posts for the last quarter.
4. Let someone else do the work for you!
Let’s be honest, if you are not where you wanted to be it is probably because you didn’t have time to plan accordingly or get certain things arranged and set up. If you had meant to do something related to your finances this year and you haven’t found the time to do it, it’s time to work smarter not harder and outsource the work to someone else.
Get in touch with us to speak to an advisor or if you are already a client of Hoxton Capital, make sure to book a review meeting with your Hoxton advisor.