The importance of tracking your finances
As we come to the end of 2023, it is important to get yourself on track for 2024 and start thinking about your financial goals for the new year.
When it comes to achieving your financial goals, it’s not just about setting them—it’s about having a game plan powered by real-time insights. Below, we will dive into the tangible benefits and importance of tracking your finances and how the Hoxton Wealth App can assist you with this:
Financial goals
Surveys consistently highlight that people are more inclined to set specific goals for personal aspects of their lives, yet this tendency often falters regarding financial well-being. Financial challenges persist, with 44% of millennials earning $100,000 to $149,000 still grappling with paycheck-to-paycheck living.
The notion that more income is the solution is debunked; there’s a deeper dynamic at play. People using the Hoxton Wealth App to track their money are twice as likely to reach their goals. The app gives them the information they need to adjust their plans. Using the Hoxton Wealth App for practical tracking is like giving your financial journey a kickstart.
Effortlessly Manage Finances with the Hoxton Wealth App
The Hoxton Wealth App seamlessly consolidates your global finances, offering unparalleled control and insight. Manage all your financial matters through one platform, the Hoxton Wealth App, which empowers you to:
- See your total net worth – Net worth tracking
- Utilise a built-in retirement calculator
- Track and manage all your global bank accounts in one app
- Monitor stock holdings
- Keep tabs on crypto holdings
- Manage all your important documents in Your Vault
Starting off
Embarking on the journey of delving into your financial information might initially seem overwhelming, like a voyage with an unseen destination. At this stage, the focus doesn’t matter as much. Even as a beginner, establish your baseline with the Hoxton Wealth App—know where you stand. For instance, if you have a $25,000 loan and have paid off $5,000, this information provides a starting point to plan your repayment effortlessly.
Money In, Money Out
Simplify the process: organise your income streams, check in periodically, and plan expenses. The Hoxton Wealth App facilitates tracking expenses to stay within budget limits, a crucial schedule for realistic short-term or long-term goals. Avoid disappointment from overspending by staying on top of your finances. All managed conveniently within the app.
Identifying Problem Patterns
With continuous tracking facilitated by the Hoxton Wealth App, patterns emerge over time. Identify unused subscriptions or uninvested money. The app encourages honest reflection on areas where your money may serve no purpose.
Making Progress
Incentives and motivation play pivotal roles in maintaining consistent financial habits. Recognise progress as a motivation boost and a tangible outcome of your actions.
Bridge to Financial Goals
The Hoxton Wealth App becomes the instrumental bridge to achieving your financial goals. What may have seemed initially daunting in tracking your finances now provides a complete picture of your money, connecting your reality to your aspirations. With the comprehensive view offered by the app, aligning spending, saving, and investing with your dreams becomes a seamless process.
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