When it comes to managing money, sometimes it can be difficult to assess where our finances will stand next month.
Financial planning for the future is important; it can help you to save enough money to purchase a car or family holiday, and can even help you save for a deposit on a house or flat.
Set a Savings Goal
We all have things we want to save for, be it a house, a car or a family holiday, but often it can be too easy to lose track of our monthly spending. When trying to save for these items it can help to set yourself a savings goal; this can be weekly, monthly or yearly depending on what you’re attempting to save for.
Be clear on your goal from the outset - what do you want to accomplish financially in the next year, and how can you go about doing this? Work out how much you need to save, remember to include all costs associated with purchasing the item. For example, if you’re looking to buy a house you’ll need to save enough to cover the deposit, agent charges, stamp duty and legal fees, along with the cost of a survey and removal.
Once you’ve outlined a savings goal, it’s time to work out how much you can save each month. One way to do this is to organise a yearly budget - from this it will be clear the amount you can afford to save each month. Be realistic when calculating how long it will take you to reach your savings goal, as it may take a number of years to save for certain items like a deposit on a house. Set up a standing order to a savings account for this amount each month will guarantee you save.
Responsible Money Management
Personal financial planning, budgeting and setting goals for savings are all part of responsible money management. They help keep your finances healthy; at MYJAR this is our aim. We are determined to lead the way in responsible short-term lending. Our affordability checks and no rollover policy mean we take steps to avoid lending money our customers can’t comfortably afford to pay back.
If you need some assistance to meet an urgent financial requirement on either a short or long term basis, APPLY NOW for one of our loans.
Warning: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk