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Saving money can be done in various ways, but it is actually getting started which many people will find difficult. As the cost of living rises, people across the country will be looking to tighten their belts. But how can people make sure they are working towards their financial end goal? Express.co.uk spoke exclusively to Makala Green, Founder of Green Wealth Planning and The Wealth Check, who discussed the matter.
Ms Green identified a number of key ways Britons can achieve their financial goals, and it will only involve a few lifestyle changes which should be fairly painless.
She said: “The first and most important thing people can do to tidy up their finances is establishing an emergency fund to make sure this is in place when a person needs it.
“This is absolutely critical and having a safety net to fall back on is key if there is an instance of a loss of income or reduced income.
“Whatsoever your circumstance may be, I would say have at least three to six months’ worth of savings set aside.”
However, once a person has diligently saved for any emergencies which may arise, then they can move on to looking at other aspects of their lives.
Ms Green states monitoring one’s spending on a regular basis is likely to be an appropriate course of action, as it is here where Britons could be cutting a hole in their pocket.
She continued: “It has become a lot easier to monitor spending on a regular basis, because a lot more banks are in tune with people who need to track their money.
“Several providers are now offering systems in place to help you track, or notifications when you’ve spent with your card.
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“It is just a reminder of what you’re doing and the areas where you could potentially cut down.
“Looking at your income and outgoings helps you to avoid spending more than you earn – and many people often fall into that dangerous trap.”
It is not, though, just about the money Britons have left tiding them over. Ms Green stresses individuals should actually be trying to maximise their cash as much as possible.
She said: “Making the best use of the money you have left over on a monthly basis is something you should be trying to do.
“Rather than just thinking you have extra cash in the bank to splash out, it’s more about thinking what you can do with it.
“Can you add the sum to your pension? Could it help you achieve your savings goal? Can you contribute towards an investment?
“It is all about creating those opportunities to have more disposable income, because for many people they can boost their finances and meet their goals.”
Next, Ms Green said it is important to be “strict with yourself”. She stated that although enjoying life is important, there are certain aspects of money Britons can analyse.
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She added: “Look at what might need to go, for example, as there is something on everyone’s list that they no longer use anymore, or is perhaps not cost effective.
“Getting rid of unused expenditures on a regular basis will help you make room for more disposable income.”
Finally, Ms Green said Britons will be able to achieve their financial goals by reviewing their needs regularly – whether this be on a monthly, quarterly or annual basis.
As the economy and environment change, so too do a person’s needs and goals over time, so it is important to look at this again.
Ms Green concluded: “Keeping a refreshed review on your financial plan will make sure you are remaining on track with whatever financial goal you have set.”
Follow Makala Green on Instagram at @TheWealthCheck and check out her website www.makalagreen.com
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