How can I manage my money more effectively?
We all have different situations, finances, and plans, but there are common aspects we all should check are in order. If you’d like additional support with managing your money, our experts are here to help.
Tips to manage your money effectively
Building good money habits is the first step to making your aspirations possible. Here’s some of the main things to consider when managing your personal finances.
1. Understand good debt vs bad debt
Not all debt is bad for you. Whilst high-interest credit card debt is a drain on your income and should be limited, mortgage payments or investing in a business can be evidence that you are investing for future wealth.
2. Create a budget to manage your spending
When you’re deciding on how much to factor into your monthly budget, it helps to calculate your total income and balance this against your expenses. Having an estimate can help you keep an eye on spending and manage money more effectively.
3. Build a ‘rainy day’ fund for unexpected events
How would you cope if you lost your main source of income? Keeping 3-6 months’ essential spending in an easy-access cash account can relieve the stress.
4. Explore ways to save for a home deposit
Whether you’d like to buy your first home or move somewhere new, there are several types of mortgages available. These mortgages will come with different costs and expectations, so planning out your future needs will come in handy before making the big decisions.
5. Check your insurance policies
Reviewing your current insurance policies can give you peace of mind that money is one thing your family won’t have to worry about if you lose your job, become ill or die unexpectedly.
6. Get financial advice
One-on-one financial advice or coaching from a professional can help get you on the right track to managing your money effectively; to provide you with the lifestyle you desire.
When to consider getting financial advice
When you’re just starting your financial journey, it can be overwhelming. Getting financial advice or coaching can provide security so you know you’re doing the right thing.
You’d like clarity around your current finances
You want the confidence to know you're doing the right things, and if not what changes you need to make.
You want a plan for a healthy financial future
No one knows what the future holds, and you will have considerable peace of mind from building a plan early.
You don’t want to pay too much tax
No-one likes paying more tax than they need to. Our experts can help ensure returns from your savings and investments are as tax-efficient as possible.
You want to protect your loved ones
Turbulence in your life could impact your financial situation. Getting financial advice can make all the difference should the worst happen.
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Choose from our financial planning services
Whether you have a specific question about your money or want ongoing support from a professional, we have a variety of options to help you manage money effectively.
Holistic Financial Planning
I would like ongoing support from a dedicated financial planner
A carefully designed financial plan can give you the freedom to do even more of the things you want to do and maybe even things you never thought possible.
- We'll create a financial plan that matches your individual needs and objectives.
- We can help you become more tax-efficient with your savings with our range of planning tools and techniques.
- Professional expertise on hand to organise your investments to ensure you are comfortable with your financial decisions.
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Financial Plans
I would like a financial plan for retirement or to manage inheritance tax liability
Each of our Financial Plans provide guidance and streamlined advice around a commonly asked financial question for people with non-complex needs.
- Choose one of our plans that will provide you with answers to the specific question you had at the start.
- We will use technology where it helps, with interactive tools and online resources, and people where it matters, so you can speak to an expert.
- For a one-off fee, our financial professionals will help you understand your current situation and give you a clear action plan.
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Financial Coaching
I would like to work with a financial coach to explore my options
Gain clarity around your money situation with Financial Coaching. Speak to a real, qualified expert free of charge, who will help you take the next steps with confidence.
- You’ll speak to a financial coach who has experience dealing with personal finance, investing, retirement and tax questions.
- Your financial coach will provide useful resources to help you on your way. If you need additional support, we'll recommend the best service to suit your needs.
- Your first 15 minutes is free, after which you can choose to book a 1-hour coaching session to delve deeper into your financial situation (£150 incl. VAT).
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Request a call back
Gain a better understanding of your current situation and the options available to you. Get in touch today to arrange a free consultation with one of our Financial Professionals.
0207 739 8200 (Open Mon-Fri, 9am-5pm)
Charles Stanley is not a tax adviser. The information provided here is based on our understanding of current UK legislation, taxation, and HMRC guidance. References to tax reliefs and allowances are correct at the time of publishing but can change in the future. Tax treatment depends on the individual circumstances of each person or entity and could also change in the future. If you are in any doubt, you should seek professional tax advice.