Top 5 Tips for Planning your Financial 'A' Game

planning your financial a game, murphy wealth in partnership with Strathclyde Sirens
Helping you break down ‘Finance’

Finance can sometimes seem like a big word right? What does it all mean?

Well don’t kick yourself about not knowing how to manage your money, or where to even start. There’s a lot to navigate and understand, and it’s not always easy to get all your answers in one place. Over the next couple of weeks, we’ll help you break down complex terms, myths about money and answer the questions you might have always wanted to ask. We’ll do all this with the help of our partners, Strathclyde Sirens and Netball Scotland!

In the next couple of weeks, we’ll be launching a live chat to answer any questions you may have about our tips, or anything related to finance. You can submit your questions before then: https://www.surveymonkey.co.uk/r/M2L3M3T

You are not alone

It’s a really tough time for many of us right now, but we’re here to share what we have learnt and found really helpful. If after all of this, we can help you walk away feeling more empowered with your plans and your finances, then we would have achieved at least one thing during this crisis!

And just remember we’re here to talk, even if it’s just a second opinion.

Making the most of this time

Although there might be many things we can’t control right now, let’s use this time to focus on the things we can. Now is the time to remember the top 5 tips for planning your financial A game. We’ve teamed up with our partners at the Strathclyde Sirens to share these with you (that’s why you might recognise Captain Gia Abernathy from the Netball Super League!)

 

Top 5 tips

 

1. What’s important to you?


Is it spending time with your family and friends, travelling, being able to accomplish your goals? We all have different ideas of what makes us happy, and how we want to spend our valuable time. But we can often forget these amongst the business of life. Take some time to reprioritise, reflect and understand your ‘why’. Why are you working so hard in your studies, your job or in your business? Are you able to enjoy the rewards of it after?  

 

What is it that will let you do the things you enjoy? More money, more freedom, more time?

 

Taking the first step: Watch Simon Sinek’s ‘Start with Why’ Ted Talk and if you haven’t already, start filling out your Golden Circle! Start answering the very basic questions before you decide how you should draw your plan of action.

 

 
Simon Sinek's 'Golden Circle' as mentioned in his book 'Start with Why'


2. Save, save, save and do it more than you think you need!


It’s always good to have something in your rainy day funds, because after all you never know when you might need it. 

If you already have online banking, some apps such as Monzo can help you save more by setting a budget and sticking to it! If you don’t have cards like Monzo, that’s okay, there are apps such as Chip which look at your spending and find ways to automatically save up money for you.


Chip App Screenshots


3. Spend less than you want or might need to

Staying home means we spend less on commuting, leisure activities, eating out, ‘in-the-moment’ purchases at the shops. But we also know it means trying to keep up with the necessities and bills. Is it time to rethink how you are using energy at home? Could you bulk-cook meals to save gas? Every little step can count towards spending less, we just need to take the first step! Why not take a look at what your current outgoings are and split them up into necessities and ‘nice to haves’? You might even find ways to spend less in the long-term!

 

How about dividing your costs with the 50/30/20 budgeting rule? That’s 50% needs, 30% wants, and 20% for savings:


The 50/30/20 Budgeting rule https://www.thebalance.com/the-50-30-20-rule-of-thumb-453922


For 2 and 3 we also suggest budgeting apps to help you track your finances, right from your phone!

Have a think about: Money Dashboard – see what money is coming in and out across all your accounts! You won’t be able to move money in the app, but you will be able to see if 3 less subscriptions or weekly cinema tickets would save you hundreds+ each year!


4. Think ahead – invest in the long-term, even though you can’t always see it!

Would you like to make sure you have money for a holiday in the future? Or would you like to start learning about investments? Or maybe you would like to start saving for a new home, a big day or taking your first steps towards retirement. Whatever it may be, you can make it happen by first recognising it and then taking little steps towards it. 

There's multiple ways to 'invest' and it might seem out of your depth at first. The key thing is to first understand how much you need to put aside to reach your goal, each day, week or month, and then how you will do 'invest' it. Sometimes, this might just mean putting it in a 'safe place', and sometimes it might mean putting it into an account that will help you increase the value of your money. Whatever it is, understand the benefits and the small print involved with each option. 

Have a think about: Moneybox - If you’re thinking about investing but don’t know how to go about it, Moneybox is a great place to start. Its central feature is the ability to round up your everyday purchases to the nearest pound, then invest the rounded up amount. So, if you buy a croissant for £1.50, Moneybox would round that up to £2 and invest the 50p left over. But of course, you have control over the app, and your own settings. There’s a standard £1 monthly subscription fee so make sure you read the terms and conditions before signing up to anything, and of course ask for help understanding it if it isn’t always clear.  


Moneybox App screenshots on the iPhone

5. Don’t wait till until it’s all over to take action!

Take this time to think about what you want to achieve and how you’ll get there.

What are you waiting for? You could wait until ‘this’ is all over? But why would you put your life on hold for something you cannot control?  What you can do is start planning now.

 

We’re here for you.

Start with all the above, one step at a time and remember that when in doubt, we’re here to help you find the answers and point you in the right direction.

Still have questions? Submit your question in time for our live chat and we'll be in touch with the date: https://www.surveymonkey.co.uk/r/M2L3M3T 


Please note this article does not constitute advice. Anyone considering any form of financial planning should seek independent financial advice.

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