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Setting financial plans for 2024

As we wave goodbye to 2023 and welcome 2024 with open arms, many of us are looking at our finances and thinking about ways we can save money during high inflation rates and soaring living costs.

If you’re thinking about your long-term financial stability and want to improve your credit score so you can get access to better mortgage rates, loans and more, we’ve rounded up all you need to know below.

How to set financial plans in 2024

  1. Decide your budget

The first step, whether you’re a family or a single-person household, is to set a budget. Sit down and look at precisely how much you bring in each month as well as your fixed and variable expenses. Once you’ve got the numbers in front of you, think about how much you can afford to spend, save and invest.

If you have little to no savings, don’t worry – it’s never too late to start! Around 15% of UK residents have no savings at all, so you’re not alone if you haven’t built a nest egg yet.

  • Create a financial plan

Think about where you want to be in the short, medium and long term. Then you can create a financial plan that gets you closer to those goals.

A financial plan might seem like overkill but it’ll help you stay on track and keep focused on your goals. If you find that your financial plan was a little too ambitious, feel free to alter it if you need to.

  • Monitor your progress

Once you’ve got your goals in place, it’s time to set the wheels in motion and monitor your progress. Every month (usually once you’ve been paid), look at how much you’ve been paid as well as your total savings, debt reduction and expenses. By taking the time to take a deeper look at your finances regularly, you’ll be able to see whether you’re on track or not.

Final thoughts…

While it can be hard to know where to start when it comes to setting your financial plans for 2024, it’s important to prioritise it if you want to achieve financial freedom one day. By following the above steps, you can proactively work towards achieving your financial goals which is extremely rewarding and not to mention beneficial for your financial wellbeing.

If you haven’t already started setting your financial plans for the year, it might be a good idea to start today.

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