It may seem as if the dawn of the millennium was only yesterday, but a lot has changed in the financial world, and in people’s attitude towards money, over the past couple of decades and living your best financial life in the 2020s requires a different approach. Follow our top three tips to get yourself in the best possible position for the next decade to bring you the financial freedom you desire:
Mental wellbeing was at the forefront of the last decade, and we expect financial wellbeing to be the focus of this one – not least because the two are intrinsically linked. Think about the huge impact that money troubles can have on your mental state and daily relationships, and it’s clear to see why looking after one can also help you to keep the other in check.
Just as there used to be a stigma around asking for help for your mental wellbeing, there is perhaps still a certain stigma around admitting that you are struggling financially. Talking honestly and openly to those who your financial circumstances impact, as well as to your financial advisor, can help you to focus on the truth of your situation and come up with a plan of action around budgeting, clearing debts, understanding your true expenses and also tapping into the best savings and investment opportunities to put you back on track.
It seems that there’s an app for everything these days, and while they once might have been predicted to be a bit of a fad, it seems they are here to stay. Apps can be genuinely useful in helping you to focus and get your finances in order, as well as help you put in place the habits and actions you need to achieve your life goals. You can track fitness and exercise with apps like Strava, count calories with MyFitnessPal and can get help with budgeting and saving too, with apps like Pennies, which track exactly what you have to spend each money and Moneybox, which rounds up your purchases to the nearest pound and filters the money into your chosen savings account.
Average lifespans are increasing and, as a result, more people are working past the age of 65 to build up more of a retirement fund. Many will hopefully be choosing to work longer because they enjoy it, but if you are eagerly awaiting retirement then you really do need to save and plan carefully as, hopefully, you will be enjoying it for a long time.
Speak to us about your lifestyle financial plan so that we have a better idea of what you need in order to live the retirement you envisage. You want enough, obviously, but there is also no point in working yourself to the bone through fear of not having enough, if you would actually be absolutely fine and could start enjoying your retirement earlier.
This article does not constitute financial advice and should not be construed as such.