Wow, research published today in the Daily Mail states:
- – One in six of us (16 percent) admit they expect to fall behind in their finances this month as a result of the festive season
- – MAT chief executive Joanna Elson said: ‘With millions expecting to fall behind with their finances in January, we want people to be financially prepared for the year ahead.’
- – Research last month found that 37 per cent of people were paying for Christmas presents on credit.
Yikes! So it looks like our resolutions to grow financially fitter in 2017 have failed.
So what can we do about it? The answer is to START PLANNING NOW!
You may not want to buy presents in the sales NOW for next year – who wants to have to store them for a year only to forget all about them come December? But saving some money each month specifically for Christmas is the way forward.
In fact, I recommend having several different ‘pots’ or bank accounts, ideally savings accounts linked electronically to your main current account, specifically for different priority items, e.g. Bills and regular essential bills, presents and gifts, clothes and treats, holidays and of course SAVINGS!
Yes, it’s a sad fact that too few of us are saving for our retirement and have no plan in place. A company pension is of course the best way to go as the money can be taken out before your income tax is calculated, meaning that you pay less tax on your earnings because the government (HMRC) view your income as the amount you receive AFTER your contributions are made. Talk to your HR Department and take advantage of any additional company benefits you normally pay for yourself if they are available in this way – they often are.
But for many of us, even if we get a pay rise or start to make more money in our business, we still have that fear of financial failure or a never ending stress and tension every time we think about our finances.
If you need help with your Money Mindset so you can not only be more empowered to take action around your finances but really feel in control of them instead of them controlling YOU, contact me and find out how I can help.
I run regular courses and events all aimed at building your Money Mindset Muscle and getting you off the hamster wheel of financial fear, scarcity and lack once and for all!
Book your free call to discuss by clicking this link: http://bit.ly/MoneyMindMastery