5 Tips to Get Financially Fit for 2022
Financial well-being is very important. It means having security and freedom of choice in the future. It’s sometimes difficult to establish good financial planning habits. Having financial freedom will help you control your day-to-day finances, have the capacity to absorb any unexpected financial shocks, track your financial goals and make the choices you want to enjoy your life. We have collaborated with MadeSimple.ie, the leading public sector financial planning experts, to share with you some of their top tips to get financially fit in 2022.
1. Protect Your Income
If you are thinking of how you would cope financially if you couldn’t work because of illness or injury, you may be considering income protection. An income protection policy will pay you a benefit income if you have been unable to work for a certain amount of time because of illness or injury. One of the great things about Income Protection, or salary protection, is that it is relatively inexpensive. Over the course of your career, you are going to earn 2 million euros or more. For as little as €30 per month, you can ensure your income and therefore lifestyle is protected.
2. Make a Self-Contract for Your Personal Goals
A financial plan acts as a guide as you go through life’s journey. By completing a financial planning review, you have a clear understanding of where you are going to be in the future. If there are changes you want to make to this plan, discuss them with your financial advisor and your nearest and dearest. What does that do? It increases your commitment. We really encourage people to sign an agreement with themselves to fully commit and work towards their goals. A signature increases your commitment tenfold.
3. Break Down Goals into Smaller Milestones
Prioritize your future self. When you have your plan drawn up and an idea of what you want to achieve in your lifetime, prioritise one of your goals. When we target one goal, we generally have a far better chance of achieving it. Long term goals are important to your finances and personal growth, but too many long-term goals may take the backseat to more immediate short-term goals. By breaking one goal up into separate milestones, it will be easier to see your progress and motivate yourself.
4. Start Your Financial Plan Today
Start today. There are many benefits to starting your financial plan today. Kick-start the process and begin to build momentum. Even if it is just a small start, having that small start executed quickly gives you the satisfaction of moving toward your goals and desired result. We want you to start having a sense of achievement as you work toward your goals and the lifestyle you want.
5. Mind Yourself!
Our final tip is to mind yourself. What do we mean by that? Financial planning is absolutely core to our sense of well-being. If you are financially secure, it makes it much easier to be generally secure in other aspects of your life. Therefore, we advise you to be careful and take your time. Spending is quick, earning or saving is slow. When you are making spending decisions – think about it twice. Ask yourself is it important to you and does it help you achieve your financial goals. That’s why we encourage you to be mindful of your spending habits.
Taking the first step is often the most difficult part of the process. Unsure where to start? Fill out MadeSimple’s free financial planning report today and let’s get your finances in tip top shape by the end of 2022.
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