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    Category: Insights

    Financial freedom is a journey

    Financial freedom looks different for us all, but there is one thing that we all share in common, it’s not something that can be achieved overnight.

    It’s a goal that you’ll need to work towards over several years, with strategic planning being of paramount importance.

    So, how can you reach your targets and achieve your financial freedom? Jack Farmer, one of our Financial Planners, explains how you can get there, no matter what your goals may be.

    Set clear goals

    We all have different goals, so it’s important to establish exactly what this means to you.

    Are you looking to be debt and mortgage-free, or are you aiming to pick up more hobbies and go on more holidays?

    Asking yourself these questions and deciding on your targets will allow you to make a specific plan, allowing you to be more efficient in achieving your goals.

    Get on top of your finances

    Keeping on top of your cash flow means you can create realistic and accurate budgets, reflecting your income, expenses and savings.

    This will also allow you to identify where cutbacks can be made, meaning those funds can go towards savings, your pension or paying off debts.

    Create an emergency fund

    The chances of having to pay unexpected expenses is highly likely, I’m sure you have something in mind right now as you read this. Setting a pot of money aside for any unforeseen circumstances will stop them from derailing your plans.

    This safety net stops you dipping into your all-important savings, so I always recommend including this in your plans.

    Pay off high interest debts first

    If you have multiple debts to pay off, starting with the one with the highest interest charges will be more cost effective in the long run, as they will cost more the longer you wait to pay them off.

    This will free up more money overall, which can go towards your savings.

    Diversify your investments

    There are many investment options out there and for most people it can be quite overwhelming. Keeping your investment portfolio simple and sticking to a diverse portfolio should give you the best chance of a successful investment experience over the long term.

    However you invest, you should always conduct regular reviews and update your strategy at least once a year as your financial goals may have evolved, along with circumstances, and your portfolio needs to reflect this.

    Cut back on impulse buying

    A few pounds here and there may not feel like it will have a huge impact on your overall goals, however it can make more of a difference than you think.

    It may be worth reviewing your bank statements every now and again to see how much you’re spending on unnecessary impulse buys, or even those subscriptions you forget to cancel once the free trial ends!

    Adjusting your spending habits could lead to you achieving your goals even sooner.

    Seek professional financial advice

    The journey to financial freedom can be overwhelming and time-consuming, but you don’t need to do it all alone. Working with a regulated independent financial planner will help you create the best strategy, based around your needs and ambitions.

    This means you can make all decisions with confidence and assurance that it’s the right choice for your aspirations.

    If you’d like to start reviewing your plans, then one of our team would be happy to look at getting you set up for your future. Get in touch here.

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