Controlling Your Financial Destiny

We all have different relationships with money.  Some of us are incredibly cautious, and we watch our accounts with an eagle eye.  Others will have a much more relaxed approach.  Whatever your attitude to your finances, there’s no doubt that it often pays to keep an eye on how much you’re saving and spending.  At the end of the day, we all want to have control of our financial destiny.  If you’re starting to think about the future and you’d like to be more organised when it comes to money, you’ve come to the right place.  The first thing to consider:

What is Your Current Financial Situation?

You can’t start trying to control the future without first finding out more about your financial situation.  If you’re the kind of person who never checks their online balance or you don’t keep track of how much cash you’ve taken out and what you’ve earned this month, it may be time to take stock of what’s going on.  Start by checking all your balances.  This includes any savings accounts, current accounts and credit cards you have.  Write everything down, and this will give you an idea of what you have saved, how much you owe (if anything) and what you have available to spend before your next pay cheque arrives.  It can be daunting to log into those online accounts and look at the figures, but the sooner you do it, the better.  If you have debts, try and pay them off before you start saving.  There’s no point in putting money into an account every month if you’re paying interest on a credit card, for example.

 

Protecting Your Assets and Investments

When you work hard to earn money, you want to make sure that your assets are protected.  Take buying a house, for example.  The last thing you want to do is lose everything if your home is broken into or find yourself in a bitter battle for your share if you break up with a partner.  Taking out insurance policies and taking steps to protect yourself if you’re cohabiting can help to prevent you from losing money.  Whether you’re married or not, and you decide to separate, drawing up a separation agreement may be an option worth considering.  This way, you can decide who gets what and reach a solution that benefits both parties.  It’s not just a house that you need to protect.  If you own a car or a business, the same rules apply.  Make sure you have the relevant insurance policies and check the legalities if you have joint ownership with a partner or spouse.

 

Drawing Money From Your Home

It is natural to have some trepidation about retiring.  You may be used to your working routine, as well as a reliable paycheck.  However, using your home to draw from, can give you the money you need to actually live comfortably in retirement.  Unlike the normal home mortgage you may think of at first, a Jumbo reverse mortgage can free up money that doesn’t need repaying right away.  But you do have to explore the potential issues that can create before signing up for one.  For example, you have to stay a primary resident in the home for the agreement to remain in place. That may mean residing in your home for many more years than you originally planned.  It’s not for everyone but if you don’t have sufficient savings it may be the only suitable option available.

Planning for the Future

Nobody knows what the future holds.  Hopefully, it will be bright, but life isn’t always a bed of roses.  Save when you can and try and set up an emergency fund. Pay into your pension pot and make sure you have insurance that will protect you if you become ill or provide a nest-egg for your family if you pass away. It’s not the cheeriest subject matter, but it is best to plan for the future and cover all eventualities.

 

Are you ready to take control of your financial destiny?

If so, hopefully, this post will get you off to a flying start.

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This Post Has 38 Comments

  1. Sarah Bailey

    Making sure you are in control of your finances can be a scary thing, especially if you know you are out of control with them. I have to admit I’ve been in a bad place with it and now I try to only spend what I have.

    1. admin

      I am glad to hear you are watching what you spend it can be so easy to lose track.

  2. Jessica Hughes

    It’s so important to consider all of these things in controlling your finances. Keeping track of your spending and your debt, while making sure to have an emergency fund are very important points. I know this became so much more important for me once I had children and needed to make sure their futures were secure should something happen to my husband or me. Having adequate insurance is one way that we have prepared for this.

    1. admin

      It is even more important once you have children to make sure you control your finances. Insurance can really make a difference.

  3. Ana De- Jesus

    My current financial situation is diabolical but I am hoping that will change for the better. It is always good to look at the future x

    1. admin

      I hope it improves for you soon.

  4. Mummy Times Two

    Really import to think about your financial situation, some great tips here to help people to do so.

    1. admin

      Thanks it’s important to make sure people are aware of options.

  5. Theresa Alison

    I’m so glad we have never had a credit card think we would of been upto our eyes in debt

    1. admin

      I know people that have done that and had problems after.

  6. Melanie

    What a focused, level headed article with great advice. You are right…there is no point saving until you have cleared debts. 🙂 x

  7. Elinor Hill

    Many years ago we got ourselves in debt and it scared us so much that we are now super careful. And yes you are so right, it’s important to have an emergency savings fund just in case. Elinor x

  8. Rhian Westbury

    I do want to get myself into a better situation with my finances, while I have savings I’d love to be able to invest a bit x

    1. admin

      It’s great to invest where you can, good luck with that 😉

  9. Stephanie

    I haven’t always been in control of my finances but now I am, it’s the best feeling! x

    1. admin

      It sure is, I’d hate the stress of it otherwise.

  10. Sarah Cooper

    Some great tips here!

  11. StressedMum

    I honestly think you are either someone who is in control, or someone who needs a little more of a push to realie how important this is. Luckily I learnt from my mistakes when I was young and it gave me the right nudge.

  12. Zena's Suitcase

    I am rubbish with finances an leave it in the lap of the gods. I really to make it a priority to sort this out as who knows what might happen

  13. Kayleigh Watkins

    I think the age for loans etc should be put up to 25 as I have debt from when I was 18 that is now affecting my future, I can’t get a mortgage etc which I would love to do now I have children, but when I was 18 I didn’t think about it affecting my future xxx

  14. A S,Edinburgh

    A great set of reminders, thank you. It’s so easy to take your eye off the ball, especially if you don’t want to think about how things stand.

  15. Kacie

    I totally need to get my finances more under control!

  16. Anna nuttall

    I got my husband to help me control my financial destiny! haha. Anyway thank you for writing this as more people need to look after their money. xx

    1. admin

      That’s handy, my hubby is rather useful in that field too 😉

  17. Jemma

    Keeping track of your finances is so important, great guide to help 🙂

  18. Laura

    I think with everything going on in the world and the current state of politics it’s really important to be on top of your own financials because you never know what is going to happen. These are some great tips, thanks for sharing

    Laura x

  19. Sarah

    Thank you for this post, it’s super helpful. Being in control of your finances is so important!

  20. Leslie Hernandez

    Great tips!!! I need to have more control of my finances it’s something I am really working on this year. Thanks for sharing this post its very helpful!!

    XOXO

    1. admin

      Glad to have helped it is very important to keep onto of this.

  21. Madeeha

    Some nice tips there. I always try to save money in the start of month and invest in stable assets. But I will admit I learnt a hard way too 🙂

    1. admin

      It is a lesson many learn the hard way unfortunately.

  22. Ali Rost

    Great tips! A few years ago our financial situation wasn’t the best. That all changed when we got serious about budgeting and only spending what was in our checking account. It was hard at first .. but worth it

  23. Annie B

    I am just sorting all my finances out at the moment, I think budgeting is the best thing you could do and that is something I’m working on to be better at!

    1. admin

      I think we all need to keep on top of our finances as we d slip once in a while.

  24. Rachel Butler

    This is such an import thing to be in control of…..But it’s scary too! I hate thinking about finances and the future xo

    1. admin

      Iknow but it is best t be prepared 😉

  25. Beth Pierce

    Understanding your current finance is a good start. We cant plan for the future without understanding our current situation

    1. admin

      Exactly. Knowing where we are means we can then work out what we can do.

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