How to Take Steps to Great Financial Health

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February 3, 2020

The end of a decade and what a turbulent and interesting 10 years it has been. Already into the second week of January we start to evaluate our lives and give ourselves resolutions to work towards in order to better ourselves. For instance our health and wellbeing but what about the health of our finances?

We tend to start with good intentions, that "gym membership" and eating healthy but soon most of us let these things fall by the wayside. One thing we should remain focused on is the health of our finances. It’s incredibly important to evaluate our financial matters after such changing times, to assess what we want from our money and our futures.

Here at AI Investment Group, we strive to give our clients financial independence and stability, either through securing investments or arranging and organising trusts and retirement strategies.

Assess your financial goals

Despite growing fears of trade wars with the USA and China and potential wars with Iran and the USA, our advisors expect 2020 to be a very strong year for the economy and the stock market. Oil has seen a spike in value and with this, other industries start to climb.

What are your plans for the next 12 months? Do you have a financial strategy in place?
We have detailed some key factors below to help you get a better footing in your quest to become financially stable.
Read more for our guide to maximising your finances for a  healthy and prosperous 2020!

Let’s start by asking a couple of questions: Where are you right now with your finances? What are your assets doing, what savings do you have?

It can be worrying to start uncovering what exactly is going on but as soon as you can establish your footing you can begin to make real and achievable financial goals. Perhaps you’re starting to think about yours and your family's future? Retirement planning can seem like a laborious task, however, it’s essential to have a plan in place to guarantee the retired lifestyle you’ve dreamed of living.  

Find out more information about managing your wealth. We can help analyse your current situation and advise accordingly.

Organise your finances

Unlike that January gym membership that will fade into the abyss with vegetable juices , you must keep on top of your financial goals. We advise creating a spreadsheet or using fin-tech apps on your phone to account for every penny you have coming in and going out. This will help you to organise your finances cut spending and remain fixated on your financial goals for 2020.

Pay off any debts

If Interest is holding you back, take this year to clear the decks and wipe out any debts you have, there is no point making 15% in your stocks but paying 20% in interest on credit cards or loans. Debts can be a heavy burden and if you are feeling swamped we can help you get your finances in order so it's easier to manage.

Start making the right investments

If you’ve already started on the right track and have made some small movements to investing your assets,  or you may have money in property? We can sit with you and understand the potential pitfalls and risks on the investments you have and advise accordingly. Learn all about our investment planning here.

Time creeps up on us faster than we like to acknowledge. Do you know how much money you need to retire on? Our advisors can handle everything from start to finish and explain how much you need to save or what to invest in for great returns on your current pension. Find out more here.

Unsubscribe from everything!

We have a lot of clients come to us and the majority of the time they have outgoings they cannot account for. Direct debits on subscriptions for services and products they just don’t need or forgot they even had! Take the time to look over your statements and patch up any unwanted leaks. This unaccounted-for money could be put to much better use in the form of your pension or investment bonds.  

Put money away for unforeseen episodes in life

We can’t predict the future but we can try to be more prepared for it. We suggest putting 2-3 months of expenses away, this way should anything happen you have already budgeted for it.

It’s very easy to get overwhelmed and stressed out not knowing where to start with cleaning up your finances. Taking small but vital steps is just the beginning to taking control of your finances and getting the most out of them.

Ai Investment Group can assist you with saving plans, retirement and investments, we have helped hundreds of our clients achieve the best results and find their financial peace of mind. There we have it. A few small changes can make a huge difference to where you are now and where you want to be in 12 months time.