Penny Push-Ups: Organising Your Financial Health



Five stacks of coins


There are more parallels between health and finances than anyone actually realised. Like your mind and body, you need to treat your money well. If you don’t, it’s going to get unwell and diminish. Like your muscles, you need to build and flex your credit to build a credit rating. Like a conservative diet, you need to make smart investment choices.

If you’re in a poor state of financial health, please don’t worry. No matter what, there are always ways to improve it.

Firstly, make sure you spend less than you earn. This gives you an excess to either save or use to pay off debt. It doesn’t matter how little or much you earn; you’ll enter some serious problems if you spend more than you earn. A good way to do this is to track your money with a budget – keep your receipts! – A budget will show you where you are going wrong with your money. This can help you see what you spend most on and can help you cut down your expenditure in some key areas. A savings plan can help hardline some of your money into savings for the future – start out with saving 5% of your salary for savings. This money can be built on and invested in stocks, property or bonds if it is getting too big for your savings account. Make sure you take advice from the market experts before placing your money into areas where you won’t be rewarded for that. Advice about anything finance is valuable, and sites like Credit24 can be a real help if you’re stuck with interest rates, or feel unsure about what loan might be right for you.

If you are running into issues with money, it’s likely you’ve loaned some money or used a credit card. If used unwisely or as a last resort to make ends meet, it can be quite a trap thanks to unforgiving interest rates. This can be a huge roadblock in improving your financial state as if the balances are not paid off on time the interest will ensure that you pay more for you goods. It’s also a good idea to review your monthly outgoings – insurance and subscriptions – insurance may seem like a needless expense, but if it’s going to protect your health and your wallet, then it is a good idea.

As with the budget, it’s a good idea to keep solid financial records of transactions and account statements; this can help you and an accountant understand the tax credits you might be missing out on. If you are working from home and for yourself make sure that you keep your invoices. This will help when it is time to fill in your tax return.

Managing your finances with care can help you out and should take a place of importance alongside your work and personal life. It can be difficult to keep track of, but it can be a real problem if you don’t take the right care. Get your finances in fighting shape!





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