These financial decisions won’t leave you filled with regret…

There are some decisions in life that we look back on with some twinge of regret (dodgy 80’s fashion choices and the infamous mullet haircut crop up more often than not), but when it comes to financial decisions you really need to make sure you don’t make a bad choice as they can have far longer lasting repercussions, and not just leave you with regrets.

Here are some good financial moves you can make that you’ll thank yourself for in the future.

Finally build a emergency fund

Seriously, you need one, you really do. Just think, if your car broke down could you afford to fix it? How about fixing a broken boiler at home? There are hundreds of different possible ‘mini emergencies’ that could unexpectedly land on your lap, so it’s a good idea to make sure that you can at least cover the costs of your insurance excess (and yes, you should be paying for essential insurance!). So how much do you need? It’s a common thought that you should have around 3-6 months salary saved so that you would have enough money to tide you over should anything occur.

Save money for your retirement

Yep, more saving, but it is really important that you have a retirement fund. People tend to underestimate how much money they will actually need to have for retirement. Think about it this way, currently what do you spend each year? How will this change after your mortgage is paid off, or will you still need to rent? What happens if you need extra care – could you afford it? The only way to guarantee that you will have enough money is to save and to start now. Make sure you are maximising your retirement fund – use what’s available to you through your work. Speak to your HR department to find out what retirement plans they may offer.

Plow money into paying off your debts

This is always a good idea – get rid of your debts. Always make sure you clear the balance of any credit cards you may have every month. If this is not possible then always, always, pay more than the minimum balance, and make sure you pay on time.

Live within your means

This doesn’t mean that you can’t afford yourself a nice holiday or the odd treat every now and then, but it does mean that you don’t regularly over do it. Try to not overstretch yourself either, if you are buying a new car, or a new home or anything really, try to make your purchase realistic. Get what covers your needs, but forget the add on’s or extras if they are not going to actively enhance or bring happiness into your life. They’ll just end up as a waste of money.

Stay on top of your finances

Make sure you get yourself a Monese account! With Monese you can get your own UK current account just using the app, your Passport or National I.D card and an EU address. Once you are signed up you will get your own contactless card, have access to low transfer rates (we are up to 8x cheaper than traditional banks!) and unlike pre-paid cards, with Monese your employers can pay you directly into your account – even when you are on the road! Tracking your money is easy using our Insta-balance feature too. Find out how you can get your Monese account here.


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