Identifying the top financial priorities

Is it establishing an emergency savings or using credit responsibly? Is it more important to have open communication about finances with family members or calculate how much you need for retirement? What are your priorities after the budget at Broker House we recommend?
1) Supplement your income.
In order to beat the debt trap look at ways of creating an extra income, it’s so much easier to create a financial plan if you can earn that little bit extra without spending too much to gain the extra revenue this will put you in a good position for any future plans.
2) Live Within Your Means.
This is a top choice among financial planners and advisors. Spending less than you earn and living within your income allowance is the best way to ensure you meet your financial goals.
3) Protect Yourself with Adequate Insurance.
Ensure your financial security by having adequate insurance coverage in place for health, disability, long-term care, homeowners’ and family members you need to protect them and your assets, this includes having an up to date will and inheritance tax planning.
4) Tackle Debt.
If you are burdened with a lot of debt, now is the time to honestly assess how much you owe and establish a payoff plan. Immediately stop running up new charges, cut expenses, and prioritize your debt by paying off the highest interest rate accounts first, then applying extra money to the next account when paid off.
5) Build an Emergency Savings Account.
Prepare for the unexpected by having this important reserve. Keep this account separate from your other savings and aim for three to six months of living Starting with a small reasonable goal as little as £500 will help springboard you toward this goal. Any tax or PPI rebates may provide a great way to start. Reducing house hold expenditure i.e., broadband, mobiles, utilities, car insurance, cash back deals all help to keep more money in your pocket.

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