World Financial Planning Day: Get on top of your personal finances

Today is World Financial Planning day. Today is designated to encourage everyone to get on top of their personal finances and learn how to manage their money better. So, let’s seize the day and help you get to grips with your finances. Here are a few top ‘starter’ tips.

What are your goals?

Make a list of all the things you want to achieve financially. There is always a bigger picture of why you want to save and invest. Maybe you want to reach the big 6 figures in your account or have a substantial amount saved by a certain age to retire early. Your goals are personal to you. Whatever they may be, write them down and create a realistic timeline for achieving them and how.

What is your net worth?

A quick way to work out your net worth is this: List your assets (what you own), estimate what each is worth, and add them up. Next, list your liabilities (what you owe) and add up the outstanding balances. Subtract your liabilities from your assets to determine your net worth.

How many bank accounts do you have?

Consolidate them! Your current account is also where you want to start collating or expanding your emergency fund. While on this topic, do you commit to saving a specific amount or percentage of your monthly income? If not, why not? You never know when you will need an emergency fund.

What debts do you have?

If you have a significant balance on a credit card, why not use World Financial Planning Day to start afresh? Commit to repay a higher amount, or even pay your debts off in full, if you can, so as not to carry high-interest charges. There is nothing wrong with spending on your credit card or using credit, but always aim to pay it off in full at the end of the month. Another best practice is to ask yourself whether your spending is a need or a want. There is nothing wrong with buying what you want. But if you have a debt to pay, it’s always better to pay this off first.

Are your investments and documents organised?

Would your loved ones know how to run your household and estate or understand your last wishes if you became sick, injured, or died suddenly? We recommend making an inventory of everything you own and owe: investments, gold, jewellery, and loans outstanding.

Do you have a will, and is it up to date?

If you already have a will, World Financial Planning Day is the perfect reminder to review and update it as needed. If you do not yet have a will, use today to schedule an appointment with a professional to write one. Will writing is not all legal work. You could use today to decide how you want your wealth and assets distributed when you pass before actioning.

Have you got relevant insurance coverage?

It should be of the highest importance to purchase an insurance policy to protect your assets in the event of an unplanned occurrence or death if you do not already have one in place. Types of insurance coverage include life, medical and health, travel, loan credit shields and auto, to list a few.

At GSB, we’re here to help you progress with your finances and enable you to live as you wish. We do this by implementing one of the best investments of all; a financial plan. Get in touch to learn how our team can guide you on your journey to successful financial management.

Together, let’s seize the day and help you get to grips with your finances.

Ross Whatnall

Ross Whatnall is CEO and co-founder of GSB and a highly experienced private client director. Ross holds many insurance and investment management qualifications, including CISI, CII, LIBF and CFA. He started his career in private banking with HSBC in the UK before moving to the UAE in 2013 to focus on serving his private clients.

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