How to Keep Your Finances Healthy

The best way to keep your finances in the peak of health is to do a financial health check every six months while you are clearing your debts, and then at least once a year thereafter. Try linking it to a memorable date that you won’t forget, such as a birthday. Check any borrowings, including your mortgage, and see if their interest rates have risen or fallen. Do they still represent the best value for money? Look at what is currently on offer elsewhere, and see if you can get a better deal. Then do the same for any savings or investments, check theĀ isa for children.

Cutting down on your expenditure should become a regular habit. It is amazing how expenses can creep up again when you take your eyes off them. As part of your financial health check, go through all your regular bills using the top expense management software, and see if any of them can be reduced. For example, new mobile phone deals come out all the time. Your current mobile phone arrangement may have been the best deal six or twelve months ago, but is that still the case? The same applies to all your other regular expenses, from electricity and gas to motor and home insurance. To help you identify all the expenses that could be reduced.

Don’t forget to check your income too. Are there any ways you can increase the amount of money you have coming in? Assessing and increasing your income should be an important part of your financial health check.

If you keep to this plan, and perform regular checks on all aspects of your finances, you will get out of debt, and will stay in the black forever. Eventually, organisations will be paying you handsomely for borrowing your money, rather than you having to pay large amounts for borrowing theirs. This is the true road to financial independence, which leads to lasting peace of mind and freedom from money worries.

Filed Under: General How To's


About the Author: Marie Mayle is a contributor to the MegaHowTo team, writer, and entrepreneur based in California USA. She holds a degree in Business Administration. She loves to write about business and finance issues and how to tackle them.

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