A common start to the year is the resolution to get fitter – to lose some festive pounds or boost your mood to beat the January blues. You can hear about Tom Morris’ January fitness challenge in the latest episode of The Financial Wellbeing Podcast!
But it’s not just physical fitness that can get you ready for the new year, the Ovation Team is here to share their top Financial Fitness tips to try for a great 2023 –
You need to know where you are, to get to where you want to go. So, like weighing yourself and taking measurements – now is a great time to get a snapshot of your finances. Take some time to review your monthly direct debits and take control of your daily finances.
Once you know what your outgoings for your fixed bills are, you can turn your attention to your daily spend. A bit like tracking your calories. Now we don’t want you doing this for ever, but for the next month track everything that you spend and give them some categories. Your food shop and toiletries can all be lumped into “Groceries” you can then look at meals out, cinema, drinks etc, which could all be lumped together under “Entertainment”. Don’t forget things like your transport – petrol/diesel costs.
Once you have a snapshot of your finances, now is a great time to look closer at those annual bills, for example home insurance. We all know you can often save money if you shop around to get better deals. However, it can be a hassle and those auto-renewals creep up throughout the year. Do take a look at the various comparison sites available, they do the leg work for you.
Now you have found the best deal for all those insurance policies, don’t let them sit in your email inbox! You can put them on MyOvation, along with other items such as maintenance contracts, breakdown service details, travel documents. All in one secure place for easy access.
Once you’ve tracked your finances for a month and used comparison sites for those annual bills, you will have an idea of what you are spending and what areas you can save on. Much the same as reducing your calorie intake to lose weight, can you reduce your spending to save or allocate money elsewhere? At this point can you spend on your wellbeing?! We know that spending, done in the right way, can be a good thing – How to spend to boost your financial wellbeing
The team would love to hear your financial fitness success stories. Do get in touch through the MyOvation messaging service or share on our social media channels.