Do you cringe at the idea of checking your bank balance? Do you even know how much is in your account? Or where your money is going each month? Struggling with financial confidence can hold you back from your dreams and even a good quality of life, which is why improving our confidence around financial matters is essential.
If talking about money makes you feel uncomfortable or you’re embarrassed by your debts or poor financial choices, you don’t have to be. Here we’ll take a look at how you can improve your financial confidence with these helpful ideas. Read on to find out more.
Start planning for your future
You might not have given much thought to your financial future. In fact, most of us live in the here and now, wondering if our monthly income is going to stretch until next payday. However, when you decide to invest in your future with an ISA from this website, you can take back control of your financial future and enjoy, not just a confidence boost, but a sense of clarity and reassurance that your future is taken care of. An investment ISA is a perfect way to save up to 20k a year, in a tax-efficient way, giving you full control of your savings and giving you access to your money, whenever you need it.
Face your financial fear
Worried about checking your bank account? Wondering where all your money goes each month? Or are you too apprehensive about checking how much debt you have? Whatever fuels your financial anxiety, sometimes it’s better for your financial health and your overall well being to face your fears head-on. Get to know your finances and understand what position you’re in. Only then will you be in better control and move forward!
Understand your current income
Whether it’s benefits, interest on your savings accounts, child support payments from an ex-partner or your job, make a note of all your current sources of income.
Cross-reference your income with your outgoings
Next, make a list of all your expenses or outgoings. Don’t leave anything out. Cross-referencing your findings will help you understand your financial situation better and help you make better financial choices. You’ll also be able to see where you can make savings, giving you the confidence you need to make better decisions.
Create an emergency fund
Saving for your future with an ISA is highly recommended, but you should also be putting aside money for a rainy day. This emergency fund provides a financial safety net that will hopefully stop you from spiralling into debt due to an unexpected bill or circumstance. Adding a little to this fund every day will improve your financial situation and give your financial confidence a boost.
And finally, educate yourself
Mortgage rates, payday loans, interest rates, fees, bank loans, these things aren’t taught in school, which means many of us stumble into adulthood, ill-prepared for financial responsibilities. If there are gaps in your financial knowledge, terms or jargon you don’t understand then educate yourself. Follow financial bloggers or influencers, read blogs, books or magazines! The more you know, the more confident you’ll feel.
