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The new year marks the start of new beginnings, so there’s no better time to revisit your personal financial strategy. Drawing up an economic plan with clear, achievable goals can improve your long-term financial health and help protect you and your family against external factors. Whether you’re putting a personal financial plan together for the first time or you want to revisit your strategy, here are a few personal financial planning tips to help you secure your financial future in 2024.
HOW TO APPROACH YOUR PERSONAL FINANCIAL STRATEGY
LOOK AT YOUR CURRENT FINANCIAL SITUATION
Before embarking on your personal financial planning journey, you’ll need to conduct a thorough analysis of your present situation. The better you understand your circumstances, the easier it will be to plan and budget accordingly. Working out your net worth or pinning down the value of your assets and liabilities can be a little more challenging for those with more complex financial affairs – for example, if you’re a shareholder in a business or own a large investment portfolio.
SET YOUR GOALS FOR 2024
Once you know where you stand financially, you can start plotting out
the year ahead. Establishing clear and achievable financial goals is crucial for guiding your efforts throughout the year.Perhaps you want to pay off debt, invest in property, put money aside for your children’s education or build up a rainy day fund. Whatever your ambitions, setting measurable, time-bound objectives can make it easier for you to stay on the road to financial success.
YOUR BUDGET
A crucial piece of the goal-setting puzzle is your personal budget. Your budget should align with your current circumstances and financial goals.Think about what you’re spending at the moment, how much you’re earning and how much money you need to save to meet your goals.
Get in touch to discuss your personal financial strategy for 2024.
ADPL LLP
293 Green Lanes, London, N13 4XS
