How best to manage your finances in 2024
Stick to the plan
Focus on household budgets
Be honest with yourself
When it comes to looking at your spending, you cannot afford to lie to yourself, so make sure you are honest about how much you’re really spending. I have an account which I use to pay all of my bills, including life assurance, investments and savings. This helps me to know what I have left for discretionary spending, for the things that I enjoy doing in life. A peer of mine has a coherent method of breaking down his spending, which you may like to use:
- Required Income – your fixed expenditure, the non-negotiables like your mortgage, bills, food etc.
- Desirable Income – how much you have to spend on experience moments from holidays to the theatre, a major sporting event or a show.
- Aspired Income – when you’re investments have performed well, this is the money you use to put towards something that really matters to you. Here’s to having some of this again in the not too distant future.
And just as a final note, we know that it’s really hard to admit when you find yourself in a difficult spot
financially, but if you are in trouble, the best thing you can do is talk to someone and seek professional help.
Kunle Olafare
Kunle spent several years as a financial adviser before joining Kleinwort Benson as Head of Advice in the Financial Planning department. He spent nearly a decade there before moving to SK.
SK Financial is a boutique financial planning company. Their unique approach puts people first and their reputation is built on strong, long-lasting relationships.
About Fram Search
Established in 2010, Fram Search is a specialist financial services recruitment consultancy. We support firms across wealth management, asset management, venture capital, private markets and wider financial services, helping clients secure exceptional talent from specialist professionals through to senior leadership teams.
Our consultants combine deep sector expertise with extensive candidate networks developed across financial planning, investment management, venture capital, EIS & VCT, private markets, asset finance, fintech and corporate functions. We provide both contingent recruitment and executive search services, helping clients attract, assess and retain the talent required to drive growth and long-term success.
Please contact us on 01525 864 372 / [email protected] to learn more.
Share this Post