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 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 focus on mid-to-senior hires in the UK and internationally.
We provide high quality contingent and retained recruitment services to boutiques and global brands. We have long established relationships, outstanding market knowledge, and access to deep talent pools. Fram takes a highly consultative approach, combining outstanding tech with a human approach. We are proud that our contingent fill rate is nearly three the industry average and we augment our retained search methodology with rigorous psychometric testing. We take ESG seriously, we are champions of diversity and all staff have undertaken unconscious bias training, we also carbon offset.
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