‘There’s never been a better time to get your finances under control,’ says one expert.


‘There’s never been a better time to get your finances under control,’ according to seven experts.

Consumers may miss the perfect opportunity to turn things around after a tumultuous two years, according to a finance analyst who shared seven ways to figure it out.

As the new year progresses, many people may find themselves picking up the shards of their previous year’s budgets.

Rob Morgan, chief analyst at Charles Stanley, shared seven strategies for getting 2022 off to a good start for investors, savers, and consumers.

Consumer spending, economic stability, and inflation have all risen to alarming levels in recent months, but as the world grapples with what a post-pandemic world might entail, now may be the ideal time for people to get their finances back on track.

Mr. Stanley revealed his seven financial success strategies for the coming year.

Many new year resolutions fail because they are too broad and vague; simply “saving money” or “earning more” isn’t a specific enough goal for people to work toward.

Filling in the blanks on these goals, both short and long term, can help a person realize what they really want to accomplish and possibly reveal ways to do so.

“Are you saving for a rainy day, to get on the property ladder, a holiday, or your retirement?” Mr Stanley continued. “Having an idea of what you want to save for will motivate you to save more and work toward your goals.”

Keep an eye out for the investment chasm.

The investment gap is the wealth disparity between those who keep their money in cash versus those who invest it.

As inflation has raged in recent years, cash savings have become increasingly obsolete as their value diminishes over time.

Mr Stanley did, however, point out that, as the pandemic demonstrated, having cash on hand is still important in case of an emergency.

“However, for longer-term goals of five years or more, it’s worth considering investing,” he continued.

Interest rates are currently at historic lows, far below inflation.

“Investing more of your wealth rather than keeping it in cash over time can help you preserve the spending power of that money and help you achieve your goals.”

With multiple tax hikes on the horizon, savers have been advised to take advantage of every tax-free benefit and opportunity available to them.

Greetings, Mr. Stanley.

“Brinkwire News Summary.”


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