How is your current financial situation? Would you say its in need of some TLC? The truth is, the majority of us could benefit from improving our finances, but sometimes that’s easier said than done.
Fortunately, there are a wealth of financial planning tools available that will help you to get a handle on your finances. With the right tools by your side, you can get on the path to becoming more confident with your money, helping you to improve both your own and your family’s financial present and future.
A budget can be useful for many reasons. Not only does a budget help you to get a better grasp of your financial situation, but it also helps you to achieve different financial goals, like saving or paying off debts. It’s easier to budget than ever thanks to free online tools. Try the Money Advice Service’s budget planner which can help you to keep tabs on your money.
Need some help tracking your spending? There are some excellent spending trackers that are there to monitor every penny that leaves your account. Mint is an excellent tool that enables you to organise all of your spending on bills and everyday items into categories. This helps you see where your money goes each month. If you’re spending too much on clothes or on groceries, you can easily identify these areas, which will subsequently highlight where you could make some cuts.
Online-only bank accounts
Going to the bank to manage your money can be an inconvenience. High-street banks are in decline, which means it can be tough to visit your bank at a convenient time – especially if you work outside of a city or town centre. Online banks offer many benefits, including lower fees and additional perks that make them worthwhile. Monzo is an example of a great online-only bank that offers excellent rates on overseas withdrawals, as well as excellent spending monitoring to help you save money and keep track of your spending.
Money blogs are a great place to learn more about how to manage your finances. As well as the ESMI blog, which features various tips and advice for managing your finances, you’ll find some other great money blogs that can help you accomplish anything from saving to paying off your debt. Try top money blogs such as EmmaDrew.Info, and FrugalFamily.co.uk to get excellent everyday money-saving advice. Read your favourites during your commute or during your lunch hour and make sure you take advantage of their expert advice.
Income tax calculators
Have you ever used an income tax calculator? They’re fantastic for working out what your income should be after tax, National Insurance, student loan repayments and more. As well as helping you work out what your weekly and monthly earnings should be, you can see how an increase or decrease in your pay can affect your finances, and work out how much tax you’ll need to pay if you’re self-employed. Money Saving Expert has an excellent tax calculator, or you can try Listen To Taxman as another free alternative.
What do you do with all your loose change? Leave it in a jar to add up? Well, now there are apps that let you do the same with card payments. They round-up your change to the nearest pound and put it into savings for you. Some apps will even invest your money so that you can grow your money slowly, which is ideal for making some small savings. Take a look at Which’s best savings apps to help you find the right savings tool for you.
Your credit score is important. If you’re looking to take out a loan or a mortgage anytime soon, having a good credit score is vital. A credit score monitor will help you to monitor your credit score and improve it, as well as help you work out the best financial products for you. Clear Score provides you with a free credit report, as well as offers some useful advice on how you can improve your credit score.
Family and friends
One of your best financial planning tools is right under your nose – your family and friends. People who have experience of different financial products or decisions can be a great source of information to help you take control of your finances. If you need some advice or some real-world experience, speak to your family and friends and get the answers you need about your money.
Life and sick pay insurance
Some financial planning tools offer support and cover you in the of worst case scenarios, such as life changing illnesses or death. If you were forced into having time off work due to illness or in the event of a death, the right insurance will help to continue to provide for your family. ESMI offers a range of life and sick pay insurance products designed to help you plan for the future. Make sure you get your cover in place to provide a safety net for your finances.
It’s now even easier to invest your money, thanks to the wide range of tools that are available today. Micro-investment apps are a great entry point to learning about investing, letting you give it a try with smaller amounts of money before you turn your hand to large-scale investments. Being able to track your investments on the move will make it simpler to manage, helping you to grow in confidence in this area.
Cashback websites are a great way to build your savings from your usual online shopping. ESMI Rewards can help you get cashback from various sources to help you save some additional money which can be used towards treats or to help you with your Christmas shopping. ESMI Rewards also has some special offers to help you save money at different retailers, restaurants etc – helping your money to stretch further.
Plan for your future with financial planning tools
With the right financial planning tools, you can learn to keep better track of your finances to improve your current situation as well as plan for your future. With a range of websites, apps and other tools at your disposal, you can make your money management simpler and more effective to help you reach your goals.
Remember to take a look at ESMI’s insurance policies to help you plan for your future.