For young professionals in Manchester, financial planning may not always be the first thing on their mind, especially during Coronavirus. We understand this here at Manchester Young Professionals so in today’s blog, we thought we’d offer some financial planning support and tips to better manage your money. We’ll look at some immediate, actionable advice that you can use straight away that ensures money doesn’t become a scary topic.
Here at Manchester Young Professionals, we’ve been hosting networking events for young professionals in our home city of Manchester for years now and would love to hear from you. So, be sure to get in touch online or by phone on 0161 327 1385 and become part of our inclusive, accessible network for like-minded professionals in their 20’s and 30’s.
Financial Actions You Can Take Now
It’s all well and good talking about the long term, which we will touch on in our next article, but being able to take actions now to improve your financial position can feel the most rewarding.
Start Putting Some Money Away Now
It doesn’t matter how much, yet, just start saving some money. Even if it’s just £50 a month, having that buffer which will increase over time, will give you the reassurance that should an emergency happen or you need to spend money on something big, you have some funds available. Open up a savings account with your bank which you can do today by popping into your local branch.
Work Out Where Your Money Is Going
Another thing you can do right now is fire up an Excel spreadsheet and note down your incomings and outgoings. Having a visual picture of your finances will give you such a better idea of the state of your money. It doesn’t have to be complicated, simply note down your incomings (salary etc), your outgoings like water, electricity, council tax and take away the latter from the former. Once you have that final figure you can then determine what money you can set aside and what you’ll have left.
There is a tonne of resources out there from books and programmes to podcasts and Youtube channels all about money and personal finances. Educating yourself about money is one of the quickest ways of understanding your finances. The great thing about these resources is that they approach the topic in a way that isn’t packed with jargon or full of terms you haven’t heard of.
Some Of Our Favourite Money-related Resources
- The One-Page Financial Plan: A Simple Way to Be Smart About Your Money
- Broke Millennial
- The Meaningful Money Handbook: Everything you need to KNOW and everything you need to DO to secure your financial future
Don’t Be Afraid To Switch
In today’s world of personal finances, there is absolutely nothing stopping you from switching banks. If you think your rates or fees are too high then get online and look for a bank that has charges which are more suitable for your requirements. There might be an assumption amongst people that switching from a big bank to another big bank is a hassle one that’s full of paperwork and phone calls but that just isn’t the case anymore.
Find Your Biggest Expense And Plug It
Examine your bank statements and look at where all that money goes every month. Are you spending it on clothes, food, travel or something else? Whatever your largest expense is, look to reduce it or, if you can, plug it all together. Oftentimes it isn’t just one big expense, it’s a lot of little transactions spent in a certain way (on food & drink for example) so it should be relatively easy to reduce this.
Set Some Short-Term, Realistic Goals
Don’t set the bar too high but having some realistic, small, short-term goals that you want to reach in 3 to 6 months, is a good way to focus yourself and help you prevent spending over and above what you earn.
We hope some of these tips help you in the short term. Someone who thinks we should all be looking at short terms ways to improve our finances is Daniel Foy, who works at Mazars Financial Planning in Manchester city centre, he said: “For many in the Manchester Young Professionals community, career progression will pretty much be the sole focus, these are the years that will matter later down the line. But actually, the same applies for personal Financial Planning. The habits trained now will last a lifetime, start creating good habits; saving for retirement, saving for homes, saving for holidays, saving for a rainy day.
“It might sound like a lot of saving but actually, the main thing to think of is saving what is not spent, what isn’t needed, all done whilst living a life which rewards the hard work put in. Starting these habits now for Young Professionals means that as careers progress and incomes increase, the plan is already in place. This isn’t all about having more money in the bank, but with enough stresses around, having a healthy financial position can be one of the biggest pressures lifted.
“It’s a fine balance to find, but the sooner that balance is found, the better off people will be from an overall wellbeing perspective.”
We Hope These Tips & Tricks Help You Improve Your Finances. If You’re Looking To Improve Your Networking Then Get In Touch Today!
We’re serious about finances and ensuring you’ve got yours in check. Another thing we’re serious about is networking which is why we have spent the last 7 years creating a network of like-minded Mancunians in their 20’s and 30’s who come together to help each other’s career development. Our events are fun, inclusive and diverse and are great ways of meeting people with similar professional interests. If you’re interested then be sure to get in touch with the team here at Manchester Young Professionals today!
Disclaimer – We are not financial advisers and this does not constitute financial advice. If you would like to be put in contact with a financial adviser, please get in touch!