Saving

You might be surprised to learn that children's money habits are formed at an incredibly young age. In fact, research by the University of Cambridge has found that many children form the money habits that can stay with them a lifetime by the age of seven!

These habits can include how they value money, make spending decisions, and whether they are more likely to be savers or spenders when they reach adulthood.

In recent years, there has been a growing awareness of the importance of gender equality in all aspects of life. Despite progress made in many areas, when it comes to personal finance matters, women still face numerous financial challenges that put them at a disadvantage to men.

As we travel through life, our financial priorities change and our financial goals and needs evolve. In this article, we explore how money priorities can change with age and what steps you can take to make the most of your finances at each stage.

The first quarter of the year is the perfect time to take stock of your finances and plan how to get them and keep them on track. Looking at your finances can be a daunting and, sometimes, terrifying task. However, here are four steps to help you kickstart your finances this year, and help make money matters less of a burden in the future:

1. Set financial goals

Setting financial goals is a key step to kickstarting your finances in the new year as they can help you to stay organized and motivated to reach them.

With the Covid-19 pandemic impacting the last two Christmases, this year is set to be extra special for many people. For the first time in three years, people will be able to travel and gather together to celebrate Christmas as they usually would, and as families and friends resurrect traditions that were temporarily put on hold it will, undoubtedly, be a period of great celebration for many.

When something you rely on breaks, such as your central heating or car, having money put aside to pay for it to be repaired or replaced, makes life a little less stressful. Similarly, if you fall ill, or you lose your job, having enough money put aside to pay your essential bills will give you breathing space to recover or find a new job. That is why building an “emergency fund”, savings which are there to help you deal with the unexpected things life sometimes throws at you, is something everyone should do.

Second part of Reducing the cost of debt post.
 

Tip 5: Re-mortgaging to pay off debt

Secured debt, such as a mortgage, tends to offer the cheapest form of borrowing. You could consider borrowing more on your mortgage to pay off expensive unsecured debt such as credit cards, unsecured loans, and overdrafts.

Whilst most people will have some sort of debt to manage their finances, the aim with debt should always be to repay it as quickly as possible whilst paying the least amount of interest along the way.

Here are eight tips to help reduce the cost of your debt.