Summer will soon be upon us and hopefully, we will finally see the opening up of borders and the ability to travel to Spain.
In this post, we share tips for getting your finances in order and we introduce you to our carefully selected partners who will help you financially prepare for your move to Spain and/or your Spanish property purchase and more.
5 Tips to Get Your Finances in Order:
1. Declutter your financial paperwork.
Just like when you declutter your home, it’s best to get rid of paperwork we no longer need. From old bank statements to insurance policies we no longer have. Our first tip for getting your finances in order is to clear out any paperwork you don’t need. Going paperless can help to reduce clutter. In fact, some companies offer incentives for going paperless. If you prefer hard copies, that’s fine. Just make sure to keep on top of things and shred anything you don’t need.
2. Organise the chaos
So you have decluttered and you are left with the documents you need – but there are a lot of them. Just like planning for your financial future or any long-term goal, it’s essential to be organised. Make life easier for yourself by organising all of your documents now. Your future self will thank you when it comes to finding something in a hurry (especially once you delve into the world of Spanish bureaucracy!). How you organise your paperwork is up to you, but use a filing system for your hard copies and your digital ones. You could separate your documents into categories and file them accordingly. For example, insurance documents in one group, savings and banking paperwork in another, and your mortgage or rental documents in another and don’t forget about passports, birth certificates and marriage certificates.
3. Review your budget
Now is an excellent time to review your budget. Research carried out by NatWest found that the average adult is wasting £39 a month on unused direct debits. The biggest culprit was unused gym memberships. 12% admitted paying for the gym each month but not using it. Streaming services such as Netflix and Amazon Prime accounted for 10% of unused direct debits. It’s not uncommon for people to sign up for the free month trial and forget to cancel. And what use will many of these be if you are relocating abroad?
With this in mind, take a look over your budget and see if you are overspending. Maybe you have some expenses that were not accounted for when you made your budget, or you forgot to add them. Polishing up your budget is a great way to keep on top of your finances and maybe save some money. Any money you save can be reallocated and go towards saving for your financial future and your Spanish property purchase.
4. Reconsider your plans for the future
Securing your financial future means different things to different people. Maybe you want to retire early, or perhaps you are working towards another long-term financial milestone. Start by setting yourself realistic short-term and long-term goals. If you have already done this, then reassess your goals and make sure you are on track. When you’re planning for your financial future or any long-term financial goal, make use of the powerful tools you have at your disposal. Compound interest is your best friend when it comes to long-term saving. Albert Einstein actually referred to compound interest as the eighth wonder of the world. Think of compound interest as interest for your interest. Thanks to compound interest, your money will keep growing even if you stop adding to it.
Start planning for the future now and just like those seeds you plant at the beginning of spring, they will blossom further down the road.
5. Call a professional
Getting your finances in order can be a chore, or maybe you don’t have the time. Speaking with an independent financial adviser can yield excellent results when it comes to reaching your goals. At Holborn, they have over 20 years of experience, helping people achieve their financial goals. Whether it’s securing your financial future, saving for your child’s education, or investing, their experts can help. For more information, contact them using the button below.
They’ll be happy to help you get your finances in order, which will leave you more time to prepare for your move to Malaga and/or property purchase…
Who are Holborn Assets and how can they help you?
Established in 1998, Holborn Assets are a financial services company with offices in global financial hubs.
They specialise in financial advice geared towards the expatriate market, having won multiple awards for our work. They believe in taking an honest, transparent approach to financial management. Doing what is best for their clients is their top priority.
Holborn Assets are associated with some of the market-leading investment and money management firms. Because of this, their clients can be sure they have access to the best independent financial advice, and the broadest range of products in the market.
Their mission is simple …to offer their clients the expert advice they need to put their money in the right place, at the right time.
With Only the Client in Mind
At Holborn Assets they start with their core premise of ‘only the client in mind’ and apply this to all aspects of our business. It means more than just delivering excellent products and solutions, world-class innovative service or best in class financial advisers; it’s also about fixing things when they go wrong and ensuring you have total peace of mind.
Holistic Financial Planning
You’ve worked hard for your money and so is important for them to keep it safe and working hard for you. They do this by looking at the bigger financial picture and taking a holistic view of the financial issues faced by us all, from cradle to grave. When it comes to proper financial planning it’s the only way to ensure they put the Right Money, in the Right Place at the Right Time.
Qualified and Experienced Financial Advisers
It may seem an obvious thing to say but their clients are their business, so naturally when selecting advisers to work with only the most qualified and experienced need apply. The majority originate from the tough regulatory regime of the UK where excellence in all areas is the gold standard. However, they also have specialist financial planners from Ireland, South Africa, America and India to cater to all your wealth management needs.
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