How Can I Get Better With Money in 2024?

Despite
the
gloom,
there
is
plenty
to
get
on
top
of,
and
it
never
hurts
in
the
long
run
to
sort
your
money
out.
I
spoke
with
certified
financial
planner Steve
Bridge and
senior
wealth
adviser
Alim
Dhanji.
Here
are
their
top
four
ways
to
improve
financial
wellness
this
year.

Budget
Strategically

“Adjust
your
budget
to
accommodate
increased
living
costs.
And
prioritise
essentials
and
identify
areas
where
expenses
can
be
trimmed;
this
can
help
maintain
financial
stability
during
economic
fluctuations,”
says
Dhanji.

Bridge
refers
to
this
as
“clarity”.
He
says
few
people
know
exactly
where
all
their
money
is
going,
while
only
about
3-5%
of
people
truly
know.
The
big
question
is:
is
your
money
going
where
you
want
it
to?

He
says
there
are
four
categories
when
budgeting:

• Fixed
monthly
costs:
mortgage,
phone
bill,
wifi
costs;
• Variable
monthly
costs:
groceries,
gas,
restaurants,
toiletries,
pet
food;
• Annual
costs:
property
tax,
Costco
membership;
• Random
costs:
clothes,
gifts,
travel,
car
repairs,
house
repairs.

“Being
clear
about
where
the
money
is
going
puts
the
power
of
choice
in
your
hands,”
adds
Bridge.

Why
do
I
Need
an
Emergency
Fund?

Year
in
and
year
out
people
get
caught
up
financially
when
they
pay
for
emergencies.

Dhanji
says
an
emergency
fund
should
ideally
cover
six
to
12
months
of
living
expenses.

“The
emergency
fund
acts
as
a
financial
buffer,
providing
a
safety
net
during
uncertain
times
and
reducing
the
impact
of
sudden
financial
shocks,”
he
says.

Stay
on
Top
of
Taxes

Bridge
sees
clients
tripping
over
taxes
frequently.
He
says
to
ask
yourself:
how
can
I
minimise
the
amount
of
tax
I
pay?

“Tax
planning
is
not
a
one-size-fits-all
exercise,”
he
says.

Thankfully,
there
are
plenty
of
helpful
explainers
on
tax
allowances
for
investors
who
want
to
maximise
the
impact
of
their
money. 

You
can
do
no
worse
than
by
reading
our

2024
financial
calendar,
which
details
all
the
key
dates
and
policy
changes
affecting
investors
this
year.

Goals

“I
was
never
a
big
goals
person,”
says
Bridge.
Today,
it’s
where
he
starts
with
clients. 

A
good
place
to
begin
is
with
short-,
medium-,
and
long-term
goal
categories.
Some
common
ones
are
earlier
retirement,
paying
off
debt
and
maxing
out
allowances;
each
can
be
placed
within
goal
categories
depending
on
a
person’s
life
stage.

Another
popular
topic
right
now
is
mortgages
because
of
higher
interest
rates.
Some
mortgage-related
considerations
are
lump
sum
payments,
moving
to
accelerated
payments,
and
the
pros
and
cons
of
mortgage
renewal.
How
do
your
goals
align
with
paying
down
your
home?
Most
importantly
of
all,
is
the
plan
realistic
and
sustainable
over
the
course
of
the
policy?

All
the
above
are
excellent
talking
points
for
your
next
meeting
with
a
financial
advisor
to
discuss
this
year’s
budget.
Because
in
the
end
what
is
a
budget
really?

“A
budget
is
telling
your
money
where
to
go,
instead
of
wondering
where
it
went,”
says
Bridge.
He
adds
that
this
is
his
new
favourite
quote.

This
article
was
originally
published
on
our
Canada
sister
site
and
has
been
re-edited
for
UK
audiences

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