BUDGETS

WHAT ARE THE BENEFITS?

Mark Salter CFP, Chartered FCSI, Fort Financial Planning

The Chancellor of the Exchequer presented his spring budget back in March. Dealing with the country’s budget must be an arduous task but an essential one! Much like personal budgeting, you may not want to face it but it’s an important job which will help you to manage your money.

Managing your money well is all about careful planning. It’s easy to let your spending get out of control if you don’t know exactly how much of your money is ‘disposable income’.

One of the reasons why budgeting is important is because it can help you achieve your financial goals. These goals can be anything – you may be budgeting for a special occasion or saving towards a deposit on a home.

And even if you don’t set any financial goals, budgeting is still beneficial. This is because it offers you the opportunity to build up a better understanding of your personal finances. Whatever the purpose of your budget, you’ll always understand how much money you have and how much you can afford to spend, helping you make better financial decisions.

Budgeting is the most effective way to manage your money. And although it may seem daunting initially, it has lots of benefits – regardless of your financial circumstances.

Here are just some of the benefits of budgeting:

Gives you control over your money – knowing that you have a good budget to fall back on each month will give you the confidence and peace of mind of knowing you’re in control of your money. It beats the ‘spend and hope’ approach where you don’t pay attention to your bank balance and hope there is money left in your account when you come to pay.

Helps in achieving your financial goals – as we’ve already mentioned, setting a budget can help you achieve your goals. Although 2023 has started in a continuous state of uncertainty, many of us are still pushing ahead with goal-setting. And whatever your financial goals are, creating a budget will be critical to their success.

Keeps you on top of what you’re spending – you’ll be surprised how much you spend on essential things, like bills, rent/mortgage and food. Most of us will have vastly underestimated our monthly or weekly spending by forgetting how much we spend on other items like TV licenses and commuting. Laying all of your expenses out clearly will help you plan better while identifying areas where you might be able to save some money. Having a budget can help you prepare for other emergency costs, such as needing a new boiler or car tyres. Unlike unprecedented events, you know that it’s very likely you’ll need to pay out for them at some point but you still can’t predict when.

Improving your financial well-being and more – budgeting can improve more than just the health of your finances. It can improve your mental and physical health, too. Money can be the biggest cause of stress among employed adults so we need processes in place to alleviate this stress, and budgeting is a great place to start.

Happy budgeting!

Here we go again – once more unto the breach. There’s no hiding that times are tough but fret not, we’ve been here before and together, we can find ways to protect your finances and look to the future. Let’s hatch a plan.

Ihad a client pop in recently and ask for some advice to ensure they could protect their computer against hardware failure, cyber-attack and theft. In today’s world, cybersecurity has become an essential element of our lives. With an increasing number of cyber threats, it is essential to have a safe PC software setup to protect yourself from cyber-attacks, data breaches, and identity theft. Here are some basic steps you can take to ensure your PC software setup is secure.

Install reliable antivirus software

One of the most important steps in securing your PC is installing reliable antivirus software. A quality antivirus program can help detect and prevent viruses and malware from infecting your computer. Ensure that you keep your antivirus software updated, so it can identify and protect against new and emerging threats.

Use a firewall

Another important step is to enable a firewall. Now in most cases a firewall is provided with your antivirus software, but not always so make sure you check. A firewall blocks unauthorised access to your computer from outside sources, helping to prevent hackers and cybercriminals from accessing your system.

Keep your operating system updated

Keeping your operating system updated is also critical in maintaining a safe PC software setup. Software updates often include critical security patches that can prevent attackers from exploiting vulnerabilities in your system.

Use strong passwords

Using strong passwords is a vital component of keeping your PC secure. Avoid using passwords that are easy to guess, such as ‘password’ or ‘123456’, and use strong