1. Laura Dean - Financial Planning Tips Getting to grips with your financial affairs at the start of a New Year is always a good idea, and it will not only help you to save money in the coming months, you should also find you are better placed to make money from your investments. Here are my top financial planning tips for 2016

2. Have a financial plan Financial planning may be something you associate with businesses, but that is why businesses often have a lot more money than individuals. You do not need to create an incredibly detailed plan with profit forecasts for your household of course, but that is not to say you should not be creating a set of financial objectives for the coming year. Once you know your goals, you can work out how you will achieve them.

3. Budget Yes, budgets sound boring, but they are far less boring than a lifetime of penury which you could easily face if you never budget. Avoiding budgeting will only lead to stresses and strains because you do not have enough money coming in to cover your lifestyle. Think about areas where you are spending money unnecessarily and cut them out. For example, unused gym memberships, buying coffee each morning on the way into work, unused subscriptions for magazines or Netflix. These can soon add up and you are literally throwing money down the drain, so stop paying out for things you do not use.

4. Risk Taking risks with investments is something you need to consider carefully, because it is not wise to take risks that are likely to leave you finding it hard to sleep at night. You can afford to take higher risks for longer-term savings such as pensions, because if things do not go your way then you will have time for markets to recover. But money set aside for short-term savings goals such as saving for a deposit on a new home should not be risked.

5. Insurance Home insurance is one thing, car insurance is obligatory, but for many people that is as far as they get. But what if you became critically ill and you were not able to work for a period of time? It is worth expanding your thinking on insurance to income protection and critical illness cover. It could save you from losing everything at the very time you need support, and is likely to cost less than you think.

6. Build Up an Emergency Fund One of the biggest elements of making a better money plan for 2016 is making room for an emergency fund. Laura Dean suggested opening a money market account, which can help your savings grow. “Once you get out of debt,” he said, “you need three to six months of money, however much it takes you to run your household, tucked away in a money market account for that rainy day.” If you’re struggling to make ends meet, set up a jar in the kitchen or bedroom and dump your change in it at the end of each day. Over time that money can help you curb the cost of an unexpected repair or other emergency.

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