Ways to alleviate financial stress

Wealth Management Partner, Nathan Moss, from The MBA Partnership in Southport preaches that in order to alleviate financial stress you need to ask yourself three things:

1. What is your financial position right now?

Look at where your money goes in your day to day life. Do you cover your expenses and manage to put money away or are you living in a negative financial position? Assessing your current financial position may be confronting, however it is important to challenge your current thinking and mindset to reach life goals.

2. Where do you want to be next year? In five years? In Ten years?

Get some direction, consider what is important to you! Once you understand where you are currently, you can assess where you want to be in the future. What kind of lifestyle you want and what kind of goals you may have. Set some SMART goals, being Specific, Measurable, Achievable, Relevant and Timely. You can be an overnight success story, but it may take you twenty years to get there!

3. How do you make your dreams a reality?

You have set some goals – now you need to keep yourself accountable, be disciplined and track the progress of these goals. This can be anything from assessing your goals once a month using a spreadsheet to using an app to track your goals. To achieve these you should find the level of support you need, this may be your partner, a friend, family or a professional. Seek guidance from a professional to help support, educate and empower. A financial adviser can help you to understand the level of risk you are happy with, where you want to be in life and the goals you may have. Similarly to a personal trainer, an adviser is there to coach and keep you accountable for your goals in fitness or finance. More importantly, your success is an adviser’s success.

The Wealth Management advisers at The MBA Partnership would love to have a complimentary conversation with you to help you assess your current situation and help decrease your financial stress.

Live for today, plan for tomorrow.