Understanding Your Finances
We have always been told to manage our money, know your outgoings and ensure there is a rainy day fund but we never imagined this would be thrown in to the lime light due to a global pandemic.
However, it is important in these times, to take a proactive approach to understanding our finances, and in some cases, improving them. Finances are complicated with many different aspects to consider so below are five key areas to get your started on a positive approach to finances
Monthly essential expenditure
Understanding your monthly essential outgoings can help plan for when there may be increases and help with budgets. Essential includes things such as mortgage/rent, utilities, food, travel for work, clothing and medical costs.
Emergency funds
Beyond ordinary expenses, a key part of financial wellbeing is preparing for the unexpected events that we can’t always plan for. It is good practice to start paying regular amounts of money in to an emergency fund to help tide you over should you ever reach a rocky patch.
Plan for the future
From workplace ISAs and AVCs to discounted holidays and healthcare, the key is to explore the options available to you that will help you save money long term. Taking full advantage of these opportunities doesn’t just allow you to save but can also help improve your emotional and mental wellbeing.
Financial Education
Financial education at the University has been designed to cover the needs of all employees from interns through to planning for retirement. The sessions help individuals take account of the range of changes to financial and pension issues and provide information on the benefits available through being an employee of the University of Lincoln and help you make the most of your financial health and wellbeing.
Information on the sessions can be found here.
Check your insurance policies
Insurance policies such as payment protection, mortgage protection insurance, critical illness and income protection might cover or replace some of your income should you need it.