Ellon based Financial Advice firm, Phil Anderson Financial Services is aiming to help get people ‘Financially Fit’. The firm have been helping people with financial advice for over 10 years and now with the cost-of-living crisis, they want to help people get to grips with their personal finances.

Getting ‘financially fit’ is a term the firm are using to help their clients understand that their personal finance is something worth working on to make it the best it can possibly be and then maintaining. Similar to physical fitness if it is neglected or you lose track of your regime it could be harder to gain access to the benefits. For example, if you don't maintain your credit score, you may struggle to get a mortgage. It doesn't have to be difficult, small steps are all that are needed to start in the right direction to getting ‘Financially Fit’.

The first step on the road to financial fitness is: Figure out where you stand. Though it sounds simple, this core step can seem like the biggest hurdle. Figure out what you have incoming and what you have outgoing. Then turn the tables on what you want to do, how you want to live and how you see your future. You will then have an overview of your current situation and a 'goal situation'. Now it's time to figure out how to get from A to B. This can be something as simple as... budgeting. Budgeting will empower you from thinking 'how do I get there' to 'I have a plan'.

Financial Advisors are there to help you. The majority of people that invest in pensions, aim to buy homes and have a desire to save. These are all areas a financial advisor can help with. Independent Advisors like the team at Phil Anderson Financial Services have knowledge of all products on the market available to you, meaning your money should be best placed in line with your goals. Whether it be saving into Individual Savings Accounts, getting a Mortgage or consolidating Pensions. Getting the help of a Financial Advisor can help make the process easier and more understandable.

The below steps will help you get off the ground with understanding your own Personal Finance situation:

  1. Understand What You Own
  2. Incomings/Outgoings
  3. Credit Report
  4. Goals
  5. Plan/Budget
  6. Keep On Track

Do you own your house, car or business? These are all assets to you, they can even range from collector’s items to signed memorabilia. You may own more than you think!

What is your income? What do you have outgoing? Note down everything from mortgage/rent to bills to Netflix and Disney Plus subscriptions.

If you haven't already, get onto Experian or Clearscore to check your credit report. Make sure all information on there is correct and take note of your score and how you can improve it.

What are your financial goals? Whether it be retiring at 65 or going on a holiday every year or simply owning your own home. Note them down and they can become your personal ‘target’.

You have your overview, you have your goals now it's time to Plan and Budget your finances. How much can you save? How much can you invest into your pension? Remember and make sure you have some 'fun' money too!

Once your plan is made don't just let it sit to the side and slip to the back of your mind, check it regularly and make sure you are still on track. Maybe even set yourself mini goals to keep you checking on your finances.

Getting ‘Financially Fit’ shouldn’t be a chore and the team at Phil Anderson Financial Services are always willing to help. There is also a free ‘Personal Finance Document’ available to help you note the essentials down. This can be requested by contacting the firm on Facebook, via the website or by emailing admin@philandersonfinancial.co.uk.

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