The first quarter of the year seems to have gone by in a flash with many twists and turns.

While the world may seem like it’s on fire and with the cost of living crisis still holding us in a vice grip, there’s something about a new quarter and a new season (hello sunshine!) to inspire some hope for better on the horizon.

With that in mind, here are 7 ways we can all fine tune our finances, whatever our start point or income level, that could help us put our financial wellbeing back on the priority list.

1. Take stock  When did you last make a money date with yourself to go through your accounts with a fine tooth comb and make sure everything was in order? This includes examining the direct debits you have signed up to, including all of those subscriptions that can slip below the radar for services you no longer even use. Are there any utility based contracts up for renewal soon and is there an opportunity for you to renegotiate your rate? Are you regularly drifting into overdraft but know that this could be resolved with some careful budgeting? This is one of those “common sense” steps that we know we ought to do but often struggle to find the time. So if you do nothing else except this step, consider it a major win.
2. Build a budget. There’s a reason why we say Cash is Queen! Managing your cash flow is not just for business owners. Understanding what’s coming in and what’s going out each month will give you vital information about whether you’re in surplus or deficit and what you can do about it.
3. Rainy day fund – As the saying goes, the one certainty in life is uncertainty so having a stash of cash (target holding cash equivalent to 3 months expenses) set aside for those unforeseen circumstances is a real Rainmaker move. Don’t get caught off guard.
4. But don’t hold too much cash – we all need some cash set aside for emergencies, but outside your rainy day + eff off fund, you really need to think about investing. Cash saving alone is not going to help you build long term wealth.
5. Long term planning – At the heart of your later life planning should be your retirement savings, so now is a great time to check what’s going on with your pension. For UK Rainmakers, don’t forget to look into your state pension entitlement and see whether you can do anything to maximise that too. And don’t ignore insurance. You are your biggest asset by far so don’t forget to check whether you are appropriately insured. This could take the form of death in service benefits through your employer or a private life insurance policy. Finally, consider this your reminder to do your will! This is one area where it could really pay to invest in the professional expertise of a financial adviser.
6. Get disciplined with debt. With interest rates still at peak levels, setting a solid debt management strategy we can stick to is crucial to our mental wellbeing. Get to grips with what you owe, then think about how you can pay this down as quickly and sustainably as possible. 
7. Comparison is the thief of joy – remind yourself that your financial journey is yours alone. Celebrate your wins big and small, repeat your affirmations daily, focus on how you can improve and avoid comparing yourself to others. It is rare that we ever know the full story about someone else’s finances or any other aspect of their lives and even if we did, why should that influence our own thoughts and feelings about the money moves we’re making? Seek advice yes, but trying to emulate someone else could leave us far adrift of where we actually want to be.

What would you add to this list?

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