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Are You Making The Most Of Your Money?

Becoming financially independent starts with taking control of your money. Whatever your situation, it’s always a good idea to keep track of your money. Keeping track of your money means that you know where you are financially, and it means that you can plan for the future without encountering any financial problems. Earning a good income is a great achievement, however not saving some of it could be a mistake. Here are some of the ways you can make the most of your money and plan for the future.

Develop a budget

Developing a budget is something that we’ve all heard many times before. But it is all too easy not to stick to a personal budget or not develop one in the first place. Putting together a budget is one of the best ways to start taking control of your finances.

What does a budget do for you? A budget essentially shows you if you are spending more or less than you can afford and helps you direct your money to where it matters the most.

It’s up to you what you choose to include in your budget, but we recommend that you summarise all of your living expenses. This allows you to compare your total spending against your take-home pay. Either cut out or reduce any unnecessary costs and figure out a savings plan that works for you.

Pay off debt

All of us will face some sort of debt at some point, whether it’s credit cards, student debt or other loans. It can seem that owing money is something that we all have to live with, but the truth is that the faster you can remove the burden of debt, the faster you can take full control of your finances.

It can seem daunting, but every pound that you use to pay off your debt saves you from having to pay interest on that sum of money. This can lead to you being debt-free earlier than expected. In summary, the faster you pay off debt means greater returns in your bank account in the long term.


There are many ways to invest your money and each one will have different returns. The beauty of investing is that you can invest as little or as much as you would like. From the stock market, to real estate, to high yield savings accounts, Schofield Money can discuss what your financial goals are with you and help you plan for the future.

Nowadays, it is important to have a healthy balance between saving and investing. Due to inflation, the cost of goods and services is increasing, but the value of money isn’t. Investing money that earns you a return means that your money grows despite the increasing cost of goods and services. Think of it like this: If you put £500 in a piggy bank today, in 10 years’ time it will not be able to buy you the same amount as £500 would today, as everything will be more expensive. However, if your savings keep pace with inflation, it will. If your growth is

higher than inflation you can buy more than you can today.

Making the most of your money with Schofield

Make the most of your money and saving with a financial plan. Taking control and making the most of your money today could have a big impact on your future long-term finances and retirement goals.

Get in touch with our financial experts at Schofield to discuss how you can get the most out of your money. We can discuss opportunities and recommend a plan to suit your saving goals.

Call us now on 01423 368000 or email us at

The value of an investment with Schofield Money Ltd is directly tied to funds selected, as a result, the value can fall as well as rise, you may get back less than originally invested.

This article is for information purposes only. It does not constitute any financial or investment advice. Please contact us if you wish to proceed with any course of action suggested in this article.

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