Existing clients can use these links to log in to the Infinity dashboard. Not a client? Why not get in touch to find out about our services.
The envelopes which terrorise post boxes on a monthly basis telling people of their financial health are seldom received with open arms. Bank statements lay out in black and white an individual’s financial circumstances and the reality for many is that they do not make happy reading. So much so in fact that a recent survey by Barclays Bank revealed that up to nine million UK bank statements may remain unopened every month.
The survey revealed that a fifth of people said that they put off looking at their statements, or fail to even open them entirely because they are too worried and afraid of what they will find. Around one in 14 people said that they didn’t like seeing what their money had been spent on and a similar number said that they were constantly in overdraft. Opening bank statements, for these people, is a sharp reminder of their poor financial health but is also symptomatic of their failure to do anything about it.
These startling figures confirm that millions of people are prepared to ignore their finances rather than face up to the facts and tackle their financial difficulties. Procrastination and ignoring problems is a common human trait in the face of hardship; however avoiding the problem doesn’t make it go away. Often, the looming presence of debt seems like a mountain too big to climb. However, admitting that there is a problem is usually the hardest part of working one’s way back into the black.
At Infinity we believe that having a good financial plan improves lives and that there is no financial circumstance, no matter how dire, that cannot be improved by financial planning. Following these simple steps and considering financial planning will help to put people back on track.
Debt is often a crippling concern for many people, but it is vital to address rather than ignore it. Credit card debt is often the worse kind and can grow at a rate of 20% or more per annum. The problem is compounded by people making just the minimum required monthly payment while still spending on their cards. The debt just keeps growing. People with long term credit card debt that want to get their finances in order need to stop using their card.
They then have to address the question of how to repay the principal. Switching the debt to another card issuer can often result in an interest free period which gives people the opportunity to start paying off amount owed (assuming of course they don’t go out spending on the new card). Another option is to take out a bank loan to cover the sum owing. This can help structure regular monthly repayments at a lower interest rate. Once a plan is in place the whole situation will look less scary.
It is important for people with financial problems to keep track of their spending habits. This is a great way to identify areas where money can be saved. Saving receipts and logging expenditure gives people a far clearer idea of just how wisely or carelessly they spend. They can then start to budget more effectively putting money aside to clear debt for good.
With a new disciplined approach to finances it is amazing how quickly people can improve their situation and stop fearing the bank statement or credit card bill arriving in their mail box.
Expats in Asia looking for assistance with any aspect of financial planning should get in touch for a fee free consultation.
This Site and the Content are not directed at or intended for distribution to any person (or entity) who is a citizen or resident of Hong Kong (or located or established in) any other jurisdiction where the use of the Site would be contrary to applicable law or regulation or would subject Infinity Financial Solutions Limited to any registration or licensing requirement in such jurisdiction.
Persons (or entity) who is a citizen or resident of Hong Kong please click on the link below to access our Hong Kong Site.