If most of these 30 money signs apply to you, you're officially financially secure

Researchers have revealed the top 30 signs you are financially 'comfortable' - including two holidays a year, being debt-free and having £500 of disposable cash every month.

Thursday, 17th January 2019, 3:29 pm
Updated Friday, 18th January 2019, 1:36 am
Are you financially secure?

Having no mortgage, more than one property and a 'rainy day' fund are other signals that you are in a good place with money.

But not everything on the list is material – as some think being comfortable with money simply means having the ability to make wise decisions when it comes to spending.

Others think it is having a good knowledge of financial services on the market, such as pensions, ISAs and investments.

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However, the poll of 2,000 adults revealed less than half would say they are financially comfortable – and of these, 56 per cent are over the age of 55.

TOP 30 SIGNS YOU’RE IN A ‘GOOD PLACE FINANCIALLY’1. You have savings2. You don't any have debt3. You don't have to count the days until your next payday4. Getting through a month without having to dip into savings5. Your mortgage is paid off6. Having a 'rainy day' fund7. You can buy what you want without worrying8. Being able to afford house maintenance if it's needed e.g. fix the shower ASAP if it breaks9. Having more than £500 disposable income a month10. Being able to treat yourself every now and then11. Knowing how to budget each month12. You have a good credit score13. Being able to eat out if you feel like it without it having to be a special occasion14. You make sensible spending choices15. You go on more than one holiday a year16. You're confident about your future17. Being able to go on a last minute holiday without feeling guilty18. You have the ability to make wise decisions about money and spending19. Owning more than one property20. You make good financial decisions without needing advice21. You don't argue over money with loved ones22. Not having to look at the price of clothes when shopping23. Having multiple investments24. You have good knowledge about financial services on the market25. You don't bet or rely on successful bets for income26. You're generous when it comes to lending money to friends or family and giving to charity27. You pay for everyone else's meal when out - 'putting it on your card' instead of splitting it28. You are well-read when it comes to where to put your money29. You buy from the leading brands (e.g. clothes, food)30. People ask your opinion about finances - as you are good with advice

Kris Brewster, head of products for Skipton Building Society which commissioned the research, said: “It is easy to think that being in a good place with money means having a lot, but actually it is more about making sensible decisions when it comes to spending and saving.

“Doing your homework about the market, understanding what is happening to money when it is invested, and shopping around for good opportunities are all important regardless of the quantity of money you have.

“In particular, deciding where to keep your money can be one of the most important decisions you’ll make, because when your money is in a good place, so are you.”

Other signs of being financially comfortable include getting through the average month without having to dip into savings, and not having to countdown the days until payday.

Having a good credit score, knowing how to budget and owning more than one property also feature in the top 30.

Those who are able to buy what they want without worrying, eat out without it having to be a special occasion and buy all the ‘leading brands’ are also considered to be in a fortunate position with their finances.

Of those who are lucky enough to be happy with the state of their finances, more than half feel relaxed, and one quarter say a weight has been lifted from their shoulders.

It also emerged seven in 10 adults believe they are sensible with money, with the average respondent having around £228 of disposable income to spend a month, and £146 to put into savings.

Just over half of respondents even reckon they could cope with an unexpected bill, while a further 35 per cent think they have a relatively good knowledge of the financial market and the services currently on offer.

But 37 per cent can’t see a light at the end of the tunnel, and worry they’ll never be in a good place with their money – while four in 10 just don’t know what the future holds.

And almost half of those polled via OnePoll admit they’ve been with the same building society or bank for years because they don’t like change.

Kris Brewster added: “It’s great to see from our research that the number one sign you’re in a good place financially is to have savings – it isn’t about people believing they need to be able to buy the latest designer goods or own the biggest home to feel in a good place with their finances.

“Savings do help people to feel more financially secure, as it provides them with a safety net in the case of emergencies. Savings are a necessity not a luxury.

"It’s important when looking at managing your personal finances that saving is high on the priority list, regardless of the amount you can put away each month.

“We all want to feel like we’re in a good place with our finances."