4 Financial New Year’s Resolutions
It’s a brand-new year, and it’s traditional to make resolutions. After the Christmas break many of us find our bank balances suffering slightly due to shopping as well as eating and drinking. Financial resolutions can help to structure spending and help plan the year – or possibly even further ahead, effectively. Here are our top four.
Assess and tackle debt
Christmas is notorious for debt as people overspend to treat their friends and family; January is the perfect time to start dealing with that debt. If said debt is on a credit card with a high interest rate, it can be a good idea to transfer that debt over to a 0% balance transfer credit card. You can then work out an achievable monthly repayment amount without incurring more costs. Other kinds of debt may require a debt management plan, either arranged directly with your creditors or through a licensed debt management company for a fee.
Saving on a regular basis can seem daunting. However, if you work out a budget and make a few cutbacks, it can be much easier. Making a list of all of your monthly outgoings, such as gym memberships or streaming subscriptions, and then getting rid of those you don’t use regularly can help as can swapping eating out for home cooked meals and packed lunches. Some people find it useful to save a certain amount each month and put that into a separate savings account – it all adds up over a year.
Plan for retirement
This follows on naturally from the previous resolution and is very important. The earlier you begin planning for retirement, the more prepared and better off you will be in the future. If you don’t have a pension, consider starting one. If you do, consider increasing the contributions. You perhaps have property or ISAs that you are relying on instead – either way, these should also be managed carefully in order to secure your retirement. Which brings us onto our final resolution…
Consult a financial adviser
Speaking to a qualified professional about your finances, whether it be a pension, wealth management, investments or an inheritance, is often incredibly advantageous. A reputable, chartered financial planning firm will be able to offer objective, expert advice and explain any element of your finances you are unsure about.
Wishing you a happy and prosperous 2020!
If you want advice on your pension or planning for retirement, get in touch with us today at firstname.lastname@example.org or call 01992 500 261 now and see how we can help address your financial future.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.
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