New Year, Fresh Start

So, here we are in 2024.  What lies ahead of us? No one knows, but it is a great opportunity to plan and prepare for the year ahead.  I am often asked for hints or tips on these matters, so for starters, here are my top 10 issues that I would encourage you to address:

1. Prepare a budget – establish what usually comes in each month and how much goes out. If the latter is usually greater than the former, something needs to change!
2. Start saving – think of jam jars on a shelf and put money aside every payday for the events that you know you will need to budget for this year; Holiday, car servicing, Christmas.
3. Open as many savings and current accounts as you need and use these to pay for the things you will need over the year. Many accounts can now be labelled online so that you know precisely what the account is for (e.g. Holiday account).
4. Make the most of tax-free savings allowances and ISAs so that you can benefit from tax-free interest, dividends and growth.
5. Review your home utility costs. If you can spend less on these then you can use the money elsewhere or save it.
6. Can you save money on your mortgage (if you have one)? It’s worth reviewing the rate that you pay and whether it can be improved.
7. What do you (and your employer) pay into your pension? A little extra paid in now can make a massive difference in the future.
8. Plan ahead- work out what you will need in the future and, if you are working, put together a Financial Plan to build funds until your retirement age. If you are retired, confirm that your savings will last to maintain the standard of living you require.
9. What can you give away? If you have the capability to make gifts to family or charities then why not consider seeing what a difference this can make during the year.
10. “Plans fail for lack of counsel’” – so seek advice. If you have a health issue, you speak to a GP, if it’s your teeth, a dentist, but when it comes to finances then speak to an Independent Financial Adviser.