New Year – New Financial Resolutions
It may be a bit of a cliché, but New Year really is a good time to review your finances and to set some New Year financial resolutions.
Here are our suggestions for your New Year financial resolutions 2018 ….
Carry out a savings check
Is your money working as hard for you as you do for it? Are your savings earning minimal interest in a savings account? Are you paying tax on your savings when it could be avoided?
And, if you’re fortunate enough to have amassed significant savings consider if now might be the time to make a lump sum investment
Set a regular savings target
Your savings target might be a lot, or it might be a little. Either way, 5, 10 or 20 years down the line you’ll probably be glad that you had a target!
A good way to help you be more disciplined about saving – and help achieve your regular savings target – is to set up a regular savings plan.
By the way, if you have school-age children then planning for their university fees and expenses now can be a very good reason for regular saving in itself.
Think about starting a pension
Odd but true! Generally, the sooner you start a pension the less you will pay in each year but the more you will receive at the end.
So, if you don’t have a pension plan now is a very good time to look at the options for starting one, and to take any advice you need.
Or if you do have a pension …. review it
Will your pension provide the sort of income you were expecting when you took it out? Would it be beneficial to consider transferring your pension sometime this year? Do you even know what type of pension you have?
Ask for our Pension Transfers Brochure, which explains the current UK pensions environment, the problem of ‘pension gaps’ and the looming problem with pension fund deficits.
Review your investments
If you have an investment manager, what are they doing for their money? Are they investing in things which aren’t right for you …. or which you’d rather not invest in? If you don’t have an investment manager is it time you had one?
Ask about what our discretionary portfolio management service could do for you.
And finally, are you prepared for the unexpected ?
A silly question perhaps, but good financial planning can help us prepare for those situations which we don’t expect to (or hope won’t) happen. For example, life and critical illness insurance is one kind of financial planning that can help protect you and your family’s finances no matter what 2018 and beyond might bring.
We hope you’ve found this quick guide to New Year financial resolutions useful. If you need any help with financial planning now, or throughout 2018, please don’t hesitate to get in touch with us.