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5 New Year’s Resolutions to improve financial wellbeing

One thing you can always predict is that the future will be unpredictable. Whilst that may seem daunting, there are many pragmatic measures you can take to futureproof your finances.

In the words of Gandhi, “the future depends on what you do today.” Here are Nick’s top 5 New Year’s resolutions to get you on track for a prosperous 2024 – free of financial anxiety – starting today.

Resolution No. 1… Build Wealth

Ok, ok – easier said than done, right? Making this an intentional goal will keep you conscious when making financial decisions going forward. Remember that everyone, bar nobody, started somewhere. There are some simple tactics that deliver tangible results to make your money work harder for you. Some examples of building wealth are tax-efficient investing, saving more diligently, exploring new income, managing debt etc.

Resolution No. 2… Budget Smarter

The importance of budgeting can’t be overstated.

That daily Starbucks latte you pick up en route to work may cost £4.10 – not a lot in the grand scheme of things. BUT tally that up over a 5-day working week (£20.50), then over a month (£82), then over a year (£1,066) – suddenly that feels like a figure to take notice of.

We’re not saying £1000 a year on coffee isn’t a necessity (ahem) – that’s your choice – but if you don’t have a handle on your spending habits, you could be inadvertently living beyond your means and that’s when things get risky.

Budgeting gives you focus, direction and control by allowing you to track your spending and savings and set realistic goals. You’re less likely to overspend and, as result, continue building your wealth.

Resolution No. 3… Emergency Fund

An emergency fund is a cash reserve that you’ve intentionally put aside for unforeseen situations. This could be a sudden car or home repair or a vet’s bill or a sudden loss of income.

Unplanned financial emergencies are rarely welcomed so just knowing you have this safety net in place offers reassurance as well as keeping you from relying on credit or loans.

Resolution No. 4… Set Retirement Goals

To many, retirement can feel lightyears away… until it isn’t.

Planning ahead ensures you can relax and enjoy your post-professional life. Goal planning is a multifaceted approach with much to consider, such as being realistic about how much time you have to save, approximating potential retirement expenses, assessing your savings programme, managing assets and contributions, diversifying your investment portfolio and more.

Resolution No. 5… Seek Professional Advice

Even the most financially-savvy individuals can feel overwhelmed and lose sight of the bigger picture.

A financial planner will work closely with you to align your goals with a personalised financial plan. They’ll be able to provide valuable insights, recommendations and ongoing reviews. They will empower you to make informed decisions, provide clarity and guide you on the path to a more secure financial future for you and your family.


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