New Year Resolutions

2020 turned into a year that none of us could have predicted. Whatever financial planning you may have done at the start of 2020 you would not been able to predict the personal and professional challenges and changes the year brought to us all. However, this does not mean that you should not make a commitment to have a strong understanding of your financial affairs as we start 2021. 

Unpredictable times mean that we need to be ready to adapt and change plans. The best way to do this is to be informed so we would encourage you to refresh your financial knowledge this January. To get you started here are our eight top tips

1. Take stock of your current spending. Where do you actually spend your money? Do a quick summary to see where your money goes. Alternatively, look for a free financial management app, there are a lot available. For example Yolt and
2. Now ask, are you happy with where your money is going? For example, review any subscriptions and regular payments - do you have any that you no longer use or need? Emma is a free app that is good for tracking subscriptions. 
3. Make a budget for this next year. Decide how much you are going to allow for essentials and don't forget to build in treats. Be realistic and do try to include all spending.
4. Cash flow- following on from the above, plot when your big expenses occur and make sure that you will have funds available to meet them. Remember your tax liabilities - do not get caught out by an unexpected bill.
5. Investment and savings. Take a look at your annual statements and try to understand them. This includes pension statements and mortgages. Check to see if you need to make any adjustments. We are happy to talk through what you have. For some more information have a look at this section on our website.  
6. If you run a business, take some time to review your business banking and borrowing. This is important to keep under review as there are real differences between competitors.
7. The insurance market offers a great deal of choice and can be confusing. As your personal and professional life changes, an annual review to assess whether existing provision is 'fit for purpose' is a good idea.
8. Surely you would not admit to not having a Will?!! If so then making one should be your number one priority. If you already have one, read it annually so it keeps up with any changes in your personal and professional life. Hopefully then your wishes will be carried through in the event of your untimely demise.