5 Easy Resolutions For The New Year

January is a great time to set some good financial goals. However, to ensure you have every chance of sticking to these resolutions you should set small realistic goals. Here are 5 we recommend…

A is for Advice

First up, decide if you want to get independent financial advice or whether you want to go the DIY route. If you are going it alone, read on…

B is for Budget

Budgeting is the most important thing you can do to start you on the road to financial success. Many people make quite a lot of money but never have much to show for it because they do not manage their money well. The key is to know where all your money is going and then consciously plan where all your money should be going.

C is for Contributions

Once you’ve established a monthly or annual spending budget, the next step is to set up a savings plan that mops up any excess income. The best way to save is to automate the process, in other words, set up a direct debit to a deposit or investment or pension account. 

D is for Debt

With the exception of low cost tracker mortgages, you should put in place plans to repay all debt, starting with the most expensive (usually credit card debt). As with savings, automate these debt payments to ensure you stick with the plan – you may have to make sacrifices along the way but it will be well worth the effort.

E is for Educate

As personal finance is not really taught in schools, we all have a responsibility to get to grips with the often boring and/or complicated world of money. Knowledge is power, but it could also be argued that knowledge is wealth because avoiding bad money decisions undoubtedly makes us richer.

Good luck and Happy New Year!

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