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26th January 2021
The beginning of a new year is a great opportunity to get on top of some of the tasks you’ve been putting off for a while. For some people that means a good detox after a Christmas cake binge, picking up the exercise routine that didn’t quite make it out of last February, or committing to reading more books. Something to consider as we give ourselves an annual clean slate is making resolutions that centre your financial wellness. Nobody can be blamed for letting their focus slip from financial best practice during the year we’ve just had, but the best time to start getting things in order is always today (when yesterday is no longer an option, anyway!)
With that in mind, here are some ideas for resolutions you can set yourself to get your finances in better shape in 2021.
1. Work on your debt
It’s easy to get carried away with the credit cards over Christmas, and even if you haven’t, January is a good time to assess your debts and take stock of your priorities. Perhaps one of your credit cards is hitting you with a heavier interest rate than you realized. Now could be a good time to review what you owe and make a plan to reduce this.
2. Get into a routine of saving
The time might be right for you to think seriously about how much of your monthly income you’re putting into savings. You should be aiming to have savings separate from any pension contributions. How much is the right amount to put away will differ from person to person, but giving yourself a goal for your savings, whether it’s a total figure or a particular purchase, can be a helpful incentive. The most important thing is getting into the habit of putting money aside every month.
3. Start budgeting
It’s much easier to lose control of your finances when you don’t have a plan. Start deciding exactly how much you want to spend on a weekly or monthly basis and stick to it. Nobody said it was easy, but it’s certainly rewarding.
4. Learn more about personal finance
The more you know when it comes to your own finances, the better. There are self-help books, blogs and podcasts widely available. While some topics can be complex and are best left to the professionals, understanding the basics of your financial wellness will go a long way.
If you’d prefer a helping hand on your journey to financial success, consider talking to a professional. If you have any questions, don’t hesitate to get in touch.
Reference – BL118 – Jan – 2021
