22nd – 28th January is Financial Planning Week – so in combination with the new year, there’s truly no better time to sit down and set out your financial goals for the year ahead!
To give you some ideas and inspiration, our expert team of advisors have put together a list of seven realistic financial new year goals…
1. Refresh your budget
Sticking to a budget is a great way to keep track of your money, avoid overspending, and have a consistent figure of how much money you have left at the end of each month.
If it’s been a while since you last created your budget, then it may be time to consider a refresh to make sure that it still works for you.
Has your income changed? Have you cancelled any recurring subscriptions lately, or joined new ones? And it’s not just things you can control – external factors such as the cost-of-living crisis can often be forgotten about. Has the cost of your weekly shop been slowly creeping up, or your daily commute become a little more expensive?
It’s always worth sitting down to take a look at your budget at regular intervals, as even small tweaks can ensure that you’re always getting the most out of your money.
2. Tackle your debts
This one is self-explanatory! If you’re unsure where to start with tackling your debts, check out our top tips for paying off your debt in 2024.
3. Build an emergency fund
Having a fall-back option in case of emergencies or unforeseen changes in your circumstances is important, as it provides a buffer and can help you to avoid falling further into debt. It’s recommended to have enough money in your emergency fund to cover at least three months of expenses.
Experts often recommend that building an emergency fund should be at the top of your list in terms of financial goals, so if this is a goal you’d like to set for yourself, consider where it falls on your priority list.
4. Savings tips
Can you make extra savings on everyday things? Is there anywhere you can cut back to put pounds and pennies back into your pocket?
We’ve got a whole host of savings tips on everything from cooking and cleaning, to train travel and energy bills. Check out our saving tips here.
5. Check what help you’re entitled to
Research from Policy in Practice found that the total amount of unclaimed income-related benefits is approximately £18.7 billion a year. This is a staggering amount!
It’s definitely worth checking, so why not set a resolution to see if you’re entitled to certain benefits or tax credits? If you’re unsure what you may be entitled to, you can use the Turn2Us Benefit Calculator, or find out what you’re eligible for through the GOV.UK website.
6. Are you on track?
Something that can often be overlooked is checking in with your progress towards your goals, so why not kill two birds with one stone and set a resolution to regularly check in with your goals to make sure you’re on track to achieving them?
It’s important to set realistic goals and targets, and whenever you find yourself struggling or going off track, remind yourself why you set them in the first place.
You could check in with your goals weekly, monthly, or quarterly, depending on the goal and the timeframe you have set to achieve it. This will allow you to see how you’re pacing towards your goals. If you’re on track to hit target, this can be a great motivation boost! And if you’re a little behind where you hoped to be, this gives you an opportunity to tweak your goals if they’re not quite working for you.
8. Seek financial advice
You might think that seeking professional financial advice comes with a hefty price tag, but this isn’t true.
You can get free debt advice from MoneyHelper, or contact our friendly team of expert advisors today to find out more about how we can help.
