January is the traditional time for making New Years’ Resolutions. Most of us start off with good intentions but by the end of January those goals are often forgotten. Rather than having one or two resolutions with no end date, how about having one goal per month to be ticked off when achieved. In the current climate, taking care of your finances are even more important. Here are some suggestions for the year ahead:
January: Prepare a budget planner for the year ahead, allow for holidays, birthdays and next Christmas. February: Review your mortgage, is your mortgage due for renewal in the next 12 months? Will the increase in interest rates have a big effect on your outgoings? March: Springclean your bank account, check your standing orders and direct debits, are you paying for things you no longer need? April: Holiday planning time, check travel insurance, passport is in date, best exchange rate for your currency May: Review your utility providers, is loyalty costing you money? Electric, Gas, Phone, Broadband, TV subscriptions etc. June: Legacy planning; consider Wills and Power of Attorney provision July: You are now half way through the year, look back at the last 6 months and have you achieved all of the goals you set, now is the time to relook at those you have missed August: Review all your general insurances; car, house, travel, make a note of the renewal dates and ensure you shop around at renewal time for the best deal September: Back to school time; with the savings you have made this year, can you start a savings plan for the children/grandchildren to help towards future education/house deposit? October: You are never to old/young to start retirement planning. Review or start pension contributions, obtain a state pension forecast November: Are your life assurance and illness provision plans suitable and adequate for your current situation? December: Review your credit card provider and consider switching to interest free or to a card with a lower rate.