The New Year is a great time to review all aspects of your life and consider about how you might improve them. Unfortunately, too few people include their finances among their resolutions.
I have put together some key financial resolutions for you to consider as you look forward to the year ahead.
Resolution 1: Set clear goals
It is so important to set clear and concise financial goals. Be specific and include actual figures and measurements. This might be to retire at a specific at a specific time, or to pay off your mortgage by a certain date. Don’t over-reach, sticking to two or three realistic goals is far more effective in building good long-term financial habits.
Resolution 2: Address any debts
Make a list of any debts and arrange them by interest rate so you can prioritise paying off those that charge the most. Saving is important, but it may be counterproductive to save when your debts are incurring higher interest rates than you receive on your savings.
Resolution 3: Build your savings
Once your debts are clear, think about setting up a savings plan to ensure you make the most of the money you are putting away. We can help you build a bespoke programme that will ensure you maximise your opportunities with ISAs and pensions through the most appropriate investments. Don’t forget to use up as much of your tax-free ISA allowance as possible in any one tax year.
Resolution 4: Time to remortgage?
With the prospect of higher interest rates within the next 12 months, if your mortgage is up for renewal this year, you may find you could save money by shopping around rather than simply reverting to the standard rate. Speak to Phil Anderson Financial Services and we can help you look for the best deals.
If you would like to discuss any financial matters or concerns in more detail, please do not hesitate to give Phil Anderson Financial Services a call on 01224 900879.
In the meantime, I would like to take this opportunity to wish you a very Happy New Year!
Please note: Your home may be at risk if you do not keep up repayments on your mortgage.
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