How to make financial resolutions for the New Year

How to make financial resolutions for the New Year image


As we enter the new year, there is a lot of talk around resolutions and what changes you can make to your life. Why not create some financial new year’s resolutions? Here are some ideas: 

Revisit your financial goals 

The start of a new year is a great time to take a fresh look at your financial goals. It’s important to figure out what you want to achieve and when. Think about timeframes and goals over the short, medium and long term. It may have been a while since you created your financial plan so it’s possible that your goals may have changed slightly. To help account for this, you may need to make some amendments to your plan so that it stays on course for what is important. 

Set yourself a budget 

Creating a budget helps you to take control of your money and can be a great tool when trying to add to your savings. It can be empowering to feel that you have a surplus in your budget to be a buffer for you. By understanding exactly how much is coming in each month and how much is going out, you can make sure you live within your means while being confident that you can put something aside regularly.That’s how you can really build capital over time and be in a position to invest longer term. 

Check that your pension is on track 

If you haven’t checked on your pension in a while, now is as good a time as any! It’s important to know how your pension is performing in order to make sure that you are on track for your retirement plans. You may want to consider adding a top up or adjusting your contributions to help you stay on track. You should also think about risk and if your funds are still suitable for your plan. This is particularly relevant in the years approaching retirement. 

Create a will 

No-one wants to consider a time when you’re no longer here, but it’s important that you do what you can to make your loved ones lives easier when the time comes. By creating a will, you can make sure your family knows exactly what you have, and you can ensure that your money goes exactly where you want it to. It can also formalise things for younger children so that it is clear who will be their guardians. Without a will, you risk your estate being distributed in a way that you’re not happy with. Once you have written your will, make sure to update it regularly so that it is as accurate as possible. 

Contact a financial adviser 

If you want some help with putting together a financial plan for your future, get in touch with a financial adviser. A trained, professional adviser can help you take a look at your finances and put together a realistic plan for how to reach your future goals.The world of finance can be confusing and overwhelming, a financial advisor can help to explain things clearly so that your money can help you have an action plan for achieving the future you want. 

If you want some help to keep your New Year financial resolutions, get in touch and let us help you make your money change your world. 



It is important to take professional advice before making any decision relating to your personal finances. Information within this article does not provide individual tailored investment advice and is for guidance only. We cannot assume legal liability for any errors or omissions it might contain. Ethical Futures llp is authorised and regulated by the Financial Conduct Authority.


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