5 Tips for your New Year Finances

It is New Year resolution time again, and personal finances should be at the top of the list.

Make this year different by taking some actions to make a positive impact!

Q1 Tips:

1. Make sure you have at least 3 months’ worth of normal expenses as an emergency fund that is easily accessible if the unexpected happens

2. Review your regular expenditure to reduce unnecessary costs. This could include insurances and benefits you pay for that your employer provides to you for free. Why spend unnecessarily when you don’t need to?

3. Get to grips with your financial paperwork so you know exactly what you have and where it is

4. Create a plan for what you want to achieve this year with your finances. If you don’t, nothing is likely to change for the better

5. Make sure your savings are in a tax efficient product. The capital gains tax (CGT) allowance is reducing in April from £12,300 to £6,000, so any growth made on shares directly invested in the stock market may be subject to more tax on disposal after April. You have two months to consider whether you are utilising tax efficient savings vehicles such as Individual Savings Accounts (ISAs) effectively

Make this the year for taking more control of your finances so you feel more knowledgeable and confident about making the important decisions.