Getting finances in order will be a key priority for many in 2023. Get your personal finances in order with Jess’ checklist.
8 things to consider when re-evaluating your finances this January.
1. SET FINANCIAL GOALS
Clear financial goals will motivate you to spend less and to save and invest more throughout the year ahead. Write these goals down and put monetary values on them.
Put together a new year budget plan to keep you on track with your goals and to also work out what you can save each month. If you had a budget last year, review it. What worked for you and what didn’t? Ask yourself: What are my priorities? How can I make this budget sustainable?
3. CHECK WHERE YOUR PENSION IS INVESTED
Often workplace pension providers put you in a default fund, whereas you might be able to switch to an alternative fund.
4. DEBT MANAGEMENT
Could you save money by refinancing your mortgage, car loan or student loan? If you have high-interest debt, make a plan to pay it down.
5. TAX ALLOWANCES
Use your tax allowances before 5th April 2023. The ISA allowance is £20Kpa and the pension annual allowance is £40Kpa. Tax allowances reduce the amount of tax you will need to pay on income you earn.
6. CANCEL UNUSED SUBSCRIPTIONS
Save money by only paying for the subscriptions that you currently use.
7. REVIEW YOUR LONG-TERM SICKNESS PROTECTION
Would you be able to carry on paying the bills using Statutory Sick Pay or your savings? If not, it’s worth thinking about insurance.
8. GET IN TOUCH WITH A FINANCIAL ADVISER
If you need help with investments or making a long-term financial plan, don’t hesitate to contact a financial professional for guidance.
The start of a new year is the perfect time to review your finances. Without a plan in place for achieving your goals, there is no way to tell if you are on track to fulfilling the vision you have for your financial future and your personal finance goals.
Jess McGuigan, Kingswood Wealth Planner, created this list to help you feel more in control of your personal finances. If you would like to know more on how Kingswood can help you with your financial goals please get in touch.
Kingswood, Kingswood Group and Kingswood Institutional are trading names of KW Wealth Planning Limited (Companies House Number: 01265376) regulated by the Financial Conduct Authority (Firm Reference Number: 114694) and KW Investment Management Limited (Companies House Number: 06931664) regulated by the Financial Conduct Authority (Firm Reference Number: 506600) with a registered office at 13 Austin Friars London EC2N 2HE. KW Investment Management Limited is also regulated in South Africa by the Financial Sector Conduct Authority (Firm Reference Number: 46775). Both companies are wholly owned subsidiaries of Kingswood Holdings Limited which is incorporated in Guernsey (registered number: 42316) and has its registered office at Mont Crevelt House, Bulwer Avenue, St. Sampson, Guernsey, GY2 4LH.