Over-indulgence at Christmas has got a lot to answer for, from the few extra pounds you find on the scales, to the lack of pounds in your wallet come January.
Many of us make New Year’s resolutions to get ourselves back into shape after the festive season, so this year, why not use yours to help yourself get financially fit?
There are lots of small things you can do to get financially ready for the year ahead. For example, if you have any life insurance policies, updating your policy details can often considerably lower your premiums. For instance, if you have quit smoking, you could save money on your monthly payments.
In similar fashion, if your family or financial circumstances have changed since you last made a Will, then I would recommend arranging to speak to a solicitor to get this updated to reflect your new or changed circumstances.
Another good way to save money is by reviewing your energy tariffs. There are several good price comparison websites available to do this and it’s surprisingly easy to change to another supplier if you find a better deal.
If you have managed to max-out your credit card this Christmas, you will be paying a very high rate of interest on the balance. I would recommend converting this to a personal loan where the interest rate will be much lower. When choosing a lender however, always be careful to select one where you can make voluntary over payments and pay back the loan early without any penalty charges.
In the spirit of ‘new year, new you,’ many people may be thinking about retirement or maybe working less hours. If you would like to look at the feasibility of your plans, then Explore Wealth Management has a tried and tested Cashflow Planning system that can help you plan for the future.
