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    Category: Insights

    Financial New Year’s resolutions for 2024

    We’ve all heard ‘New year, new me’ with many aiming to create healthier habits, and after one of the most expensive months of the year in December, why not include your financial goals in this?

    To help get you started, our Managing Director, Paul, has put together a few suggestions of steps you can take to maximise your financial wellbeing and keep you on track to reach your long-term objectives.

    Commit to regular financial check-ups

    Changes to circumstances are inevitable, so to help navigate the negative impact, checking in on your net worth, cash flow and overall financial stability every few months is vital.

    Reviewing all these factors with the ever-changing financial climate can be overwhelming, so if this is the case for you, speaking to a financial advisor could be beneficial as they will be able to help revise your strategies, aligning them with your current situation and priorities.

    Refine your investment portfolio

    As I mentioned above, the current climate is ever-changing, and this especially applies to investments. I would recommend looking at your portfolio and seeing if your investments are still the most suitable for your goals and risk tolerance.

    Assess your retirement plans

    Reviewing your pension plans will ensure that you’re on course for the lifestyle of your dreams after years of hard work.

    Assessing this will show if you could afford to pay more into your scheme, or if you’re taking full advantage of the tax benefits that come with these savings.

    Taking the right steps to increase your pension could also see you benefiting in later life as you’ll gain greater compound growth.

    Review outstanding debts

    Are you managing your debts in the most efficient way possible? If the answer to this is no, you could look into paying down high-interest debts, meaning you end up paying less in the long run.

    Another resolution to set yourself could be committing to using your credit card more responsibly, avoiding getting into unnecessary debts.

    Review and update your estate plan

    As things change, you should be making sure your estate plan stays in line, reflecting your current circumstances, assets and wishes for the future.

    Don’t overlook your mental health

    Finances are one of the biggest causes of anxiety, so keeping on top of them is a great way to protect your mental health. Staying on course to achieve your ambitions allows you to focus on what makes you happy.

    Our financial planners want to make sure you have a great 2024 and can help make sure you are maximizing your wealth this year and beyond.

    You can get in touch with one of the team here. From all of us at Wealth Experts, we hope you have a very happy new year!

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