Have you kept yours?
We are almost at the end of January and the majority of us will already have given up on our New Year’s Resolutions already.
Apparently half of us will have given up within 30 days and 75% within 3 months.
And most tellingly 77% of people have made the same resolutions for each of the past five years!
Finances – either to save more, or to sort out debt, is normally high on the list of resolutions.
If sorting out your finances was one of your resolutions it is not too late to take action.
Now is an ideal time to ensure that you are making the most of your allowances prior to the tax year end on 5th April 2014.
There are a number of allowances and factors to be taken into consideration including:
-ISA allowances
-Pension allowances – including the reduction of the annual allowance and lifetime allowance from 6th April
-Child Trust Fund, Junior ISA allowances and pension planning for children and grandchildren
-Reducing income tax
-Fixed Protection
-Child Benefit Tax Charge
If you want to make sure that your resolution is not a ‘one off’ action and becomes a habit, perhaps you should consider making a Financial Plan.
This will ensure that you have a track to run on and will enable you to keep your financial objectives SMART (Specific, Measurable, Actionable, Realistic and Time-based).
You will be able to review your plan periodically.
The majority of people find that the process of obtaining a snapshot as to where they stand financially, and how this can be tailored going forward to achieve their life goals, very rewarding.
