At this time of year, thoughts naturally turn to resolutions for the year ahead.
According to some new research, 26m of us in Britain will make New Year’s Resolutions for 2012.
Top of the list is likely to be sorting out finances and cutting back on expenditure.
This is the first time since 2008 that personal finances have topped the list as the most popular New Year’s Resolution, suggesting that the current financial climate is influencing our personal goals for the year ahead.
The research from gocompare.com found that 49% of us named sorting out finances and reducing outgoings as their most important resolution for 2012.
This was followed by getting fit/taking more exercise (46%), losing weight (45%) and eating a healthier diet (33%).
Despite these good intentions, 41% of resolutions will be broken by the end of January and 86% within six months, based on findings from previous years.
What is the best way to sort out personal finances and reduce outgoings in 2012?
The answer will depend on your current position and what you are hoping to achieve. The creation of a bespoke Financial Plan is certainly a good place to start.
Creating a Financial Plan is something that you can do yourself or engage with a professional Financial Planner to create on your behalf.
At its simplest, a Financial Plan consists of a snapshot of your current financial position (assets, liabilities, income and expenditure) along with a description of your goals and the steps you will take to achieve them.
By making your financial goals ‘SMART’ (specific, measured, achievable, realistic and time bound) they become easier to achieve and it is much easier to measure your progress.
A good Financial Plan is one that is reviewed on a regular basis.
By involving your family or a third-party such as a Financial Planner in the construction and ongoing review of your Financial Plan, you stand a much better chance of achieving your financial goals over the longer term.
Rather than going it alone with your resolutions to sort out your finances or reduce your outgoings in 2012, why not speak to an Informed Choice Financial Planner to help define your goals and establish a robust plan of action?
A meeting with one of our experienced Financial Planners is at our expense and with no obligation.
You can get in touch via our website or give us a call from 3rd January 2012 on 01483 274566 when the office reopens for the New Year.
