Five family-friendly financial resolutions for 2024
What are your new year’s resolutions? According to data from Statista, popular resolutions in the UK for 2023 included exercising more, losing weight, and improving diets. But while health goals often take the spotlight, January is also an excellent time to reflect on your financial habits.
Taking charge of your financial well-being is crucial, especially during challenging times. So, let’s explore five practical, family- friendly financial resolutions for you to take-on in 2024.
1) Get a grip on your debts
Consider working out a way to pay off any outstanding debts, especially high-interest ones like credit cards. Reviewing your budget can provide clarity on how much you can allocate towards paying them off. Starting the new year with a plan to address your debts can bring financial security and ease any lingering anxiety.
2) Ensure your family is financially protected
We’ve written about this previously for MyBump2Baby but it’s a message that bears repeating! Having the right financial protection is like having a safety net for you and your loved ones. Make 2024 the year that you look into different forms of financial protection, such as life cover, critical illness cover, and income protection. These safeguards offer varying levels of support, providing peace of mind in case of unexpected events.
3) Hunt down lost pensions
If you’ve worked multiple jobs, you might have lost or forgotten pension pots. Uncover these hidden treasures by checking old paperwork, contacting previous employers, or using the government’s Pension Tracing Service. Another thing to consider is consolidating your pensions. This can potentially boost your retirement fund and make it easier to track your savings goals.
4) Give your pension contributions a boost
Consider whether you can afford to increase your pension contributions. With potential tax relief and employer matching, even a modest increase in contributions can significantly boost your retirement savings. Reviewing your pension contributions at the start of the new year ensures you’re making the most of your retirement savings opportunities.
5) Give your estate plan a checkup
The beginning of a new year is the perfect opportunity to review essential components of your estate plan, such as your Will or Lasting Power of Attorney (LPA). A well-rounded estate plan ensures your loved ones are taken care of should the worst happen. If you already have these documents in place, it’s worth checking that they still align with your current wishes.
As 2024 gets underway, let’s greet the new year with financial resolutions that will help you achieve a secure and prosperous future!
Contact Flying Colours
New year’s resolutions are famously difficult to adhere to, so if you’d like help sticking to your goals, then please speak to us.
Email: [email protected] or call 0330 241 9900 to find out more.
Please note:
A pension is a long-term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Your pension income could also be affected by the interest rates at the time you take your benefits.
Note that life insurance plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.
The Financial Conduct Authority does not regulate estate planning, tax planning or Will writing.
I’ve been working in financial services for more than ten years. I’m passionate about assisting my clients with investment and pension planning, retirement planning, and financial protection planning. As well as assisting clients who are preparing for retirement and later life, I also enjoy helping my younger clients to achieve their financial objectives and plan for the future. I really enjoy finding innovative and creative solutions which will help you to achieve your financial goals and objectives.