January 15, 2024
Our Top 5 Money Resolutions To Kick Off 2024
Pledging to get our finances in order is a classic New Year’s resolution. While many of us struggle to keep our resolutions, a positive financial reset is achievable with the right actions and guidance.
The trick is to set realistic and attainable goals. If you’re looking for ideas to organise and boost your savings in 2024, we’ve gathered 5 money resolutions we think you’ll like.
The trick is to set realistic and attainable goals. If you’re looking for ideas to organise and boost your savings in 2024, we’ve gathered 5 money resolutions we think you’ll like.
1. Make The Most Of Your ISA Allowance!
You can save up to £20,000 in an Individual Savings Account each tax year, and not pay tax on your income/interest and capital gains. Invest your funds in an ISA before April 5th to use this tax year’s allowance. And plan to do the same from April 6th and make the most of next year’s £20,000 allowance too!
Lifetime ISAs
Check out Lifetime ISAs too. If you’re under 40, the Lifetime ISA is a great tool for saving for retirement. You can contribute up to £4,000 annually, and the government provides a 25% bonus on your savings. This could give you up to £1,000 in cash each year, plus you’ll pay no tax on interest or capital gains.
2. Review Your Personal Insurances
Do you have family members who depend on you financially? If so, you really should consider having adequate insurance cover in place to provide for them in the event of an unforeseen event. Some of the greatest risks that any family faces are those of critical ill health, long-term disability or premature death of a breadwinner and the devastating impact this can have on income and lifestyle.
You may already have some cover in place but when was it last reviewed? Have your circumstances changed? Is it still adequate? Having the right cover is crucial and we can advise you on which policies you need to give you and your family peace of mind.
You may already have some cover in place but when was it last reviewed? Have your circumstances changed? Is it still adequate? Having the right cover is crucial and we can advise you on which policies you need to give you and your family peace of mind.
3. Investment Planning
Broader investment planning will help you create a strong and varied investment portfolio, using tax strategies to maximise your returns. We can help you consider your goals, attitude to risk, and timeframes and then tailor investments to your needs. With expert advice and high-quality investments, you can increase the likelihood of achieving returns higher than the market average.
4. Retirement Planning
Planning for retirement is one of the most important financial decisions you’ll ever make. A comfortable retirement is a common goal, but increasing life expectancy means we must plan for it properly. Early retirement planning ensures you can maintain your lifestyle after you stop working.
With expert advice you can start planning for retirement, taking into account your current pension provisions and additional tax benefits you should be using
- Tax relief on contributions
- Increased annual contribution allowances
- Tax free growth
- Lifetime tax allowance removed on withdrawals
- Inheritance tax exemption
5. Financial Review
Regular financial check-ups ensure your current plans will meet your future goals. By regularly assessing your existing arrangements and/or reviewing your portfolio performance, you can make proactive changes and use tax strategies to maximise your savings.
Get In Touch Today
If you need a financial reset, with personalised recommendations, and a detailed plan and timelines for better financial health in 2024, then email me personally or call: 01639 860 111