What are your financial resolutions?

Each year most of us start the New Year with good intentions. To keep you on track financially, here are some tips for 2015 that should last beyond the end of January!

Review your expenditure: Find out where your money goes and if savings can be made. This helps you to budget, make plans and keeps you on track.

Tax coding: Are you paying too much tax? Check that your tax code is correct.

Find out about employer benefits: The introduction of workplace pensions affects all UK employers. If you’re employed, make sure you know what this means to you and how it can benefit you.

Savings and investments: Are you making the most of the new ISA allowance of £15,000? Are your investments working well for you meeting your needs and requirements? Is it time to review them?

Objectives and goals: Perhaps it’s a new car, a holiday or living comfortably in retirement. Whatever you have in mind, prioritising your objectives and goals is crucial so you can allocate budget and time to achieve them.

Make a will:  Leave your assets in line with your wishes. You don’t need to be wealthy, but if you don’t have a will, the state could decide who and how your estate will be dealt with. Make sure an existing will is up to date.

Make the most of tax allowances: The tax man gives everyone some breaks. Make sure you utilise your ISA allowance, make the most of your annual Capital Gains Tax exemption and if you’re concerned about Inheritance Tax, gifts can be made to reduce the liability.

Insurance and protection: Review any arrangements or gaps to ensure you have adequate cover in place to meet your needs. Are your policies arranged under a suitable trust? Is your income protected if you’re unable to work due to illness or disability?

Pension options: There are massive changes coming to the pensions world. How you’re able to access your pension arrangements changes radically in April. A review could be essential to ensure the best route.

New rates: The Bank of England base rate has remained at 0.5% since 2009, but there is a possibility that rates may rise which could affect mortgages or debts. Do these need to be reviewed?

Tax return: If you have multiple incomes or are self employed the deadline for your tax return to avoid a penalty is 31 January.


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