7 ways to help make it a prosperous new year

We wish each other a prosperous new year every January, but we can do more than just wish.

We’ve compiled seven financial resolutions that may not only help you make 2024 a prosperous new year – but may also give you a better financial outlook for all the years to come.

Resolve to see what you are really spending

Do you really know where money is going? You know about the big regular bills, the mortgage, the council tax, the car and other loan payments. But it’s easy to forget about the little things, the daily coffee, the bottle (or two) of wine at the weekend, and how they add up. Making a note of every penny as you spend it is tedious, but if you do all your spending digitally, your bank will show your where the cash is going – on your phone if you have a suitable app.

Resolve to set a budget

If you track what is going out and balance it against what’s coming in, you can start to plan your spending.  A personal budget might mean plugging some of the drains on your cash. The recurring membership of the gym you never go to is a common example. 

Budgeting should not be a hardship. Living within your budget and having surplus at the end of every month can actually feel like having a pay rise.

Resolve to deal with the debt

A mortgage may be unavoidable, but other debt – and especially debts like credit card bills are not, and they are costing you money every month which could be working for you.

Your budget should include a plan to pay them off.

Credit cards are a good place to start. Because you pay monthly interest on the balance you owe, the debt will carry on rising even when you don’t buy anything. Switch all your balances to a card with a 0% balance transfer offer and set aside as much as you can to paying them off.

You don’t have to tackle all debt so aggressively. Some debts, like student loans, have low interest rates, and are a lower priority. 

Pay off as much of your high-interest debts as you can. Going without a few of life’s pleasures for few weeks now will help you get debt free for the future.

Resolve to save

With debt out of the way, you can use the cash which was going on repayments and interest for your own benefit, not the credit card company.  In other words, you can start saving.

Saving has not been very appealing in recent years, when low interest rates meant savings were whittled away by inflation rising faster than they could grow. But times have changed. Inflation is currently falling and the higher interest rates that made that possible, also help you to get some worthwhile returns on your spare cash.

You might need instant access to savings, but if you can lock up cash for a set time saving could be even more rewarding. A call to us at Continuum could be the simplest way to find the most rewarding account for you.

Resolve to check your pension

Whatever your age now, a pension is vital for your future. You will probably have an employer’s pension in place, but your future is too important to leave to chance. You can get a clearer view of your pension prospects with a call to us at Continuum. We can prepare an illustration of your likely pension income – and suggest ways to boost it.

Resolve to invest

Investing responsibly is for everyone. It sounds difficult, and many people are afraid of the risk, but with a proper investment strategy it can be as easy as saving. It could potentially be much more rewarding, especially as with some types of investment, such as ISAs where the income generated from them can be tax free.

A call to us at Continuum could help you see how easy it is to become an investor.

Resolve to get some expert help.

We all want to look forward to a prosperous new year, but everyone’s needs are different, and getting the financial prospects you want is much easier with professional help.

For the help you need, simply call us at Continuum.

The information contained in this article is based on the opinion of Continuum and does not constitute financial advice, or a recommendation to a particular saving, Investment or pension, strategy you should seek independent financial advice before embarking on any course of action.

The value of an investment can go down as well as up. Capital is at risk.

A pension is a long-term investment, the fund value can go down as well as up and this can impact the level of pension benefits available. Pension Income could also be affected by interest rates at the time benefits are taken.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Equity investments do not afford the same capital security as deposit accounts.

The Financial Conduct Authority does not regulate taxation advice or deposit accounts.

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