As the new year settles in, many of us have made and already forgotten our new year resolutions, and those fitness goals or personal growth plans are being quietly ignored.
But there is one area that you should not quietly ignore – your financial health.
There are some very good reasons why February is the perfect month for a thorough financial check-up, and why your Continuum financial adviser is ideally placed to help you with it.
Christmas is out of the way
Christmas comes once a year but has a huge financial impact for most of us. Presents, indulgences of one sort or another and a break from work mean that many of us have spent rather more than we meant to.
The credit card bills will have come in to prove it – but at least its likely that you know exactly how much you are in debt.
Debt management plays a crucial role in financial health. Your continuum financial adviser can help you assess your outstanding debts, understand interest rates, and explore ways to improve financial flexibility. While we do not provide formal debt management plans, we can guide you on general financial planning strategies to help manage debt effectively and improve your overall financial position.
A new tax year is coming
By February, the new tax year is just around the corner, and all your year-end financial statements, tax documents, and investment reports are likely to be available.
Your Continuum financial adviser can analyse these documents and use them as the basis for a comprehensive review of your financial health. They can assess your income, expenses, savings, and investments to identify trends, opportunities, and areas for improvement. This thorough evaluation helps set a solid financial foundation for the year ahead.
Even more importantly, they can help minimise your tax burden by identifying unused allowances and strategies to reduce what you owe to HMRC.
This could also help you reduce additional costs and potential fines. With an expert eye on your finances, you can help ensure compliance while potentially maximising your tax savings.
Time to reset financial goals
Armed with the information you need to hand; February also provides a great opportunity to define and refine financial goals for the year. Whether you’re planning for a major purchase, retirement, or an emergency fund, your Continuum financial advisor can help ensure you are on track for the goals you have already set and suggest strategies for reaching them earlier.
Reviewing investment performance
A key aspect of a February financial check-up is evaluating your investment performance in light of your financial goals. Your Continuum adviser can look closely at your investment strategy and at your portfolio to help ensure they both align. with your risk tolerance, financial goals, and market conditions.
They can then recommend adjustments, rebalance your portfolio if necessary, and provide insights into new investment opportunities. Their expertise can help you make informed decisions that potentially enhance your long-term wealth accumulation.
This could be particularly important this February with the possibility of economic uncertainty ahead you may need to look at your investments in a new light.
Strengthening emergency preparedness
If 2025 does contain some financial surprises, making the most appropriate decisions now, before the start of the new tax year could be especially important.
Remember, unexpected expenses or a change in circumstances can disrupt financial stability, making an emergency fund essential. Your Continuum adviser can assess your savings and recommend adjustments to help you build a sufficient safety net.
They can also review your insurance policies, including health, life and home to help ensure you have adequate coverage against unforeseen events without excessive cost.
Making the gradual changes you need
At Continuum we understand the importance of taking a holistic approach to finance. Balancing your income with your outgoings is only the first step – you could need a financial strategy that integrates protection, investment and pension to provide the all-round stability you need.
Taking a holistic approach to your finances and benefitting for greater stability now and in the future, can start this February. Call us today.
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 financial strategy, you should seek independent financial advice before embarking on any course of action.
The Financial Conduct Authority does not regulate debt management, taxation advice or deposit accounts.
The value of an investment can go down as well as up and you may get back less than you invested. When investing Capital is at risk.
Levels and bases of and reliefs from taxation are subject to change and their value depends on the individual circumstances of the investor. We recommend that the investor seeks professional advice on personal taxation matters
