October may be rather late to be thinking back to new year, but with the final quarter of 2019 already upon us, it could be time to look back at your financial new year resolutions, whether or not you have actually kept them – and how they have affected your financial position this year.
Did you resolve to track your spending?
It is easy to see where your money goes when it is a big expense. You know about the big regular bills, your mortgage, council tax, and your car payments. But it’s easy to forget about the little things, the daily coffee, the odd bottle of wine.
Resolving to keep track of your spending is worthwhile if it shows all the drains on your personal finance, and an app on your phone is the easiest way to note everything you spend, because it’s always at hand.
If you resolved to track your sending back in January, you have had ten months to find all the holes in your finances, and ways to plug them. So, if you identified an indulgent Danish and coffee every day on the way into work as one of the drains on your wealth, you might have saved around £20 a week – or around £800 this year.
Did you resolve to stick to a budget?
Shopping around, taking advantage of special offers, and cutting out the things you pay for but never use – such as subscriptions for the gym and online services can make it easier to stick to a budget.
If you manage to do it, and avoid running short before next payday, you avoid the need to use credit to tide you over. Spending just £50 more than you have coming in each month would leave you at least £500 worse off by now – and that is before you start thinking about interest on a credit card.
Did you resolve to spend more wisely?
Getting the best deal on everything from water and power to broadband and your mobile can be a simple way to save. The difference between the best and worst deals across all sectors is substantial.
Did you resolve to deal with debt?
Debt is not just a burden, thanks to interest charges, it grows every month.
Working out exactly how much a balance on a credit card will cost is difficult, because of compound interest, and the various levels of minimum monthly repayment.
Did you resolve to find the best way to grow your money?
This could be the perfect start for a long-term savings plan – and there are a number of ways to make that money work for you. Look at our savings rate calculator. Or perhaps you should put more into your pension, or set up an ISA.
At Continuum we are ready to help you find the best way to use your money. We can look at your circumstances and your priorities and find the best ways to reach your financial goals.
We know that everyone’s needs are different and getting professional help to understand your financial objectives and the best ways to reach them is essential.
For the help you need, there’s one more resolution to make. 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 suitable investment strategy, you should seek independent financial advice before embarking on any course of action.
The value of investments can fall as well as rise and you may get back less than you invested.