As another year passes and we enter 2025, it could be the perfect time for a fresh start for your finances, for you to reflect on the previous year and consider any improvements you can make for the year ahead.
What steps can you take? Our financial planning team look at some of the key ways you can take control of your finances to ensure you’re making the most of your individual circumstances.
Take full advantage of your available allowances
When stepping into a new year and with tax year end fast approaching, why not take some time to look at your available allowances and whether you are fully utilising them.
With the changes that came from the October Budget, it could be important to check you are making the most of what is available to you, such as pension contribution allowances and ISA allowances. The key highlights being changes to capital gains tax and inheritance tax. For further information on the latest allowances and how best to utilise them, please get in touch.
Making the most of your allowances will help you get more from your money and help create a financially stable future.
Plan ahead by setting clear financial goals
Like in any situation, setting clear goals will help give you a clear sense of direction and will also allow you to be able to assess whether you are achieving what you want. It is important to think about where you want to be by the end of the year, and beyond, then you can build a plan based around this.
Having a financial adviser can help you build these goals into a plan for your future. They will also be able to review your plans regularly to make sure you are where you want to be. Our team can assist you by modelling a cashflow forecast, ensuring you are on track to have sufficient funds in place to sustain your goals over the short, medium and long term.
Consider protection and insurance
For many people they may feel that insurance and protection is an unnecessary cost, but what if you had to stop working due to an injury or illness, for example? You should consider income protection, critical illness cover and life insurance to name a few. These policies will assist you in the event of the unknown by covering expenses during these times.
Build your pension pot
Although retirement may seem like a long time off, it is important to consider contributing to your pension pot as soon as possible. Early contributions can help your investments grow over time and it gives you a clearer picture of what you will need to retire and to be able to enjoy the lifestyle you have dreamed of.
Get in touch
At PM+M, our team of trusted financial advisers can help navigate you through the process of getting your finances in order for the upcoming year. Their tools, knowledge and objectivity will make the process much easier and simpler to understand – giving you peace of mind that the year ahead will be a successful one for helping you achieve more from your finances.
Contact our financial planning team today by emailing financialplanning@pmm.co.uk or calling 01254 679131.
The information contained within this article is purely for information purposes and does not constitute financial advice.
