spot_img

Make the Most of Your Money in 2025

spot_img
spot_img

Latest News

spot_img

Christmas and holidays can often leave you feeling like you’ve lost control of your finances. The presents. The socialising. The spending. It can all wreak havoc on your bank account. The New Year offers a fresh start. A chance for financial salvation to take stock and regain some semblance of control.

Deciding to become more engaged with your personal finances, getting an understanding of where you are at and how you can improve things all have the power to really boost your financial control and mental health, for the better.

So let’s begin with a few simple tips to sort your finances now and get started in 2025.

Keep a budget

At its most basic level, budgeting is understanding your income and outgoings. From there, you can work out what you can afford to cut back on each month and how much you can set aside for savings or investments. Carefully monitor what and where you spend money. Keep a tight budget for necessities and savings for planned spending. Aim to save a certain amount every month to an alternative account and make it a habit for discipline. Take care not to spend without thinking. Its far too easy to find things to buy for that instant gratification feeling. Always ask, is it a NEED or a WANT. Typically this will involve some admin, which can sadly deter some at the first hurdle. Live within your means and pay as you go. If you cant pay, don’t go!

Tidy up your accounts

Check up on your current accounts and any savings and investments. Have you got money scattered around the place that means it is harder to keep track of your finances? Think about consolidating your savings. A monthly direct debit into a separate savings account is a great way to start. It will become like another bill but one that will benefit you. However, the remaining additional available income should sensibly be invested without the need to rely on it in the short term. Regular investing (monthly) can also help avoid the fear of putting in a big lump sum and short term market blips.

Pay off “bad debt” not good debt

A mortgage is a prime example of good debt. It’s manageable and at lower interest rates, enabling you to conveniently buy your home over a realistic time frame.  Unsecured, high interest debt, such as that on expensive credit cards, should be avoided. Credit card and overdraft interest rates can regularly top 30 per cent and if you have a large balance sitting there then it will cost a lot. Target getting only the expensive debts paid off. Don’t put off further asset building because you want to pay off your mortgage in 10 years rather than 25. Those 10 years “lost” will be very expensive in the long run. 

Have a look at your pension

Look at your pension balance, add together different pots and see where you are at. How much are you saving each month into your pension through work or privately elsewhere? Is this enough and could you up your pension saving? Making the most of any employer contributions is essential. However, when working internationally, it is highly possible that your employer may not provide any scheme option. The responsibility will then fall on the individual to plan for their own retirement fund. Unfortunately, this is where the system can break down. Individuals may either refuse to address this issue (as its too far in the future) or may simply not know where to start. Seek guidance and information when and where you can and as soon as possible. You can also email questions below. It’s easy to put it off until tomorrow but tomorrow never comes; the solutions will only become more expensive as time ticks by. 

Don’t fall into the subscription trap

Check your direct debits. Modern life means that these can really mount up and we easily end up paying for things that we have forgotten about and don’t use. If you are getting value from what you are paying for, that’s great. If not, cancel the direct debit. Make sure that the payments aren’t for any contracts you have signed up for, where you may end up encountering future issues.

All in all, don’t just make financial planning or management a New Year’s resolution. Make it a good lifestyle habit. Just use the feeling of fresh momentum for a chance to get started. Great journeys start with the first few steps.

Local Reviews

spot_img

OUTRAGEOUS!

Regional Briefings