This time of year often allows time for reflection, consideration of new goals and finally getting around to doing those things we regularly procrastinate.

Here’s a brief list of possible New Year Financial Resolutions which we hope you may find helpful. We have picked 12, one for each day of Christmas!

1. Set Clear Goals:

Decide what’s important for you and define your financial goals clearly, whether it’s buying a home, retiring early, or starting a business. Having specific objectives helps guide your financial decisions.

2. Create a Budget:

Create a comprehensive budget outlining expenses, savings, and investments. Tracking expenses helps identify areas where you can save and redirect funds toward investments, retirement planning or debt repayment.

3. Diversify Savings:

Establish a short-term and longer-term savings fund. In order to maximise use of funds while still protecting against the rainy day, ensure you have an appropriate emergency fund, securing the best deposit rate you can and commit to a longer-term investment in an effort to build assets and maintain value by beating inflation.

4. Start it Now!:

Time is a powerful factor in wealth creation due to compounding interest. Begin investing as early as possible, even with small amounts, to take advantage of long-term growth.

5. Review and Rebalance your Portfolio:

Assess where your funds are currently invested as to returns, risk profile and value for money. Talk to an impartial Financial Advisor to assess the performance and risk suitability of your existing portfolio and the future likelihood of meeting your wants and goals.

6. Manage Debts Wisely:

Prioritise high-interest debts for repayment while using low-interest debts strategically, such as for investments or appreciating assets. Consider consolidation or negotiation for better terms where feasible.

7. Pension Planning:

Review and optimise your pension contributions. Maximise employer matches, explore various pension options, and consider increasing contributions to secure a comfortable retirement. Review pensions from previous employments and ensure your overall pension pot is going to deliver what you want, when you want and need it.

8. Investment Diversification:

Diversify your investment portfolio to spread risk. Explore options beyond traditional savings accounts, such as equities, bonds or property based on your risk tolerance and goals.

9. Review Your Protection Arrangements & Protect Your Wealth:

Evaluate your insurance coverage for health, home, life, income and car. Explore options for potentially lowering premiums without compromising protection, while ensuring you have the appropriate levels of cover to protect you, your income and your assets against unforeseen events.

10. Optimise your Tax Efficiency:

Stay informed about tax changes and optimise your finances accordingly. Utilise tax-efficient savings schemes like retirement planning, small gifts exemptions or estate planning vehicles to minimise tax burdens.

11. Consider Estate Planning:

Start or review your estate plan, including wills, trusts, and powers of attorney. Ensure your wishes are documented and legally binding to safeguard your assets for future generations. Ensure you prepare for future tax liabilities and have a plan to deal with them to ensure your future estate is dealt with as you would wish in time.

12. Seek Professional Advice:

Consider consulting with an impartial trusted financial advisor or planner to help you put together a plan with you. They can provide personalised guidance, help refine your financial goals, and create a roadmap tailored to your circumstances and work with you throughout the journey.

Remember, building wealth takes time and discipline. These tips serve as a foundation, but the journey to wealth creation often involves patience, perseverance, continual learning and adaptation. The most important thing is to take action, review your plans and adjust your arrangements to life’s ever-changing circumstances.