It’s February, and the winter nights are a little bit less shiny than they were a couple of months ago. Without that lovely it’s-the-end-of-the-year-so-treat-yourself attitude, the start of the year can feel a little bit bleaker for the finance-conscious. 

Christmas is an expensive time of year for everyone, there’s no getting around that. And with January crammed full of cold weather, hefty bills, and those ever-dreaded tax returns, it doesn’t get a lot easier. 

This is why New Year’s resolutions are so useful. If you want 2024 to be your most positive financial year yet, these are the resolutions you need to make now, ensuring that you get back on your feet and you’re prepared for all the swings and curveballs the year will undoubtedly throw at you.

First Off, Get Some Financial Advice

Independent financial advice is going to be a must if you want to make financial decisions that work in 2024. 

According to research conducted by John Lewis, nearly 40% of us used a credit cardto finance the festive season, with an average spend of £300. This means that 40% of us start the year with debt, but instead of formulating long-term strategies, we concoct indistinct and fuzzy New Year resolutions to cut back on spending. 

Add to this all the financial setbacks you’re going to face in 2024. Inflation, high-interest rates, shaky markets, high energy bills, food bills, taxes – how can you ever get on top of debt, save money, and build your finances while all of this is going on? 

Well, that’s where a financial advisor comes into it. Here at Perennial Wealth, we use market-leading technology and the highest financial expertise to help clients manage their finances, with the best long-term and short-term strategies to assist with anything from saving, investing, tax planning, retirement planning, you name it. This is a surefire way to conjure an effective financial plan and actually stick to it.

If You’ve Been Meaning to, Start Your Investment Journey Now

Speaking of investing, 2024 could also be the perfect time to do so, especially if you’ve been putting it off for a while. One of the most common tips amongst financial advisors is to ‘pay yourself first’. This means putting aside finances to effectively pay your future self, helping to keep some of your finances on the backburner, and perhaps even realise your retirement goals

Saving finances, however, is not just a question of hiding it under your mattress. Investing can also be an effective strategy to put some money away, with the possibility that it could be worth a lot more in a few years’ time. 

If you’ve been putting off investing because of inflation and the uncertain market, don’t let that put you off in 2024. There is never a right time to invest and there is never a wrong time. For those thinking in the long term, 2024 is as good a year as any to formulate a strong plan and put some more finances toward the future – provided you ride into it with a strategy that matches your capital, risk tolerance, and personal goals.

Creating a Will

While it may seem like we’re finishing this blog with something a little morbid, this is about creating New Year resolutions that actually make sense, and whichever way you look at it, creating a will makes sense. 

When it comes to providing for the next generation in the most effective way possible, you need to ensure your finances fall mostly into the hands of family, and not the government. But inheritance tax – as well as several other complex details – can ensure the government is the biggest beneficiary of your assets and not your loved ones.

If you start inheritance tax planning and creating your will with a financial advisor, you can make sure your will perfectly matches your situation. This is especially important when considering the questions you will undoubtedly have. Questions to do with mortgage, your pension, investment, savings – all of these can spin around your head and cloud your judgement, which can lead to a confused will that doesn’t turn over every stone.

Trust us when we tell you, there’s no better way to spend the year in the knowledge that your will is done, and your legacy has been taken care of. That’s a resolution you can definitely be proud of.

Risk Warning: The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Please note that the FCA do not regulate will writing