Get your finances on track in 2020 with these healthy habits.

After the excesses of the festive season, many people are looking to get fit and shape up for the New Year. Of course, improving your lifestyle is a worthy goal, but don’t forget that it’s also a perfect time to whip your finances into shape. So, as well as hiring a personal trainer, why not focus on getting your finances looking as healthy as possible?

While a financial makeover might not seem like the most thrilling resolution, putting robust plans in place now will put more money in your pocket in the long term.


When you think about your goals for the years ahead, you’ll probably find that a healthy financial situation will be key to achieving most of them. Whether you want to buy a home, go travelling, save for retirement or gift money to your children or grandchildren, you’ll want your finances to be in tip-top condition. So, sitting down and working out how much money you’ll need to fund your plans will help turn vague aspirations into concrete goals, which you will then stand a much better chance of achieving. We can help with this.


If the worst were to happen, you’d want your family to be well provided for. The New Year is a good time to take stock and review your protection policies, to check you still have the right level of cover for your changing circumstances.


With so many financial priorities to juggle, you’re far from alone if you’re struggling to prioritise your pension. However, the earlier you start, the better chance you’ll have of enjoying a comfortable and fulfilling retirement – so now’s the time to increase the prominence of your pension in your financial plans and benefit from the tax relief available on your contributions (within limits).


It’s likely that your mortgage is your biggest monthly outgoing, so savings here could make all the difference. If it’s a while since you took out your mortgage, considering your options is vital in preserving your hard-earned money. Cost reductions made here could be deflected to your savings or pension.


As the end of the tax year approaches, don’t forget to take advantage of any remaining ISA or Junior ISA allowances to build up your, your children’s or your grandchildren’s savings as tax-efficiently as possible.


When your circumstances change, your financial goalposts are also likely to shift – which is why it’s important to keep us informed. For example, you may have remortgaged, received an inheritance, had a pay rise or got married or divorced. Keeping us updated about events such as these means that we can recalibrate your goals and keep you on track for financial success – and a Happy New Year!

A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. The value of investments and income from them may go down. You may not get back the original amount invested. As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.