Planning your finances for the coming year may seem daunting, but by concentrating on one month at a time, things become much simpler.
The BBC have put together a month-by-month suggestion guide for planning your savings and expenditure for 2016. Here are some of the suggestions which caught our eye…
Christmas can be financially draining. Work out how much money you have spent over the festive period across all of your accounts including any money due to come out. One you know how much you owe and how much you have left, you can begin to create a budget to find out the exact amount you can afford to pay back each month. If you are finding it difficult to meet your monthly repayments it could be you need to seek out debt management advice.
If you are in a position to be able to save, you should start to think about a monthly savings plan for big purchases or a rainy day fund. Determine how much extra cash you can afford to put away on a monthly basis, then shop around for the best savings account. If you already have a savings account, you may want to think about switching. The process is simple and could leave you much better off.
Summertime often brings added expenditure. Whether this is a summer holiday, a new wardrobe or eating and drinking out more often. August is a good time to review your spending over summer. If you have overspent, think about adjusting your habits. If you have money to spare, it could be a good opportunity to put it away into savings.
Plan for 2017. If you have successfully managed your finances throughout the year, you may have saved up a small pot of money. This could be a good time to think about investment, taking out an insurance product or starting up a long term savings fund.
The full calendar of advice can be found on the BBC website with plenty of tips for saving and forward planning. If you would like help planning for the coming year, please get in touch and we can discuss the options available to you.