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New Year’s resolution to get your finances sorted? Then you have to read this!

New Year’s resolution to get your finances sorted? Then you have to read this!

As well as losing weight and cutting down the booze intake, sorting out the finances is one of the most common New Year’s resolutions.  It’s also well known that most people break their New Year’s resolutions before January is over! 

Don’t set yourself up to fail!

If your New Year’s resolution is to get your finances sorted than we have a plan to get you started and stay on track:  

Task one - Take stock!  You need to work out what your starting point is before you can put a plan together.  Take some time out to review your bank statements, savings balance, debt balances, pension pot balances, life cover limit etc.  Write it all down or if you’re more tech savvy you could create yourself a spreadsheet! Our financial health report could be helpful here -  answer 10 quick questions to get a guide on where you may need to concentrate your efforts.

Task two - Identify savings!  Hopefully, whilst you were reviewing your bank statements you noticed a few areas where you can cut back or review to save some pennies.  This could be spending less at the supermarket, making lunches at home to take to work or switching your utility company.  You may have also found some sneaky subscriptions that you had forgotten about and don’t use!  Make a list of all of these with actions to address.

Task three - Prioritise!  From what you’ve discovered in task one you should be able to write a list of things you need to do to get your finances on track.  This could be paying off debt, getting an up-to-date will or looking into savings options with better returns.  Once you have this list, you need to prioritise the tasks based on importance and how much they affect your life.  For example, if you have children and you don’t have any life cover in place this could be the number one priority. 

Task four - Make yourself an achievable plan!  Don’t overload yourself with things to do because you just won’t do them.  You have your priority list so you can plan when you sort out certain tasks.  You could even put them in the calendar on your phone or computer so you have reminders throughout the year.  And make sure you tick the tasks off once they are complete as that is the most satisfying part of having a list!

If you feel like you need extra support with overhauling your finances and getting a plan in place we have our very own Lemonade Heroes who can do it for you! 

Comment below with your New Year’s resolution for 2017 and we will pick one of you at random to win a 60 day pass for PayasUgym!  See Terms and Conditions for details. Ends 12th January 2017.

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Be smart this Christmas – Don’t blow all your wonga on pressies!