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The Optimal New Year’s resolutions for Financial Stability
Many financial New Year’s resolutions are far from enjoyable. They often require us to forgo pleasures, demand relentless self-control – and are consequently challenging to maintain.
However, be mindful of this: numerous resolutions that can significantly boost your bank balance do not need to be arduous. Indeed, you might complete them today and then relax for the rest of the year.
Before you decide to forsake your favorite occasional coffee or vow to eliminate all takeaways – despite looking forward to the occasional Friday night fish and chips – consider these financial resolutions instead.
Undoubtedly, moderating your spending on coffees and takeaways is commendable, as the savings can accumulate over time. If you manage it, you deserve commendation.
Opportune moment: The new year presents an excellent chance to bolster your finances.
Effortless Resolutions to Enhance Your Bank Balance
Move Your Savings to a Higher-Yield Account
In the past, opening a new savings account was a bother, involving paper forms and a visit to a bank branch. Today, you can accomplish this in mere minutes from the comfort of your home. Select one of the top choices from our savings expert’s independent savings tables, and start earning more without lifting a finger. By transferring your savings from a low-interest account, you’ll enjoy the satisfaction of knowing you’re no longer allowing your former penurious savings provider to benefit from your hard-earned money.
Automate Savings with a Standing Order
To significantly boost your savings with minimal effort, set up a standing order to transfer funds from your current account to your savings account shortly after payday. Saving is rarely easy, but this is one of the least painful methods. The money leaves your account before you grow accustomed to having it, or before you have time to spend it.
You can establish a standing order in your online banking account. You will need the account name (presumably your own), the sort code, account number, the amount you want to transfer, and the desired day of the month. If you need assistance, visit a bank branch for help.
Boost Your Retirement Contributions
Request approval from your employer to increase your monthly pension contributions by a percentage point or two – whatever you can manage. It may be tight in the short and medium term but will considerably improve your lifestyle upon retirement.
Benefits of Increasing Your Contributions:
- Adding another percentage point can increase the size of your pension by 25 per cent by retirement.
- If a 25-year-old earning £40,000 per year contributed the minimum required 5 per cent into her pension, and her employer matched 3 per cent, she would have £198,683 by retirement at age 68. However, if she contributed an extra 1 per cent – and her employer matched it – she would have £248,353, assuming investment returns of 5 per cent after fees.
Draft Your Last Will and Testament
Crossing this off your to-do list would bring immense relief. You’ll spare your loved ones considerable distress by outlining your wishes should the worst occur.
Most people delay this task for years, but it’s likely more straightforward than you anticipate. If your finances and circumstances are simple, you may not even need legal assistance. Seek guidance from reputable consumer advocacy organisations.
Open a Stocks and Shares ISA With an Orientation Towards Future Investment Returns
If you possess savings that you are unlikely to need for the next five to ten years, consider investing them rather than keeping them in a savings account. You’re more likely to generate higher returns from investments than from savings interest. Though it may seem intimidating, getting started is simple – commence by education. Become familiar with the primary guidelines for successful investing.
Stay Informed with Financial News
At Money Talks, we are also making New Year’s resolutions. As we enter our second year, our dedication to you has never been stronger. We pledge to provide you with everything you need to know to save more, earn more, and maximize the value of your hard-earned money.
We will advocate for you when banks, companies, organizations, and government departments treat you unfairly. We’ll alert you to the latest scams as soon as we learn about them so you can protect yourself. We’ll reveal the latest investment trends, savings deals, and strategies to help you grow your wealth. And we’ll address your pressing questions with assistance from our award-winning team of financial and consumer experts.
Now, as always, we cannot accomplish this without your help. We highly value every letter, email, and comment from our readers. If you have a dispute with a company that has left you feeling helpless, have a question for our consumer lawyer, or wish to commend or criticize a company, please get in touch.
We wish you a very happy and prosperous new year from our entire Money team.