As we step into 2025, many of us will be making resolutions to improve our lives, whether that’s getting fitter, learning a new skill, or spending more time with family. However, one resolution that would have a lasting impact on your future is taking control of your finances.
Booking a financial consultation in January with ourselves at Howard Wright Financial Planning is the perfect way to set you and you’re family up for success. Here are some financial planning tips for 2025 and why starting early in the new year is essential.
1. Reflect on Your Finances from 2024
Before you can plan for the year ahead, it’s important to review how you managed your finances last year:
- Income vs Expenditure: Were you able to save as much as you’d hoped?
- Debt Management: Did you make progress on reducing debt, or has it grown?
- Investments: How did your portfolio perform, and is it still aligned with your long-term goals?
Our team will assess these areas and set a clear direction for 2025.
2. Set Clear Financial Goals
The best financial goals are Specific, Measurable, Achievable, Relevant, and Time-bound (SMART). Examples might include:
- Saving a set amount each month for a house deposit.
- Paying off a specific debt by the summer.
- Increasing pension contributions by a certain percentage.
- Protecting you and your family should the worst happen.
- Deciding on when you would like to retire and plan for it.
By starting in January, you have a full year to steadily work towards these goals with a clear plan in place.
3. Stay Ahead of Economic Changes
2025 could bring changes that impact your finances, such as:
- Interest Rates: Mortgage or loan repayments may be affected.
- Tax Legislation: Adjusting to new regulations could save you money.
- Investment Markets: Opportunities in emerging sectors or shifting trends may warrant a review of your portfolio.
Our team at Howard Wright Financial Planning stays up-to-date with economic developments and can provide tailored financial advice to ensure your financial plan is both flexible and resilient.
4. Build or Strengthen Your Emergency Fund
Life can be unpredictable, and having an emergency fund is crucial. Aim for 3-6 months of essential expenses saved at a minimum, in an easily accessible account. If this feels overwhelming, breaking the goal into smaller monthly targets is a good place to start. Our default recommendation is to have 2 years’ worth of expenditure as an emergency fund.
5. Prioritise Your Retirement Planning
Retirement may seem far away, but planning early is the best way to enjoy a financially secure future. At Howard Wright Financial Planning, our Chartered Financial Planners have been helping individuals and families in Codsall, the West Midlands and across the UK achieve their retirement goals for decades. Whether it’s consolidating pensions, exploring tax-efficient investments, or building a personalised plan, we are here to help you have the retirement you deserve.
Why January is the Ideal Time to Book Your Free Initial Consultation
- A Fresh Start: January is a time for new beginnings. It’s the perfect opportunity to evaluate your finances without the distractions of the festive season.
- A Full Year to Implement Changes: Starting early gives you more time to see the benefits of your efforts.
- Tax Year Planning: With the tax year ending in April, January is the best time to ensure you’re making the most of your allowances and reliefs.
- Proactive Planning: Don’t wait for financial challenges to arise; get ahead with a comprehensive strategy.
5. Prioritise Your Retirement Planning
At Howard Wright Financial Planning, we are passionate about helping our clients achieve their financial goals. Whether you’re planning for retirement, looking to invest, protect your family, or simply want to get a better handle on your finances, our team of experienced Chartered Financial Planners are here to help.
Make 2025 your year of financial success. Book your January consultation today and take the first step towards building a bright future.
Call us on 0345 688 4939 or email us at [email protected] or complete our 10 second enquiry form here.
We look forward to hearing from you and helping you make 2025 a year to remember.