A couple holding a sparkler at a party

What day is it? Is it still acceptable to have chocolate for breakfast? When are the rubbish bins being collected? The days between Christmas Day and New Year can be a bit of a blur, so why not use the time to give your finances a bit of TLC?

1) Broaden your financial planning horizons

For many people financial planning is all about pensions and planning for a tomorrow that is a long way down the tracks. Or the focus can be on saving for the short term to satisfy an immediate need. Whenever we talk to clients, we are mindful of thinking about the short, mid and long term; trying to create perspective across these three horizons helps to form the basis of a plan that means you can work towards multiple goals with different timelines, understanding the benefits and trade-offs and how they impact you.

Close up of a woman using a smartphone to pay at a shop

2) Check your budget and savings

Do some early spring cleaning and take a look at your income and expenditure, checking that your spending is at a level you are happy with. Maybe you could cancel some memberships or subscriptions you had signed up to but haven’t used in months? One in two households are paying for subscriptions they no longer use, wasting almost £170 per year,1 so it is worth checking that you have deactivated any that are redundant.

Perhaps you have the day-to-day covered, but have you got enough for a rainy day? An often-quoted figure is having three to six months’ living expenses saved in an easy to access form.

4) Get to grips with Estate Planning

Half of UK adults do not have a Will 2, are you one of them? If thinking about your pension is something you put off for another day, then maybe creating or reviewing your Will and setting up Lasting Power of Attorney (LPA) are even further down the list, but sorting them out can give you peace of mind that you are looking after your loved ones, and that your assets are being used for the things that are important to you. It’s not something to leave until old age – everyone should think about this. Check out our guide to look at the easy steps you can take to get them sorted – read on.

A young family having a group hug

5) Insuring what matters

In addition to pensions and wills, reviewing any protection for illness and death you have in place is also important. Maybe you took out cover when you first got married and bought a house, but that was ten years ago, and you now have two children. Does the cover you put in place then meet the needs of your family now, and does it remain to be competitively priced? As circumstances change over time it is a good idea to review your cover periodically to make sure it still serves its original purpose of protecting you and the ones you love.

6) Realise the true power of your pound

Planning your finances might not be your idea of a good time, but what if your choices contributed to a better world and future for those your care about? At Holden & Partners we are passionate believers that it is possible to benefit people and planet at the same time, that’s why we are committed to Environmental, Social and Governance (ESG) investing, where the funds and companies we invest in balance profit with being a force for good in the world.

Today the average pension holder invests £3,096 in fossil fuels,3 that’s £88bn invested by the UK pension industry. There are many clean energy investments out there, that offer a return but not at the expense of environmental damage. If you would rather your pension was invested in a way that aligned with your values, then you can make the choice to move to a sustainable portfolio.

A young family working out finances together

7) Speak to your children about the importance of financial planning

It seems strange to us that financial planning is one of those things that still hasn’t made it onto the mainstream school curriculum. Having to navigate the complex world of mortgages, tax and pensions is something that doesn’t start to happen generally until young people join the working world.

If you remember being confused by financial systems and processes when you first started earning money, why not bring your children or grandchildren in on the steps you are taking, talk to them about why and how you are doing certain things with your money, and the importance of planning for the future. Any practical good habits they pick up from you now will stand them in good stead as they grow up.

8) Get professional help

Of course, we’re on hand to help you make or review your financial plan, whatever stage of the journey you are on. We increasingly see our role as that of a coach, there to make sure you have a financial plan that has your goals firmly mapped out.

Whatever your concerns…

  • Do I have enough for my retirement?
  • Am I well protected if I was to suddenly lose my job?
  • Can I afford to extend my house without compromising my standard of living later on?
  • We are about to start paying school fees, are we preparing for this properly from a financial perspective?
  • We can be with you every step of the way so that your plan gives you peace of mind

And remember, financial health is an ongoing journey, not a quick fix. By embracing these resolutions and nurturing healthy financial habits, you’re setting the stage for a more secure and prosperous future. Here’s to a year of financial empowerment and mindful wealth management.

1. https://www.comparethemarket.com/media-centre/news/uk-households-unused-subscriptions/

2. https://www.canadalife.co.uk/news/half-of-uk-adults-don-t-have-a-will/#:~:text=New%20research%20from%20Canada%20Life,Will%20was%20Scotland%20(64%25).

3. https://www.pensionsage.com/pa/UK-pension-providers-urged-to-take-immediate-action-on-fossil-fuel-investments.php

Contact us

Whether it’s a question about your personal finances or how you can invest your wealth ethically, we are here to help. Call us on 020 7812 1460, email info@holden-partners.co.uk or complete the form: