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Now is the perfect time to give your financial planning the attention it needs as 2024 gives way to 2025 and we’re thinking about New Year’s Resolutions. With fresh opportunities ahead and recent updates from the Budget, now is the time to assess, set goals, and make smart decisions for the future.


1. Expand your knowledge of finances

Financial planning often focuses on two extremes: the immediate short term or the distant future. A robust financial plan should span short, mid, and long-term goals. For example:

  • Short-term: Building an emergency savings account.
  • Mid-term: Saving for a big purchase, such as a house or car.
  • Long-term: Retirement or legacy planning.

Balancing these timelines allows you to see the bigger picture, understand trade-offs, and work strategically toward multiple goals.


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2. Reassess your budget and savings

The start of the year is ideal for a financial “spring clean.” Look at your income and expenditures. Are there dormant subscriptions to cancel? According to a recent study by Citizens Advice, unused subscriptions cost Brits £688million in the last year.1

Equally important is ensuring your emergency savings are in place. Aim for three to six months’ worth of living expenses in an easily accessible account to protect yourself against unexpected events.


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3. The importance of pensions

Pensions are a cornerstone of long-term financial security, offering a reliable income stream in retirement. With tax advantages and the potential for compounding growth over time, they remain one of the most effective tools for building wealth. Often something we put on the back burner to think about ‘later’, there is a staggering £31.1 billion languishing in unclaimed and lost pension pots right now. 2

With changing regulations and rising life expectancy, regularly reviewing your pension strategy is essential to ensure it aligns with your retirement goals. Whether consolidating old pensions, increasing contributions, or exploring ethical investment options within your pension, proactive planning can significantly improve your future financial well-being.


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4. Review your estate planning

Estate planning often takes a backseat in financial discussions, yet it is vital. The recent UK Budget has maintained the freeze on inheritance tax (IHT) thresholds, making more families vulnerable to tax as property values rise and pensions are added to peoples’ estates.

To protect your legacy:

  • Ensure you have an up-to-date Will. Nearly half of UK adults don’t have one, leaving their assets vulnerable to unintended outcomes.
  • Set up Lasting Powers of Attorney (LPAs) to empower trusted individuals to make decisions on your behalf if needed.
  • Explore gifting strategies and other IHT-efficient options to reduce your estate’s taxable value. Professional advice can help navigate these complexities.

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5. Review insurance and protection

Life evolves, and so should your protection policies. Whether it’s life insurance, income protection, or critical illness cover, ensure your policies still align with your circumstances. For example, your needs might differ significantly now compared to when you first purchased your policy, especially if you’ve since had children or bought a home.


6. Align your investments with your values

Sustainable investing continues to grow in importance, with many UK pension funds still significantly invested in fossil fuels. Take this opportunity to evaluate your portfolio. You can choose to opt for investments that balance financial returns with positive environmental, social, and governance (ESG) impacts.


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7. Educate the next generation

Financial literacy is a lifelong asset, yet it’s rarely addressed in schools. Tell your kids or grandkids about your experience with financial planning. Discuss topics like budgeting, the importance of saving, and how pensions work. Early development of these behaviours can set them up for long-term success.

By 2045, it is anticipated that up to £5.5 trillion will have been transferred from Baby Boomers to younger generations in the UK, a phenomenon known as the “Great Wealth Transfer.” However, many families avoid talking about inheritance plans, and 41% of beneficiaries find it awkward to do so. 3 Children and grandchildren who receive early financial education are better equipped to handle large inheritances properly and steer clear of problems like tax inefficiency or poor management.

Younger family members can be better prepared by being encouraged to participate in financial planning today.


8. Set clear goals

Start the year with clear financial goals. Ask yourself:

  • What do I want to achieve this year?
  • How do these goals align with my overall financial strategy?
  • What actions can I take today to bring me closer to these objectives?

Defining these goals makes it easier to track progress and stay motivated.


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9. Seek Professional Advice

Financial planning can feel overwhelming, but you don’t have to navigate it alone. A professional financial adviser acts as your coach, helping you refine your goals, optimise your strategies, and adapt to life’s changes.
Whether you’re questioning your retirement readiness, planning for school fees, or exploring investment opportunities, expert advice can provide clarity and confidence.


Final Thoughts

Achieving financial health is a continuous process rather than a quick fix. You may lay a strong foundation for the years to come by adopting careful planning and modifying in light of new information. Make 2025 your year of conscious money management and financial empowerment by getting started today.

If you would like to know more about how we can help, schedule a 30 minute video call today.


1. https://www.citizensadvice.org.uk/wales/about-us/media-centre/press-releases/consumers-spend-688-million-on-unused-subscriptions-in-the-last-year/#:~:text=The%20charity%20is%20warning%20that,at%20the%20end%20of%202022.

2. https://www.plsa.co.uk/News/Article/Brits-missing-31-1bn-in-unclaimed-pension-pots

3. https://www.professionaladviser.com/opinion/4057443/lack-inheritance-planning-risks-missed-opportunities-progeny-research

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