New Year - No Idea!

Posted Wednesday, 07 January 2015, 11.35am

So here we are in 2015, all fresh and ready to start the year with our New Year’s resolutions.

So what will it be, lose some weight, join a gym, tidy your sock drawer or that old chestnut – sort your finances out?

Possibly all of the above if you’re like the average person who makes on average 3 or 4 resolutions, with the majority failing to keep to them beyond the first month. Whereas 75% of people who “shared” their resolutions on things like social media kept them.

Perhaps this tradition was introduced, like many, by the Romans who began each year by making promises to the God Janus, for whom the month of January was named.

As this is a finance column, this week goes out to all the readers who have decided to sort their finances out. You might plan to start some savings, review existing savings and investments or look at your retirement provision. Often the stumbling block on sorting your finances out is where to start?

The best starting place is look at what you’ve got and if you don’t understand it, then seek advice. Decide what you want from your finances and then put a plan in place to get there.

If you’ve got money invested in funds that are underperforming regularly, then seek to move them. If you’ve got money sat on deposit “waiting for the interest rates to rise again”, then be prepared for a long wait.

If you’re saving for retirement then make sure your “investment” is sound and you are putting enough aside. If you are at or near retirement, then it is imperative that you get advice as the options open to you are many and ever complicated.

Please don’t think, “I’ll tidy my sock drawer” instead, as it will just get messy again but sorting your finances will have a much longer lasting benefit!

If you want to share your resolutions with us, contact us on (01229) 811811 or follow us and share on Twitter.

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