Set goals for improving your finances this year

Getting your finances squared away in the first quarter can make all the difference.

11:39 20 January 2014

The year can be split into several financial areas. The time between March and April is devoted to taxes, and then there are ISA renewals, and the end of the fiscal year. January is the perfect time to do a little house cleaning. Getting your finances together in January can be a great way to start the year off right. 

 

• Have another look at your household budget – The beginning of the year is a great time to make another study of your finances and make a plan to create a yearly budget. It is a great time to create goals and get things started. This is the time to think about what you want to do with your ISAs as well.

 

• Savings – set up savings accounts or check your allowance for the year with your ISA, the deadline is March for this. Make sure you are still getting a decent rate and if necessary change over to new saving accounts, add an account, or find something else. This will help to make sure you have your savings finances well in order.

 

• Get it ‘Uncluttered’ – you may be surprised at how much clutter you actually collect in a year and how much of an impact that clutter can have on your finances. Going through your home and collecting things that you want to get rid of can provide you with a surprising source of additional cash. These items may have value. You never know! Consider selling them on an auction site such as EBay or hold a yard sale to get rid of these items. 

 

There are many ways to deal with New Year finances. Create a new budget, create a savings plan and get things ‘uncluttered’. You may be surprised at how much having goals can help you keep up with your financial plan.