9 money moves you should make ahead of the new year

With a year of high inflation and financial struggles almost behind us, it’s the perfect opportunity to refocus your financial goals and start tackling your priorities for the year ahead. But where do you start?

Set your money goals 

Draft a plan based on your money goals. Prioritise what’s urgent or the most important, and what could be a longer term achievement to work towards. Remember to factor in the uncertainty around inflation and be realistic about your goals. A good place to start could be using this Money Health Check tool to give you a clear picture of where you currently stand with your finances.

Cut back on spending 

Review your 2023 spending habits so far and think of ways to reduce these in 2024. This might be as easy as making your lunch at home or cancelling a gym membership you don’t use. For extra inspo check out our Savings Guide for handy saving tips and hacks on everyday essentials.

Use technology

There are countless ways technology can be used to help you manage your money and even save on the purchases you make everyday. With an app like Emma you can link all of your accounts, manage your bills, track your spending and set budgets all in one place.

Prioritise your debt

If you have existing debt - make getting rid of it a priority for 2024! List all of your debts and prioritise the ones with the highest interest first. It’s worth checking out if debt consolidation is a good option to help you pay off your debt quicker and cheaper. Check to see if Salary Finance could help you lower the cost of existing debts with a salary linked loan.

Understand your credit score

Your credit score determines more than just how much you can borrow and the interest rates you pay. It’s used by insurers to set premiums, landlords to assess potential tenants and can determine who gets the best deals and who ends up paying more in the long run. You can check your credit report for free on websites like Experian and ClearScore and explore ways to improve your score.

Invest in yourself

When it comes to investments, we’re used to hearing advice about stocks and bonds but did you know one of the best investments you can make is in yourself? Interested in learning a new skill, broadening your knowledge or refining your expertise? Check out these four actionable steps to help get you started.

Protect yourself 

Evaluate all your insurance coverage levels and check they are all still fit for purpose - could you get a better deal anywhere else or are you entitled to a discount? Take stock of insurances for life, health, home, liability, cars, and others. 

Don't get scammed!

Never share your account or personal information if you get an unexpected call from someone who claims to be from your bank or financial provider. You should hang up and contact their helpline located on their website to confirm legitimacy. It’s also important not to reply to unsolicited emails about financial matters. Check out this blog on things to look out for and what to do if you become a victim of cybercrime.

Plan for the future

The biggest long-term financial goal for most people is saving enough money to retire. Everyone’s retirement goal will be different but there are practical steps everyone can make to reach them. This pension health check plan is a great place to start.

By breaking down those really big money goals into smaller manageable actions with this checklist, you’ll be starting the new year with all the support and tools you need to succeed. 

Download and print your copy of the money checklist. Let’s get started!