2018 is coming on strong. With only 23 days to go there are a few things you could be doing to ensure that your 2018 starts with a clean and organised financial slate!
1. Review your pension contributions
It might not sound like the most exciting way to spend an evening, but it’s something you need to do every year. Most private pension providers will provide you with an annual statement, but if they haven’t then contact them and request one. If you have a pension connected to an old job that you are no longer paying in to then make sure you contact them too and ask for an annual statement. If you do have a dormant pension that you’re no longer contributing to, then you could also consider amalgamating your pension pots so that your money is all in one place. Talk to your current pension provider to see if this is a possibility for you.
If you have received a pay rise in the past year, or you find that you are managing to live below your means, then you should consider upping your monthly pension contribution so that you are putting away more of your salary and investing for the future.
2. Get your budget up to scratch
If your budget hasn’t been working for you, or there have been a few test pilot ‘glitches’, then now is the time to tweak and refine it ready for the New Year.
Oval collects your spending data for you, so that you can look back over your previous year of spending to see where you really need to apportion your money.
By creating a strong working budget that grows with you, you are consciously taking control of your finances and putting yourself in a much better position to break bad spending habits, as well as create new beneficial ones!
3. Set yourself a savings goal for the next year
We all know that working towards something is so much easier than doing something ‘just because’. Whether it’s lifestyle, fitness, or savings, having a clear idea in mind of why you are doing something makes it much more likely you will succeed.
Therefore, think of something you want to save for this year and set that as your goal. You can make this something tangible, like a wedding or a new car, or a series of smaller objectives that build up over the year.
Oval allows you to set yourself personal savings goals, which means that every day you will get that positive kick out of making small additions to your savings, and inching ever closer to your final target.
4. Check your credit card perks
This is really worth doing. Most credit cards have a limited window of interest free repayment times. They usually vary between 6 months and a year. If you still have money on your credit card and your interest free payment time is nearly up then look into switching credit cards and transferring your debt.
In addition, many credit card companies offer perks like free air miles, or money-off vouchers for certain stores or companies. Have a look at what your credit card company can offer you. There may be a way to make your money work for you even more.
5. Review last year’s spending mistakes and learn from them
Before the New Year starts, take time to look over what financial mistakes you made in the previous year and how you can learn from them.
It’s always good to take stock of what has worked for you and what hasn’t. It gives you a chance to work on the bad and repeat the good.
We have a good feeling that 2018 is going to be your year for financial success!