Your 5-step Financial Checklist

If one of your New Year's resolutions is to improve your finances, you're not alone. 

It's our busiest month of the year, and whether your goals are to save more money or plan your retirement, now is the ideal time to make a positive change.

To help you get started, here is a simple 5-step checklist:

1.Look at your past year

Review your income and outgoings over the past 12 months. Have you spent your money in ways that support your goals? Is there anywhere you've overspent? Do you need to make any adjustments? Put the footings in place now to create a realistic budget for the year ahead.

2.Assess your finances in an emergency

We've all been there. Life is ticking along nicely, and then suddenly something unexpected happens. Your car breaks down or you need to take time off work because of an illness, suddenly leaving you in need of extra money. Use this time to assess your savings and consider what steps you could take to be more prepared.

3.Check your insurances

Have a look over any policies you have – for example, life insurance, critical illness cover or income protection. Is the cover they provide still adequate? Have you moved house, or have your personal circumstances changed? Make sure there is a financial safety net in place should you ever need it.

4.Find your pension plans

Dig out your pension plans and refamiliarise yourself with what they offer. If you've had multiple jobs, you may well have multiple company pensions and private pensions too. Now is a good opportunity to take stock of these and consider whether you could benefit from putting them all in one place.  

5.Ensure your retirement goals are on track

According to one recent study carried out by Schroders Personal Wealth, 41% of over 55s aren't on track to meet their retirement goals. A simple exercise to help work out if this applies to you, is to look through your bank statements and make a note of which expenses will still exist in retirement. You can then use this to create a cash flow estimating your income in retirement vs. your expected expenditure. Don't panic if there are shortfalls, the sooner you spot them the easier they are to fix.

To start your New Year off on the right financial footing, contact us on 01978 806505 or to arrange a free 60-minute consultation. Alternatively, you can fill in our contact form and we will get in touch with you.


Belgrave Wincham Ltd, Unit 5, Rosehill Business Centre, Erbistock, LL13 0DE



01978 806505

Belgrave Wincham Limited is an appointed representative of ValidPath Limited, which is authorised and regulated by the Financial Conduct Authority under FRN 197107. Belgrave Wincham Limited is registered in England and Wales number 12167416.

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