It’s that time of year again.
Have your New Year’s resolutions fallen by the wayside already? We all mean to do better about eating healthily, drinking less and exercising more as the year turns over a new page. But it’s not easy to maintain the lifestyle changes that fulfilling these resolutions often takes, especially in these short, dark days.
Thinking about your intentions rather than resolutions can be a more helpful approach. And to try to look beyond the short-term goals to longer term outcomes to boost the likelihood of sticking to them.
Here are four simple financial New Year’s resolutions which only require one-off actions, not sustained effort. And they could provide long term benefits:
- Make a will. If you don’t have a will, you have no say in how your estate is distributed. That may not matter if the laws of intestacy match your wishes, but often the two diverge considerably, leaving difficult issues for your dependants. If you have made a will, you are not completely off the hook: resolve to look at it and make sure it is still the right will for your current circumstances.
- Set up lasting powers of attorney. Who would make decisions about your finances and medical treatment if you were unable to do so? Just as with a will, a lasting power of attorney lets you decide the answer rather than falling back on what the state determines or leaving your family without the ability to really help you.
- Check your credit rating. If you have plans for 2019 that might require a loan, or you are applying for any kind of finance, your credit rating is important. You can easily check your credit score at one of the three credit reference agencies – Experian, Equifax or Transunion – and get a copy for just £2.
- Check your state pension entitlement. This is easy to do online (https://www.gov.uk/check-state-pension) and shows both what you should receive based on current rates and when you should start to receive it. The projection will also indicate any scope you have for increasing your state pension.
West London
3 Brook Business Centre,
Cowley Mill Road,
Uxbridge, UB8 2FX
East London
London, E11 1GA
South London
London Bridge
73–81 Southwark Bridge Road,
London, SE1 0NQ
City London
London, EC2M 1JH
We believe we are more than just your average accountancy firm. Our goal at Barnes Roffe is to engage our clients through a proactive relationship, which provides you with the resources and tools you need to enable you to take charge of your finances with confidence.
Tax news, audit news and any new accounting news ... with the help of our topical tips, blogs and key guides you can enjoy the benefit of being regularly informed of business and accounting updates which are likely to be relevant to you and your business.
PLEASE NOTE: By the very nature of this type of information the details of tax law might have changed since they were published, so contact your Barnes Roffe partner before acting on any matter contained in these documents.