If you do these 11 things, your finances in 2018 should get off to a great start.
1. Review your spending
Whether you use a pen and paper or software, make a note of all your major expenses, from utilities to school fees. Only once you have a clear picture of what they are can you refine, reduce (if you need to) and save.
2. Check your investment portfolio
Are your investments still inline with your personal goals and interests? Contact your investment manager or company, it won’t take too long to review them.
Related: Bitcoin: Love it or is it too volatile and risky for you?
3. Set some short-term and long-term goals
If you set and write your goals down, whether that’s ‘buy a property in 2018’ or ‘prepare for your children’s future school fees’, it’s generally accepted wisdom that you are more likely to attain those goals.
4. Set up an emergency fund
Pay yourself a small amount each month into a savings account – it’s wise to have an emergency fund that you and your loved ones can access easily.
5. Convert your utility/regular payments to online accounts
Save money, hassle, and late payment fees by converting all your regular payments to online accounts with direct debit payments.
6. Find a 0% for your credit cards
If you have credit card debt with high interest fees find a 0% offer to switch to.
7. Check your pension/s
If you have a UK State Pension, it pays to check if you have gaps. It may be worthwhile filling them.
8. Review your insurance policies
Check that you are not signed up for automatic insurance policy renewals, you could be doubling up or missing out on great deals.
9. Check your credit report
To ensure you don’t have any shocks when you go to make the next major purchase and that everything is as you expected, run a check on your personal credit report.
10. Make a will
Even if you’re in tip top condition, with no health issues, think what could happen to your next of kin if you had a fatal accident and you didn’t have a will. And if you do have a will, check it and update it if your circumstances have changed.
11. Review you overseas money transfer plan/service
Expats everywhere make payments to overseas accounts. It makes great financial sense to regularly review which money transfer service you use, you could be getting a much better deal.
Related: Top tips for sending money overseas
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