Christmas seems like a distant memory and the New Year has arrived with awash of bleak weather. It is generally at this time when many people are making resolutions and plans for the year ahead, and there’s many good reasons why this should include your financial plan.
Like many things, financial matters change on a regular basis, but unlike most other things they change at a far swifter pace and under any number of influences. What was an appropriate decision last year may not be appropriate this year – this applies equally to investments as much as fashion!
The main difference, I suppose, is that whilst fashion is generally externally dictated, financial planning can be affected by internal changes too. Yes, changes in tax legislation or market conditions can affect your financial plan, but so can changes in your personal life – often with greater impact. The arrival of a new baby into the family, the launch of a family business, a change of income (up or down) – and many more besides – are all reasons to examine your financial plan and ensure it is fit for purpose.
As we welcome the new year and pledge to save for a holiday or exercise more, let’s take a moment to reflect on the health of our finances – a new plan might be just what the doctor ordered…
