“Hope smiles from the threshold of the year to come, whispering, ‘It will be happier'” ― Alfred Lord Tennyson
2 min read
“Hope smiles from the threshold of the year to come, whispering, ‘It will be happier'” ― Alfred Lord Tennyson
2 min read
As another year approaches, it’s an opportune time to assess your financial habits and make positive changes that can impact your financial wellbeing in the upcoming year. If you start forming good financial habits now, you can set the stage for a more secure and prosperous future later.
Start by reviewing your budget. Analyse your expenses from the past months, identify areas where you overspent or could save more, and make necessary adjustments. As the Christmas season approaches, consider allocating funds for gifts, festivities, and travel without compromising your financial stability. Setting a realistic budget for these expenses in advance helps in avoiding unnecessary debt.
The end of the year presents an excellent opportunity to bolster your savings. Whether it’s contributing more to your emergency fund, retirement account, or setting up a dedicated savings plan, allocating additional funds before year-end can make a substantial difference. Automating savings transfers can help ensure consistency in saving, even during hectic times.
Take stock of your debts. Evaluate the outstanding balances, interest rates, and payment schedules. Consider consolidating debts or creating a repayment strategy to tackle high-interest debts systematically. Setting a clear plan to pay off debts not only reduces financial stress but also frees up more resources for savings and investments in the long run.
Assess your investment portfolio’s performance and rebalance if necessary. Seek opportunities to maximise tax-efficient investments before the year ends, such as contributing to tax-advantaged accounts or making strategic adjustments in line with your financial goals. Reviewing and realigning investments helps in staying on track with your financial objectives.
End the year by enhancing your financial knowledge. Continue reading the Patterson Mills articles, reading books, attending webinars, or seeking advice from Patterson Mills financial professionals to expand your understanding of personal finance. Additionally, set clear financial goals for the upcoming year. Whether it’s saving for a house, starting a business, or retiring early, having well-defined objectives sets the path for focused financial planning.
Taking up good financial habits before the year ends can pave the way for a more financially resilient future. By reassessing budgets, bolstering savings, addressing debts, reviewing investments, and setting clear goals, you can strengthen your financial foundation and step into the upcoming year with confidence and preparedness. With a Patterson Mills Financial Adviser, you can be sure of that confidence lasting for years to come.
Get in touch with Patterson Mills today. Book your initial, no-cost and no-obligation meeting, you will be pleased that you did. Send us an e-mail to info@pattersonmills.ch or call us direct at +41 21 801 36 84 and we shall be pleased to assist you.
Please note that all information within this article has been prepared for informational purposes only. This article does not constitute financial, legal or tax advice. Always ensure you speak to a regulated Financial Adviser before making any financial decisions.
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