New Year, New Financial Plan: 7 Smart Moves to Make Now

Callum Dunbar
5 days ago
2 min read

The start of a new year is the perfect opportunity to pause, take stock, and make sure your finances are heading in the right direction. You don’t need a complete overhaul -often, a few smart adjustments can make a meaningful difference over time.

Here are seven sensible moves to help you start the year with clarity and confidence.

1. Review Where You Are Now

Before setting new goals, understand your current position. Review your income, spending, savings, investments, pensions, and any debt. Knowing what you have - and what you owe - gives you a strong foundation for better decisions.

2. Refresh Your Financial Goals

Your goals evolve over time. What mattered five years ago may not be right now. Whether it’s buying a home, growing investments, planning retirement, or supporting family, make sure your plan reflects your current priorities.

3. Check You’re Using Your Allowances

Each year comes with valuable tax allowances - ISAs, pensions, capital gains, and gifting exemptions. Making full use of them can significantly improve long-term outcomes without increasing risk.

4. Revisit Your Pension Strategy

Pensions remain one of the most tax-efficient ways to save for the future. Review your contributions, investment mix, and whether your pension is aligned with when - and how - you’d like to retire.

5. Make Sure You’re Properly Protected

Life doesn’t stand still. Check that your life cover, income protection, and critical illness cover still suit your circumstances. Protection underpins everything else in a financial plan.

6. Review Your Mortgage and Property Position

Whether you’re approaching a remortgage, thinking about moving, or investing in property, reviewing your mortgage options could help reduce costs or unlock flexibility.

7. Get Professional Advice

A fresh pair of eyes can often spot opportunities or risks you might miss. Advice helps ensure your plan stays joined-up, tax-efficient, and aligned with your long-term goals.