The final few weeks of the year might well be a magical time for many, but there’s no denying they’re a pretty busy time for most.
There’s so much to think about: a wrap on end of year work projects, work events, party outfits. A wrap on the school term, nativity costumes, raffle tickets, teachers’ collections. The wrapping of presents, long gift lists, secret Santas, last minute orders. Generally getting all wrapped up in the holiday spirit.
So, it could be a good time to take breather with a cup of cocoa and look back at the financial goals we set at the start of this journey-packed year. Maybe even think about where we’d like to be financially, this time next year.
Remember those plans you made back in January? Maybe it was to build an emergency fund or save towards a house deposit. Well, now’s the moment to check in and see how you’re doing. Did you manage to hit the savings milestones you set? What will you change for next year? Even if you didn’t meet the goal, it’s good to see what progress you did make and think about what changes you could make for 2024.
At Hodge we love to talk budgets. Because budgets are the backbone of financial stability. Just by taking a little time to review your monthly expenses, savings contributions and any changes in income can make you feel more financially secure, on paper as well as in mind. The aim of this exercise is to assess whether your budget still matches your current financial situation and goals. Do you need to reallocate funds, build pots or tweak spending to better reflect your priorities for next year?
If you’re thinking about the best place to put your savings in 2024, consider the tax efficient savings account to help you make the most of your hard-earned cash. From ISAs (Individual Savings Account) to pensions, there are options that could work wonders for your financial future.
As the old saying goes, it’s not the destination that matters, it's the journey. It’s great to have a plan for your future, but make sure it’s realistic so you can still enjoy the moments that matter in between now and your next financial goal. Whatever part of the journey you’re on, from first time savers to retirement planners, we’re here to support you.
This article is correct at time of publishing and for general information purposes only. We recommend you speak to a professional financial adviser for advice. You can find a financial adviser and further personal finance information at unbiased.co.uk.