With 2025 in full swing, whether you embarked on a health kick, started reading more or just wanted to get your life more organised this year, it’s not too late to think about a ‘wealth kick’ and look after your financial health.
Taking time to get organised and getting the basics done – your budget, your expenses, your savings, your retirement plan – can make a huge difference for your future.
It’s all about making simple, achievable changes that will pave the way for long-term success.
Retirement might still feel like a distant dream, but the sooner your start, the greater the opportunity for your savings to grow. That’s why it’s important to consider how to keep your finances on track and which route will work best to try to be financially secure.
Consider your outgoings
Do you know what you’re paying, who you’re paying, and what it’s for? Tracking your expenses on a regular basis can give you an accurate picture of where your money is going — and where you’d like it to go instead.
Then, by using a budget, you can accurately account for all the bills you need to pay going forward. Also ask are you using everything you’re paying for? Examine your statements and check that is everything is correct.
Plan ahead for the future
If you have children, parents who may need care in the future or other people you look after and care for, it’s important to factor them into your plans to try to ensure that you can cover expenses and any extras or emergencies that may crop up.
You may also want to check if you’re making the most of your tax benefits. You can save more using Individual Savings Accounts (ISAs), pension allowances, and other tax-friendly investments. For example, ISAs offer tax-free growth, which can significantly boost your savings over time.
Understanding changes to pensions and inheritance tax can help you make the most of your savings. New rules could change the limits to contributions or withdrawals from your pension. Adjustments to inheritance tax can influence how you plan for the financial future of your loved ones.
Seek financial advice from a professional adviser
You can approach a professional adviser at any stage for help with a specific need or a broader goal, like reviewing your finances for retirement.
A professional adviser can help you to weigh up your options. Together, you can take a good look at your immediate goals, long-term expectations and review your current financial situation, talk about your plans, and identify how you get the most from your money, savings, and investments
Your adviser can also help you to consider any tax implications of your decisions and whether you want to set up extra protection for your family. As well as planning for your retirement.
This is a retirement investment income strategy and there are three key things to consider:
1. Will your savings last through your lifetime?
2. Will investment returns impact your withdrawals?
3. Will inflation have an impact i.e. could you have less purchasing power in the future?
As you continue your financial journey this year, remember that setting realistic, individualised goals is essential for sustained success.
Since 1991, Brooks Macdonald has been helping people across the º£½ÇÊÓƵ to achieve their financial goals. With award-winning Brooks Macdonald, you benefit from decades of experience in pensions and investing, and a level of personal service that prioritises your needs. The company has offices covering all areas of the º£½ÇÊÓƵ, from Scotland to Wales to East Anglia.
If you’d like to speak to someone to plan for your financial future, visit the Brooks Macdonald
The value of investments, and the income from them, may go down as well as up and neither is guaranteed. Investors could get back less than they invested. The information in this document does not constitute advice or a recommendation and investment decisions should not be made on the basis of it. Tax treatment depends on individual circumstances and may be subject to change in the future. Brooks Macdonald does not provide tax advice and independent professional advice should be sought.
Brooks Macdonald is a trading name of Brooks Macdonald Asset Management Limited used by various other companies in the Brooks Macdonald group of companies.
Brooks Macdonald Asset Management Limited is authorised and regulated by the Financial Conduct Authority. Registered in England No 03417519. Registered office: 21 Lombard Street, London, EC3V 9AH.
