How do you know where you want your finances to end up, and what you want to achieve if you don’t know where they currently stand? Neglecting to regularly review your finances can leave you floundering at the end of the year.
This does not constitute advice and advice should be sought in all instances before acting on it. The Financial Conduct Authority does not regulate tax advice.
Don’t neglect your finances
Have you hit all the financial goals you set out to achieve in the beginning of this year? Did you have goals and targets to work towards in the first place?
For many, it’s a case of not having time to sit down and go through their finances and make plans for the coming year – but if you want to reap the financial rewards, then reviewing your finances is one of the most important tasks you can do for yourself and your practice in the new year.
Reasons and tips on reviewing your finances:
1. A new beginning is the perfect time to make changes to bad habits. However, you need to set achievable targets that will create positive change in your practice and home life. Too often we set resolutions and make promises that fail early on (all that money wasted on gym memberships!).
2. Set new saving and investment goals for 2020. If you look back over how you’ve spent your money in 2019, can you remember what you bought and why? Make your money work harder for you by placing spare cash into investments rather than see it draining out of your account.
3. Realise your life ambitions for the year ahead. Hoping to expand your property empire in 2020, or planning to retire? Review your spending, savings and pension fund – is it financially feasible? Secure the financial skills you need to make your life goals come true.
4. Review your allowances before the end of the tax year. This is your last chance to benefit from tax allowances before you lose them. There’s still time to take action especially if you’ll be paying a higher bracket of income tax or you’ve missed out on some expenses you’ve yet to claim for.
5. Plan for the new tax year. Make full use of the 2020-2021 annual allowances you have by making plans now instead of leaving them to the last minute. Write down short and long term flexible goals and set yourself tasks to meet them, track your progress and rearrange any goals if you need to.
Start the New Year with a plan
Having firm goals written down can give you something to work towards. It can apply a focus to the investments and savings you want to achieve in the new year, especially if you’re disappointed with how your finances in 2019 have turned out.
Not sure where to start on reviewing your finances?
Work with an independent financial adviser with the right expertise. At Dental & Medical Financial Services, we have the knowledge and experience of your profession to help keep you on track and give you good advice based on your specific needs.
Start planning for 2020
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