12 Step Plan for the New Year!

Is your new year's resolution to shape up financially? If so look no further than this 12 step plan:

1.  Switch to a zero per cent credit card

Credit card interest payments are a drain on your monthly budget. If you can't afford to pay down the debt immediately, it may be worth looking at alternative card providers.

2. Change your bank current account

Some providers offer a cash bonus for switching your current account, however, ensure that you take all features of the new provider in to account before switching.

3. Get the best mortgage deal

Ensure that you do not get pushed on to your mortgage provider's variable rate deal due to your inaction!

4. Shift your savings

Due to current low interest rates, most savings accounts are not offering particularly impressive rates, however some providers such as BM savings are offering good deals.

5. Use your vouchers   

Ensure you make use of any gift cards you may have received over the holiday period.

6. Shop around for utility providers

It's important to use price comparison sites to ensure you are not overpaying on utility bills.

7. Pick up a pension

Take advantage of your pension and plan for your future by increasing your pension contributions.

8. Save any loose change

Many apps now offer "rounding up" savings features that can add small amounts to your savings that add up over time.

9. Get a currency card

Lock in your exchange rate for this year's holiday now by using a currency card.

10. Review your direct debits

Check your statements to ensure you absolutely need to be paying all of your current direct debits.

11. Check your investments

Ensure you are in the correct investments for your current needs and objectives and are not using old products or investments that no longer suit you.

12. Finally, use your bonus points

Remember to utilise any store bonus schemes that you have access to.

The next step is to plan out your year in order to set financial goals for yourself. Contact Westminster Wealth Management in order to convert your newfound financial responsibility in to a long term financial plan that could benefit you and your family well in to the future.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Our charges are usually between £395 and £995 depending on the type and amount of borrowing required and individual circumstances.

The value of investments and income from them may go down as well as up and you may not get back the original amount invested.

A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend upon the size of the fund at retirement, future interest rates and tax legislation.