SWT Wealth Management
Advertising feature: As we enter a new year, resolutions are made, with sorting out finances being one of the most popular. Most financial resolutions are usually abandoned quickly, no matter how good the original intentions. Relying on willpower alone, is one of the main reasons good intentions fail. If you are looking to spend less and save more, having a goal in place can be more effective. This could be how much you want to save or a specific timescale you want to save an amount in. Setting up a standing order to ensure monthly savings happen, is also a good way to make you stick to your resolution. Once you have a goal to work towards, and the more your savings start to grow, the momentum will you keep you motivated.
Positive resolutions will work more effectively. Not buying your lunch but taking your lunch to work with you each day, rather than just planning to spend less,. The same could be said for a standing order to save £50 a month, rather than trying to spend less on clothes or going out each month. Make realistic goals; you are then more likely to stick to them. Set expectations too high and you will struggle to stick to them and will eventually abandon your goals.
Don’t attempt too much at once. Achieve a saving in one area and stick with it, you can then expand it to other areas. This could be reducing your weekly grocery bill by cutting down on luxury expenditure. Put the amount you have saved on your groceries into a savings account. If this is successful you could then look at reducing other spending habits. Before you know it, you will have managed to build up your savings with just a little adaptation to your lifestyle.
Think of yourself as a saver and not a spender. Whenever you have a financial decision to make, think what would a saver do? Those who think of themselves as savers rather than spenders are more likely to stick to their savings habit.
Make use of all the help that is on hand. Take advice in areas that you don’t understand, like pensions and tax efficient savings. There are some important and beneficial allowances that you are given each year, that if you do not use you lose. You could be missing out on opportunities that will help give your savings and future income needs a great boost.
Most importantly do not be too hard on yourself if you don’t first succeed with your resolutions. One mistake does not necessarily mean that all resolutions have been abandoned. Just put it behind you and get back on track with your goals from where you left off.
As a Financial Planner my role is to help you understand your finances and what is important to you, not only now but also in the future. I help you make informed decisions about your money and help get you closer to financial freedom and help you make the best version of yourself when it comes to your finances.
The value of an investment with St James’s Place will be directly linked to the performance of the funds you select, and the value can therefore go down as well as up. You may get back less than you invested.
The Level and basis of taxation, and reliefs from taxation, can change at any time. The value of any tax relief is dependent on individual circumstance.
SWT Wealth Management is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website www.sjp.co.uk/products. The ‘St. James’s Place Partnership’ and the titles ‘Partner’ and ‘Partner Practice’ are marketing terms used to describe St. James’s Place representatives.
To find out ways we can help visit: www.swtwealth.co.uk or contact us on 029 2252 0168 or 07946183512
SJP Approved 04/01/2023