Moving into a New Year is celebrated around the world each year and for my family and I, it is usually a memorable night of fun and celebrations with close friends.

Although the celebrations won’t be quite as much fun for most of us this year, I’m sure that many of us will be pleased to say goodbye to 2020 and are hoping for a better 2021, where we can spend more time with our family and friends and begin doing more of the things we enjoy, whether that’s eating out, playing sport or planning our holidays and trips away. Normally we have control over how we spend our time, but the last 9 months has seen us all having to make changes to our lives which have been outside our control.

When I sit down with people to discuss their finances, I focus on what we can control rather than those things that most of us can’t control. Many people I meet ask me ‘when is the right time to invest?’, ‘what will happen to inflation after Brexit?’ or ‘what tax changes will be announced in the budget?’. Like everyone I may have an opinion on a subject but without a crystal ball, I have no influence, insight or control on the world stock markets, the rate of inflation or the changes to the tax system each year.

As a financial planner, I can however help individuals and business owners take control of their finances and identify steps they can take to improve their financial position now and for the future.

As we head into the New Year, you may want to begin the year by focusing on the many things we can control in 2021 rather than those we can’t. Asking yourself some of these simple questions might help:-

What is my future vision and what do I want to achieve in 2021 towards this vision?

Do I have a budget for 2021 and a record of my monthly income and monthly outgoings?

What changes could I make to reduce my monthly outgoings?

What can I do to clear my overdraft, credit card, loans or mortgage sooner?

How much can I afford to save/invest each month?

Am I saving enough for my retirement and taking advantage of my workplace pension scheme?

Are my investments working hard for me and towards my vision?

Are my family adequately protected if I can no longer work or die prematurely?

Where is my Will and does it reflect my current wishes?

Do I have a Lasting Power of Attorney in place?

Just answering these 10 simple questions will be a good place to start and I’m sure that almost everyone reading this will be able to implement a positive change for 2021 that they can control rather than worrying about those things we can’t.

January 2021