The Romans dedicated January to their god Janus – god of Endings, Transitions, and new Beginnings. He is depicted with two faces since he looks back to learn from the past and the year that has just ended (Endings) and, having taken stock (Transitions), he looks forward to the next year (new Beginnings). We would do well to take a leaf out of his book!
With the new year comes new possibilities, and most of us like to put a resolution in place. While you might not stick to your January gym membership or finally get that novel written, committing yourself to a financial resolution is an excellent way to start 2019. Even with the best intentions, however, it can be tough to stick with resolutions long enough to see them bear fruit. But, happily, with your financial planning, there are a few steps you can take to give yourself the best chance of success – and of witnessing your success as it happens!
1. Endings: Like Janus, first look back … Look before you leap!
Review your spending in 2018, collect your bank statements, bills and receipts and look out for areas that were difficult. Once you’ve identified any challenges, they’ll be much easier to avoid in the year ahead.
2. Transitions: Like Janus, then take stock … Amend and Update!
With a good grasp of how the past year has been for your financial planning, you’ll have an understanding of where you are now. Has anything changed in your personal, financial, or work circumstances? If so, what will be the impact going forward? There may be actions you can take immediately to better your situation. For example, review any subscriptions or direct debits that you now deem unnecessary. Updating your financial situation at the start of the year will give you greater control over the coming months.
3. Beginnings: Like Janus, now look forward … Armed with an Updated Plan!
With a sound understanding of your recent financial planning situation and your current position, set yourself an achievable plan for the year ahead. We are talking budgeting. Be specific and make your budget measurable by making it visible – a fundamental step towards success in the coming year and beyond.
A well-constructed budget is just the thing to keep you (and your resolutions!) on track. Gather and record information about your income and outgoings and monitor and record your spending and saving. Keep your records up to date. Most importantly, regularly review your financial planning, including your budget, as you progress through the year ahead.
Remember, we are here to help so please do not hesitate to contact us regarding your financial planning situation – Reviews are part of our added-value services for our clients.
Barry Fleming & Partners has grown from a tax advisory background into a broader business that encompasses investment management. Both things matter for wealth management, retention and creation. That expertise makes the company strikingly different from others.
This capability allows Barry Fleming and Partners to use its strength in tax advice to take a 360-degree-view of a financial situation to give much broader, more comprehensive advice.
We bring together up to the minute tax, estate, investment and retirement planning advice to create individual, ‘joined up’ financial strategies. This allows our clients to understand and have confidence in how they can best control, retain, and build their assets and income to achieve their objectives with least risk.
A high level of service is key to our long-term client relationships. We work collaboratively. That means our clients can benefit at all times from having ready access to our team of financial planners.
Barry Fleming & Partners are an independent financial advisor specialising in ISA’s, Pensions, Tax, Trusts, Estate Planning, Inheritance Tax Planning (IHT) and other Financial Planning areas. Please don’t hesitate to call on 01488 608 686 and ask to talk to one of our financial advisors. Alternatively use the contact form on our home page.