Bonjour lecteurs! New year, new you? I am usually don’t have any bonne résolutions as I think it’s a marketing gimmick. But I very much want to make sure that 2025 is a good financial year for my famille. Do you also want to master the art of good finances? Follow this simple guide with 5 idées to start the new year right financially.
Revisit Your Household Budget
Start the year by revisiting your household budget. Assess your average monthly income and calculate your fixed and variable expenses.
What are your financial priorités in 2025? Par exemple, we would love to change the flooring in our house and we have a big birthday coming. I am turning 40 and I would love to go abroad with my famille pour l’occasion. So, we have to think about how we are spending our income.
With the inflation, you might have to rise up your ideal budget. Everyday spendings like gas and groceries are likely to go up in 2025… How much is your weekly food shop par exemple?
Tackle Your Debts
Like many others, we are sadly not debt-free. We have a huge mortgage that is taking a big part of our monthly income. But I like to think that at the end, the house will be ours. We can pass it onto Stanley in the future. Plus, it’s a great asset.
Even if you are pretty good with credit cards and debts en général, think about what you can do to reduce your debts.
If you are are in a financial pickle, them it’s worth asking the help of a financial advisor.
Some people also invest into IVA debt help to help with their finances. It can be especially difficile for single parents to tackle it all, so seek support if you are lost.
Emergency Fund
Do you actually have an emergency fund or do you live pay check after pay check? It’s always une bonne idée to have some money aside for a rainy day, especially if you own a home.
You never know what might happen. We learned our lesson last year when we had to get a brand new boiler. It was a big spend for us. We basically had to cancel any summer vacations because of this. But it was the right investment. I am so contente we have it all fixed, especially in the winter!
The general rule is to have between 3 to 6 months’ worth of living expenses saved up. I know it’s not always easy, but even if you can save up £50 or £100 a month, it can make une différence in case of an emergency.
What Are Your Assets Worth?
I previously talked about assets such as properties. But you could also put money into shares and stocks. I would love to look into that in the future.
If you’ve already taken the plunge and have some, see where they are at. Which ones do you want to stop?
Is there anything else you would like to invest in 2025? Ideally, your portfolio should reflect the stage in your life. Par exemple, if you are near the retirement age, I would look at more conservative assets with fixed income. So that you have some extra cash for your retirement.
The stock market can look like a different world, but I don’t think you need to be a financial wizard to make some money.
It’s actually one of my goals in the future. Once I have secured more savings, I would love to invest into something.
You could also consider selling unwanted jewellery, luxury watches, or gold to give your finances a fresh start this New Year. These items often hold significant value and can provide a quick cash boost to help pay off debt, build a savings fund, or invest in something more meaningful. With the rise of reputable online platforms and trusted local buyers, such as Suttons and Robertsons, the process has become more secure and straightforward than ever. Take the time to evaluate the pieces you no longer wear or need, and turn them into an opportunity to strengthen your financial foundation for the year ahead.
On Track With Your Goals
Talking about targets, have you got any moneywise? Decide early on what are you financial goals in 2025 are and see if you are on track with them.
Whatever your situation, you should have 1 or 2 financial goals to lead your year. Personnellement, I want to save up a certain amount of money into my savings by the end of 2025.
But it could be looking at investing for a comfortable retirement or spending less.
What would be your financial goals in 2025? Did you already reached your targets from last year?
There is no doubt that the economy is set to be even more difficile this year. So to start the new year right financially, there are some idées simples that everyone can take into consideration at the start of 2025. And if like me, you are self-employed, bonne chance filling in your tax return! I am off to tackle mine this week so that I can plan accordingly my finances for the year ahead… So much fun!
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