Money jars

How are your 2023 resolutions going?

10 January 2023

The long dark month of January marches on, and life can easily get in the way of any well-considered New Year's resolutions that you may have. The statistics for this year are interesting.

The YouGov website has looked at New Year's resolutions and what most plan to focus on. More can be found here: https://yougov.co.uk/topics/society/articles-reports/2022/12/28/how-many-britons-have-made-new-years-resolutions-2

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One in five of us planned to make a resolution this year (2023), up from one in seven last year. The younger you are, the more likely you are to make a resolution, with the over 55's rather letting the side down (only 1 in 9 making a resolution).

The usual candidates (weight loss and exercise) are in the top five; however, this year, in the biggest change year-on-year in terms of resolutions, four in ten Britons who are making resolutions (41%) say they want to save more money, up from 30% who resolved to put more money into their savings in 2022. This resolution is also more important to women with 46% saying they hope to save money as part of their plans for 2023 compared to 34% of men, but still significant numbers.

Whether or not you have any New Year's resolutions for 2023, make yourself one promise (that you can keep) for your money planning. It doesn't have to be a big one (but the more you can do the better):

  • Save a bit each month for your children / grandchildren
  • Pay an extra amount off your credit card each month for 12 months
  • Save your small coin change in a bottle or jar to see how much you collect over a year
  • Make a Will if you don't have one
  • Check to see that your cash savings are earning interest. With higher interest rates, you should be getting some return on your cash
  • Read your credit card and bank statements every month to make sure there are no errors.

These are just a few ideas of how small changes might just make a positive difference to 2023! There will be much to consider in the first part of the year as we reach towards the end of the tax year (2022/2023) at the beginning of April.

Taking time to be ready with your financial planning might make all the difference, particularly with a fair few tax changes tabled for the new tax year.

No individual advice is contained within this blog.

Keith Churchouse FPFS
Director
Chartered Financial Planner
Chapters Financial Limited

Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899


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