December news article

Ways to plan for 2019

It is fair to say that 2018 presented us with a lot of surprises and with Brexit looming in 2019 who knows what is round the corner? Whether you are saving, investing or just managing your assets, taking a strategic approach to managing your finances is a good way to keep tabs on how you are doing.


If, as many have predicted, costs rise in 2019 than your budget will need to absorb these extra costs. It is a good idea to start with essential spending such as mortgage payments, utility bills, council tax etc. Then consider your discretionary expenditure which includes such things as your nonessential goods, luxuries and holidays. Having a budget in place is a great way to manage your money. Research by ONS (Office for National Statistics) shows the average household shopping bill since June 2016 has increased by £417 and that is without a Brexit deal being agreed.

Pay down your debt

This may seem like an obvious one but a recent analysis carried out by MoneySuperMarket shows that the average person in Britain will be going into 2019 with £740 worth of credit card debt. With 19% of 25-34 year olds having no savings whatsoever it is crucial that paying off any debt is a high priority and by creating a budget to work to, that makes this step easier. It is advisable that you have what is known as an ‘emergency fund’ of approximately 6-9 months of monthly outgoings to fall back on in the unfortunate event of redundancy, accident or long term sickness for example.

New Year Goals

Having a plan in place takes into account your past and present spending, but it should also include your outlook for the future and what you want to accomplish in the next 12 months whether that’s saving X amount per month to fund your dream holiday or just to simply cut down on existing expenditure. Whatever your goal may be, having a plan in place will help your to achieve this.

Listed above are some of the very basic steps which you can take to plan ahead for 2019. Admittedly, creating a financial plan can be time-consuming and may require you to face up to some financial realities. We can help you create an achievable financial plan to help you meet your goals. Do not delay, get in contact today.

 Published by: Benjamin Wooltorton