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Time for a post-holiday financial check-up?

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We hope you had a restful holiday break – a time of joy, giving, and occasionally, a touch more spending than you might have planned for.

To kickstart 2024 on the right foot, here are some tips to help you rebalance your finances and keep building your financial future.

Take stock of the ‘now’

Taking a comprehensive look at your current financial situation is a good place to start. Here are some steps you can take:

  • Tackle post-holiday debt: Overspending during the festivities, especially on credit cards, isn’t uncommon. If so, outlining a strategic repayment plan is probably a good idea. Some people choose to tackle the debt with the highest interest first, others prefer to move from the smaller debts to the bigger ones. Make sure you find a strategy you’re comfortable with. 
  • Replenish (or build) your emergency fund: This fund is your first line of defence against unexpected expenses. If you’ve dipped into it over the holidays, you may want to replenish your savings at the earliest. Remember, having a robust emergency fund can help you avoid leaning on credit for sudden expenses. 
  • Do a spending review: The start of a new year can be a great opportunity to review your spending habits, including checking regular outflows from your accounts, like unused subscriptions and memberships. Small savings can add up to a significant amount over the year.

Don’t forget about the long term

2023 has been a tough year on many fronts. And while short-term budgeting certainly requires your attention, it’s also crucial to keep an eye on your long-term financial horizon and goals. Read on for some key areas to focus on:

  • Your retirement plans: Are you on track to save enough money for the retirement you envision? Your golden years may seem far away, but as we know, time does fly. The quiet period right after the holidays can be a good time to assess where you’re at and think about where you’d like to be at age 65. For those with UK pensions still in the UK, considering a transfer to New Zealand may simplify your pension management, while also potentially offering growth opportunities better aligned with your new life in NZ.
  • Adjust contributions: High inflation and high interest rates have impacted many economies in 2023, including ours. While it may be tempting to reduce or pause contributions to your retirement, if you can afford to keep contributing, make sure you do so. Even small amounts can go a long way, thanks to the power of compounding returns. And if you can make small increases – even better. 
  • Diversification: Spreading your investments across various asset classes can help mitigate risks and potentially provide steadier returns over time. This could be an ideal time to assess your current asset allocation and see if it aligns with your risk tolerance and long-term goals. Not quite sure what your risk profile is? Get in touch: we can help you find out. 

Seek expert advice

In these uncertain times, seeking expert advice can be invaluable – and that includes your retirement savings. 

At Pension Transfers, we have helped thousands of clients transfer their UK pension to New Zealand over the past 20 years. If you’re looking for insights based on your unique situation, we can guide you through the process and facilitate the steps required, also thanks to our network of expert partners.

Do you have any questions or would like to discuss your needs? Please don’t hesitate to get in touch. Click here to contact us, email or give our team a call at 0800 UK 11 NZ. 


Disclaimer: Please note that the content provided in this article is intended as an overview and as general information only. While care is taken to ensure accuracy and reliability, the information provided is subject to continuous change and may not reflect current developments or address your situation. Before making any decisions based on the information provided in this article, please use your discretion and seek independent guidance.