As the new year unfolds, individuals across the United Kingdom are urged to take a closer look at their finances. With several tools and resources available, managing your financial landscape has never been more accessible. The gov.uk and findctf.sharefound.org websites offer valuable tools for creating a will, while Guardian Money provides a month-by-month guide to financial planning. April stands out as a pivotal month for reviewing mobile, broadband, and energy expenses due to mid-contract price increases and changes in the domestic energy bill price cap. Additionally, the UK's Brexit-related passport rules require attention for those planning to travel to the EU. Financial experts provide timely advice on making the most of tax allowances, energy deals, and credit card offers as part of a strategic approach to financial management.
Planning Your Financial Year
The new year serves as an opportune moment to reassess and update financial plans. With an array of resources available, individuals can efficiently manage different aspects of their finances.
The gov.uk website offers an online tool designed to assist with sorting out wills, providing users with a structured approach to estate planning. Jim Emsley advises individuals to simplify the process:
“You don’t need to list everything – you just need to think of your estate as 100%.”
In addition to wills, individuals can explore findctf.sharefound.org for similar purposes. This online platform is dedicated to helping users navigate financial matters related to their estate.
Guardian Money enhances financial planning with its month-by-month guide, ensuring that individuals stay on top of their finances throughout the year. This guide covers various aspects of personal finance, enabling users to make informed decisions.
April: A Crucial Month for Financial Adjustments
April is a significant month for reviewing and adjusting financial commitments. Annual mid-contract price increases for mobile and broadband services occur in April, prompting Ben Gallizzi to emphasize the importance of this review:
“April is an important month to take a fresh look at your mobile and broadband outgoings, as this is when annual mid-contract price increases come into effect.”
Additionally, April marks one of four dates each year when the domestic energy bill price cap changes. This presents an opportunity to explore better energy deals. Rachel Springall from Moneyfacts highlights the potential savings:
“Using your Isa allowance is more important than ever, especially in the current high-interest rate environment, which is expected to persist for longer.”
Ben Gallizzi from Uswitch.com suggests considering a switch to a 12-month fixed energy deal, which can lead to significant savings of up to £139 per year:
“By the spring, many households will have used up their cushion of energy credit during the colder months.”
In light of these potential changes, Gallizzi advises households to review their direct debit arrangements:
“To ensure your direct debit is set to a suitable level, make sure you have submitted a recent energy meter reading (if you don’t have a smart meter).”
Making the Most of Financial Resources
Financial experts encourage individuals to take advantage of various opportunities available throughout the year. Myron Jobson, a senior personal finance analyst, emphasizes the importance of utilizing next year's ISA allowance from 6 April:
“Using your Isa allowance is more important than ever, especially in the current high-interest rate environment, which is expected to persist for longer.”
For those seeking credit card options, several cards offer interest-free deals that last over two years. The Amex Platinum Cashback Everyday credit card stands out by offering 5% cashback on purchases up to £125 for the first five months.
The My Lost Account service provides a free industry-run tracing service for lost or forgotten bank, building society, and NS&I accounts. This service ensures that individuals can reclaim any forgotten funds and optimize their financial standing.
HMRC also facilitates online payment plans for debts under £30,000, allowing individuals to manage their tax liabilities efficiently:
“If you owe less than £30,000, you may be able to do this online without speaking to us – our YouTube video explains how and will guide you through each step,” – HMRC
Moreover, Robert Salter of Blick Rothenberg advises individuals to consider selling shares before donating to charity. This approach can maximize tax benefits, providing both philanthropic and financial advantages.