Take Control For 2025

While we wait for Donald Trump to take office next week and find out what his first policies will be, why not get your 2025 off to the best financial start with some actions that you can control?

I wanted to share five proactive strategies that you can apply to your finances now:

1. Tackle High-Interest Debt First 💸 
   With interest rates on credit cards and loans high, it’s critical to prioritise paying off debts with the highest interest rates. This not only saves you money in the long term but also frees up cash flow for other financial goals. Consider consolidating debt into lower-interest options or exploring balance transfer offers to reduce the burden.

2. Review and Negotiate Utilities ☎️ 
   Energy and utility prices remain a pain point for many. Take time to review your contracts and shop around for better deals. Many providers are more willing to negotiate to retain customers, so it’s worth asking for a loyalty discount or exploring fixed-rate plans to shield against potential price hikes.

3. Maximise Mortgage Efficiency 🏠️ 
   If you’re on a variable or expiring fixed-rate mortgage, now’s the time to assess your options. A mortgage broker can help you find the most competitive rates, and overpaying on your mortgage where possible can significantly reduce the total interest paid over time.

4. Leverage Reward and Cashback Cards 💳️ 
   Used wisely, reward and cashback credit cards can offset everyday expenses. By paying off your balance in full each month, you can take advantage of the perks without falling into the trap of accruing interest.

5. Build a Financial Safety Net 🛟 
   Uncertainty in the markets is a timely reminder of the importance of an emergency fund. Aim for three to six months’ worth of essential expenses set aside in an easily accessible savings account. This provides a buffer against unexpected events, such as job loss or urgent repairs.

📢 If you want help or guidance with how actioning these points could fit into your financial plan, then set up a free discovery call with me now.

Key Articles I Have Read This Week:

• If you won a ski jumping competition would you prefer £3,000 or some free shampoo and towels? Have a read of what happened at a competition this month in Germany: Read it here

• The UK economy is still struggling to really gain traction. The BBC look at the latest growth figures and how the upcoming tax increases could impact further: Read it here

Investment Markets This Week:

Best Cash Savings Rates This Week

Is anyone else waiting somewhat nervously to see what happens next week? 👀