Eight small-yet-mighty financial tasks to add to your new year to-do list

2022 was a tricky year for many people’s finances. As 2023 begins, learn about 8 small-yet-mighty financial tasks to tick off your to-do list this new year.

As we step into a brand-new year, you could be focusing on the big milestones you wish to reach in 2023. You might have impressive savings targets, investment goals, or bucket-list travel opportunities you want to pursue, for instance.

Pursuing life-changing goals is important, of course, but sometimes it’s worth remembering that small changes can make a huge difference too. The cost of living crisis might still be on your mind, so taking the time to tick small-yet-mighty financial tasks off your to-do list could be a great move this new year.

Here are eight easy tasks to help you stay efficient in 2023.

1. Check in with your energy companies

Your energy bills are likely to have increased significantly in the past 12 months – and although you may already have spoken with your energy companies, now could be the time to check in.

If you pay a set monthly tariff, you may find that you have money in “credit”, especially if you have cut down on your energy usage in light of rising prices.

So, checking in with your energy company and requesting that the credit is used up – saving you monthly payments in the short term – could be a constructive move to start the new year.

2. Compare your current insurance agreements with new deals

Insurance is often an aspect of our expenditure that seems to happen “in the background”. It is unavoidable – car and home insurance are essentials for most individuals – but taking the time to pay attention to the deals available could help.

Fortunately, it has never been easier to compare policies. Using comparison websites, you may find affordable alternatives to the current agreements you have, enabling you to reduce your expenditure while maintaining this essential protective measure.

3. Review your monthly subscriptions

Research by Barclaycard, published by National Technology News, found that the average UK household spends £41 on subscriptions a month. In your case, this could be more, particularly if you pay for multiple television streaming services, magazines, and pay-monthly apps.

Having a busy working life could mean that you are paying for subscriptions that no longer benefit you. How many of us have signed up for fitness apps or magazines in a moment of optimism, only to forget about them a few days later?

Reviewing the direct debits you pay each month could reveal unwanted payments leaving your account – and cancelling them may feel satisfying to say the least!

4. Request a pension review

If you have not yet received one, requesting a pension review from your provider, or providers, can be a great task to tick off the list.

Especially if you are approaching retirement, an annual review of your pensions could help you remain on track to meet your financial goals. Additionally, speaking with your provider about an “expression of wish” form, which allows you to dictate who will inherit your pension pot when you pass away, could tie into this task.

5. Protect your personal devices with security software

It might seem odd for a “financial to-do list”, but investing in protective software for your personal devices could be a hugely beneficial move for your wealth.

Scams have increased massively over the last few years, with text message and email links often “phishing” for clicks. In fact, Citizens Advice reports 40 million people were targeted by scammers in 2022 – a 14% increase from the year before. A high percentage of scammers posed as HMRC or another government body.

Anti-virus technology could warn you of unsecure links and pathways, potentially protecting you from falling for costly scams.

In addition, it could be beneficial to discuss any significant moves you make, such as transferring your pension, with your financial planner first. We can help determine whether the transaction is legitimate before you proceed.

6. Assess your household expenditure

Whether you are a strict budgeter or play things fast and loose with your everyday expenditure, assessing how much you spend on average could be a great way to start the year.

If you have set saving and investment targets for 2023, knowing how much you spend each month – and where you can cut down – can only be beneficial.

Especially if you have recently had children leave home, or perhaps taken on care responsibilities for elderly parents, your monthly costs could have changed substantially. Checking in with how much you spend can set you up for the year ahead.

7. Discuss your finances with your partner

A Royal London study published in 2022 found that 62% of couples say money is the main source of arguments between them.

Since the cost of living crisis has affected so many households, perhaps including your own, it could be that finances are an even more contentious subject. If so, now is the time to discuss your financial goals with your partner, civil partner, or spouse.

Being on the same page about what you want to achieve can help you work as a team, and could save some tough conversations down the line.

8. Book a review of your financial plan

Although it’s important not to panic, 2022 was a difficult year for the UK economy – and 2023 may not be plain sailing either.

One task to tick off your to-do list at the start of the year could be to book a wealth review with your Kellands financial planner. If you need guidance on achieving your goals, diversifying, growing your wealth, retirement, or even your emotional relationship with money, we can help you start the year with peace of mind.

Get in touch

If you want to tick items off your financial to-do list but aren’t sure where to start, why not get the help of a professional? Email us at hale@kelland.co.uk, or call 0161 929 8838.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.

Note that life insurance plans typically have no cash in value at any time and cover will cease at the end of the term. If premiums stop, then cover will lapse.


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