New Year Financial Resolutions

New Year financial resolutions are in season … here are few  to consider at the beginning of 2017:
Contribute to a pension – it’s never too early to do so and the contributions are tax-efficient too. You’ll be glad you did one day!
Use your ISA allowances – it’s not a large amount to put aside each year (though more than it used to be) but it mounts up over a number of years and you can end up with a significant amount of untaxed income if you contribute regularly.
Make a will – we’re continually surprised at how many people just don’t get round to doing this. It makes sense to plan for inheritance tax but it’s also wise to ensure your hard-earned money ends up where you want it to.
In business, focus on profit improvement not tax reduction – it’s easy to get fixated on ways of saving tax and neglect the making money part, which gives you  greater gain. Of course, it’s wise to do both but do put first things first!
Don’t risk money you can’t afford to lose – tax schemes are under threat, even those that did look like genuine investments, and there aren’t easy ways to save tax  these days. EIS and SEIS schemes are government sponsored and still attractive as long as you are investing money that you know won’t be required elsewhere.
Keep your finances up to date – being in control is good, whether in terms of personal finances or in a business. The stress and waste of doing everything at the laste minute (or later) is always enormous. What not start a new routine of financial organisation in 2017?
Do more of what makes you happy – focussing on the bottom line is a key discipline in business but it’s a terrible plan for living a full life. ‘Get a life!’ is the saying so maybe it’s time to do more of what you love and contribute more to what you believe in during 2017. And better business and financial decisions may follow.
But you can make up your own financial resolutions in 2017. Just thinking about the year ahead before it starts has got to be a good idea.