Happy New Year from everyone here at Astute.

At the start of the year, it’s traditional to set New Year’s resolutions for the year ahead, to embed good practices and behaviours.

At Astute, we’re sharing some Financial New Year’s Resolutions which you can use to revisit your existing financial good practices!

#1 Revisit Your Long-Term Goals.

Your financial goals are at the heart of your financial adviser’s advice. It’s prudent to revisit your goals to ensure that you remain focussed and on track, and don’t allow knee-jerk reactions to short-term volatility, to impact your long-term plans.

#2 Assess Your Emergency Fund.

Before looking to invest or gift, you should build up a comfortable emergency fund, which is an accessible pot of money to cover any unexpected costs in the future, for example a broken boiler.

#3 Utilise Your Annual ISA Allowance.

The end of the tax year is only 3 short months away, so it is worth considering your ISA allowance of £20,000. This cannot be carried forward into the next tax year – so you’ll lose it if you don’t use it.

#4 Utilise Pension Contributions.

Pension contributions are subject to income tax relief up to your highest marginal rate – are you making use of this?

#5 Utilise Your Gift Allowance.

You can gift £3,000 without the gift being added to the value of your estate upon death.

#6 Utilise Your Capital Gains Tax Allowance.

In the Autumn Statement, the chancellor announced that the Capital Gains Tax-Free Allowance is set to reduce over the next two tax years. Speak to your financial adviser to discuss whether you should utilise this year’s allowance.

#7 Your Will.

When did you write your will? Perhaps it needs a refresh.

If you’ve got any questions, or would like to discuss these financial resolutions further, please speak to your financial adviser.

Happy New Year.