January 2024 PayPlan Blog

A New Year can be daunting with the hope of making resolutions you think you might not be able to keep, however following the below simple steps may help you feel your financial best and start 2024 with a positive plan.

Small, simple changes can leave a big impact for the rest of the year!

1 – Plan your financial goals for the year

What would you like to achieve financially for 2024? Sit down and make a plan, it may be to save to buy a new car, pay off a credit card debt or go on a holiday you’ve been wanting to do for years. Whatever it is, if you write it down and make a plan, you’re one step closer to achieving it.

2 – Look at your spending and saving habits

Do you review how much you spend each month? Download and fill in our budget planner where you can write down all the money that you have coming in and what you spend each month. By working out your budget you can help take control of your finances to meet your financial goals.

A budget shows you where your money is being spent and how much money you have left over each month, helping you spot where you can make savings and make sure you’ve covered all your necessary bills.

To work out your budget you will need to know your monthly income and then how much you spend including housing costs, bills, food etc

Try to make sure you budget comfortably to make sure you can live on the amount you have left yourself each month.

3 – Review your savings accounts to get the best rate

With some savings accounts interest rates sitting at around 5.22% it’s worth looking around to make sure you’re getting the best rate for your savings.

Savings accounts are used to put money in and earn interest on the balance, basic-rate taxpayers can earn up to £1,000 a year tax free for savings interest and higher-rate taxpayers can earn up to £500. It’s worth noting your savings in your bank or building society are protected up to the value of £85,000.

We have had many years of low interest rates but savings have been able to make a comeback over the last 12 months with rates rising you can find an account that makes your money work for you.

You can view most savings rates online but it may also be worth booking a review with your current banking provider for them to talk through the best accounts available to you.

4 – Create a Will

Do you have particular wishes you would want to be followed and do you know who you would like to leave your estate to when you die? Ensure that your assets are protected and will be distributed how you choose by creating a Will in 2024.

Without a clear Will in place your wishes may not be followed in the event of your death and those who you would like to inherit your estate may not automatically do so. Read our latest blog for why making a Will is so important.

5 – Deal with debt

Do you currently have a debt balance you’re worried about? If you have one or more balances sitting as a weight on your shoulder, 2024 is the year to get these under control. At PayPlan, we help people with multiple debts. Our aim is to help you reduce the amount you pay to your lenders, freeing up more money for you to spend on yourself and your family and making life more affordable.

In three simple steps you can have a clear plan to get your finances back on track.

1 – choose how you contact us – by phone, email, WhatsApp or LiveChat – the best fit for you

          2 – Create your budget with us

3 – Using your budget, we will recommend a solution that works   with your lifestyle

What you can do next

If you are struggling with debts call us on 0800 072 1206. We’re open from 8am – 8pm Monday to Friday and 9am – 3pm on Saturdays.

Alternatively, you can visit our www.payplan.com/bfawu to speak to us via live chat or for more information.