5 unique tips to get your New Year’s finance resolutions back on track!

Here are five expert personal finance tips to help you throughout 2022, even if you’ve already broken some New Year financial resolutions!

The content of this article was relevant at the time of publishing. Circumstances change continuously and caution should therefore be exercised when relying upon any content contained within this article.

Group of senior friends celebrating New Year's Eve together

Image source: Getty Images

It’s exciting to create New Year’s resolutions in every area of your life, including your finances. But if you’ve created personal finance goals and you feel like they’re already slipping through your fingers, don’t panic! 

I’m going to walk you through some simple ways that you can get things back on track. They’ll include some useful tips for staying motivated throughout the year without feeling stressed out.

5 Stocks For Trying To Build Wealth After 50

One notable billionaire made 99% of his current wealth after his 50th birthday. And here at The Motley Fool, we believe it is NEVER too late to start trying to build your fortune in the stock market. Our expert Motley Fool analyst team have shortlisted 5 companies that they believe could be a great fit for investors aged 50+ trying to build long-term, diversified portfolios.

Click here to claim your free copy now!

[top_pitch]

5 finance tips to get your money habits back on track

Here are five unique tips from St. James’s Place Wealth Management for getting your 2022 financial goals back on the path to success.

1. Tackle finance worries head on

Understanding your situation and being able to plan will massively improve your financial wellbeing. Realistically, burying your head in the sand is the worst move possible.

If you need to straighten out your finances, take an honest look at the whole picture. Depending on your goals, some possible actions you can take include:

2. Open up about your finances

There used to be a silly notion that you shouldn’t discuss your finances. With so much to learn, going it alone is madness.

Use your network and speak to your partner, friends and family. It may also be worth sitting down with a qualified financial adviser for some professional guidance. It’s okay not to know everything about finance, but talking about your money worries will never leave you worse off.

[middle_pitch]

3. Refer back to your New Year’s resolutions

Sometimes, life gets in the way of plans, and that’s fine. It can take months to build a successful habit like becoming a regular saver.

A great way to keep on track is to write down your money goals for 2022 and then check back on them every few months. This can help to keep you focused and motivated throughout the year.

4. Don’t forget about friends, family or those in need

Part of sorting out your finances may involve thinking of others and tasks such as estate planning. Acting ahead of time to create a proper life insurance policy or prepare for inheritance tax (IHT) could help those you care about most.

Whilst keeping on top of your own financial goals is great, make sure you try to help out anyone close to you who might be struggling. This doesn’t have to mean giving them money. You might just share some of the personal finance wisdom you’ve learned from The Motley Fool!

5. Use or lose your tax allowances

Thinking about taxes might send you to sleep, but it’s crucial to make the most of your allowances each year.

This simple fact is that doing this is going to result in you keeping more money in your pocket. So, make sure you organise your finances in the best way possible.

It could mean using a stocks and shares ISA account for your investments. Or perhaps just making the most of your pension allowances before the end of the tax year in April. Just remember to use all the tools you can throughout the year!

Please note that tax treatment depends on the specific circumstances of the individual and may be subject to change in the future.

Is this little-known company the next ‘Monster’ IPO?

Right now, this ‘screaming BUY’ stock is trading at a steep discount from its IPO price, but it looks like the sky is the limit in the years ahead.

Because this North American company is the clear leader in its field which is estimated to be worth US$261 BILLION by 2025.

The Motley Fool UK analyst team has just published a comprehensive report that shows you exactly why we believe it has so much upside potential.

But I warn you, you’ll need to act quickly, given how fast this ‘Monster IPO’ is already moving.

Click here to see how you can get a copy of this report for yourself today

More on Personal Finance

Note paper with question mark on orange background
Personal Finance

Should you invest your ISA in a model portfolio?

Which model ISA portfolios offer both high performance and low fees? Hargreaves Lansdown, Interactive Investor and AJ Bell go under…

Read more »

Economic Uncertainty Ahead Sign With Stormy Background
Personal Finance

Is it time to exit emerging markets investments?

Investors may well be sitting on losses from emerging markets funds. Is it worth keeping the faith for a sustained…

Read more »

Personal Finance

Share trading? Three shares with turnaround potential

Share trading has been difficult in 2022, but which companies have turnaround potential? Jo Groves takes a closer look at…

Read more »

Man using credit card and smartphone for purchasing goods online.
Personal Finance

Revealed! Why Gen Z may be the savviest generation when it comes to credit cards

New research reveals that Gen Z may be the most astute when it comes to credit cards. But why? And…

Read more »

Environmental technology concept.
Personal Finance

The 10 best-performing sectors for ISA investors

The best-performing sectors over the past year invested in real assets such as infrastructure, but is this trend set to…

Read more »

Road sign warning of a risk ahead
Personal Finance

Recession risk ‘on the rise’: is it time for investors to worry?

A major global bank has suggested the risk of a recession in the UK is 'on the rise'. So, should…

Read more »

pensive bearded business man sitting on chair looking out of the window
Personal Finance

1 in 4 cutting back on investments amid cost of living crisis

New research shows one in four investors have cut back on their investing contributions to cope with the rising cost…

Read more »

Image of person checking their shares portfolio on mobile phone and computer
Personal Finance

The 10 most popular stocks among UK investors so far this year

As the new tax year kicks off, here's a look at some of the most popular stocks among UK investors…

Read more »