Arguably, this is the most wonderful time of the year. It’s a time when you should think about your own needs and celebrate a fresh start.
It’s also a time when money can be a bit uncomfortable, as we feel the pinch in our wallet from any festive spending. We can use that feeling to motivate us to improve our finances.
Step 1 – get to grips with your financial situation
In order to make a plan, you need to gather information. For most, money is more than your paycheque or your rent, so what else should you be thinking about?
- Pensions (check with HR if you’re unsure about your work pension)
- Current account (spending and monthly costs)
- Credit cards and debts
- Savings.
We recommend using the free Pension and Personal Finance App that we provide to you. If you don’t have access to this yet, keep an eye out throughout 2025 for your invite. It’s a fantastic one-stop shop helping you map out your financial landscape.
Pensions can also be an afterthought, but they’re the key to you thriving in later life. So make sure you prioritise finding out how much money you have and if you’re on track for the retirement you desire.
Step 2 – take action
- Diarise time. Book out time to do the work. It’ll be worth it; the niggling concerns at the back of your mind will ease and you’ll set yourself up to be in a better financial position!
- Set goals. Using the information you’ve gathered, set realistic goals. This could be saving on a monthly basis, reducing your credit card debt or improving casual spending habits.
- Work through the Pensions Toolkit. We’ve created a Pensions Toolkit for you! This has helpful articles, exercises and signposting, so you can find all your pensions, understand if you’re on track for retirement and take control. All in one handy pack for you to work through. Click here.
- Use tools and trustworthy information. We mentioned using our app if you have access to it; you can set up savings goals and projects with it. There’s also Moneyhelper (a government backed service), which has a brilliant page on all aspects of money. It provides free information and actions to improve your finances. Click here for more.
If you’re having money worries
You’re not alone if you’re struggling with money. We’re aware it’s not always easy to talk about money. The main things that keep people struggling financially are fear, and not reaching out for help because of guilt or shame.
There are so many services ready to help you, and though it might not feel like it, there’s a lot you can do.
We recommend visiting and/or speaking to the following services:
If you’re in good shape and can pay more – now might be a good time to do so
With the end of year often comes bonus or pay rise season, so if you can afford to do so, you might want to think about diverting some of a pay increase or part of any bonus into your pension savings. That way, you’ve given yourself some money now and saved some for the future. Simply log into your Pension Account to find out how you can pay more, whether it’s a regular percentage increase or a one-off payment.