Experts share their tips for improving your finances without earning more
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Personal finances can be improved through steps such as budgeting, building savings, insurance and pensions. The new year is a good time to review your finances. Just as you may want to boost your mental and physical health in 2025, it may also be worth getting financially fit.
That may feel like a challenge with bills on the rise and taxes remaining high, but there are steps you can take to ensure your money goes further. That doesn’t necessarily mean taking on a second job or working extra hours. Changing your spending and savings habits can go a long way to ensuring you have a financially healthy 2025. Here are some steps you can take.
It has likely been an expensive few weeks with plenty of spending during the festive period so the new year is an ideal opportunity to start budgeting and understand your income and expenses. Joshua Gerstler, chartered financial planner at The Orchard Practice, says it is important to get a good grip on your expenditure and know where your money is going. He explains: “You need an income that is higher than your outgoings.
“Take a look at all your direct debits and standing orders to see if there are any services such as gym memberships or streaming subscriptions that you don’t use. Wesley Harrison, head of financial planning at wealth manager Benchmark, advises: “Writing down your regular expenses can reveal potential savings, such as cutting unused services and subscriptions or reducing spending in certain areas.
