It’s easy to walk into the new year blind to how your personal finances are sitting. For most of us, the last few weeks have been spent replying “oh go on, it’s Christmas” to everything we’ve tried to avoid overindulging in throughout the rest of the year. This can make avoiding your bank balance an enticing prospect, but that’s a guaranteed way to get off on the wrong foot in 2019. Take our quiz below to discover how to best position yourself for the year ahead.
Whether you’ve stuck to budget, exceeded your own expectations or treated the whole bar to a round after having a few too many at the work Christmas party, we’ve got some helpful tips for you.
1. Did you set a budget for Christmas presents this year?
a) Of course, everything would have gotten wildly out of hand if I hadn’t.
b) Nope. Everything’s gotten wildly out of hand.
c) I make a budget for every month of the year, why would Christmas be any different?
2. Do you save for Christmas throughout the year?
a) I try to, but I could always do with an extra cash injection during the festive period.
b) I intended to, but I kind of lost track.
c) I have a savings pot for birthdays and celebrations that I contribute to throughout the year.
3. Did your social spending surprise you over the festive period?
a) I definitely went out more than I usually would… and probably spent a bit more than I usually would too, but I wasn’t overly extravagant.
b) I spent more on dinners last month than I did throughout the entire rest of the year.
c) Of course not. I had factored in more social spend to my December budget.
4. Are you entering 2019 worried about your personal finances?
a) I’m not worried, but I could have done with spending less… again.
b) How risky are medical trials really?
c) Not at all. I’m on track with my spending and in a good place financially.
Mostly As: You’re on the right track
You carefully consider your financial outgoings throughout the year and have got yourself to a position where you’re comfortable in your situation. Our advice to you is to continue what you’re doing, but maybe give this blog a read and see if there’s anything you could do to help you reach your goals earlier.
Mostly Bs: You could do with a hand
You always start with good intentions but find that your outgoings sometimes get away from you. Our advice: don’t worry! It’s never too late to get on top of your finances. Create a budget for yourself on a weekly basis to start with – this should give you a better idea of how to make your money work harder for you. You may also benefit from financial advice. Head over to the homepage to see if it’s something you feel you’d benefit from.
Mostly Cs: You’re an inspiration
You got on top of your finances a long time ago and you’re confident you know what you’re doing. Can we direct you to the careers section of our website? Seriously though, even our most experienced investment experts need guidance from time to time, so perhaps you’d benefit from our Portfolio Review service. Usher in the new year with a better idea of what your assets are doing and whether they could be better aligned with your goals.
As with all investing, your capital is at risk. The value of your portfolio with Nutmeg can go down as well as up and you may get back less than you invest. See how we help manage the risk at nutmeg.com/risk.