As we come to the end of another economically tumultuous year, I’d like to take this opportunity to remind you of the personal finance topics I’ve covered in the past 12 months.
The general economic health of the nation has been a dominant factor for us all, of course. And my reminders, that if at all possible, you should maintain your investments in pensions and other assets. These things do tend to be cyclical, and it’ll hopefully leave you better placed to take advantage of any upturn that returns.
State of the Nation
So, we started the year with 5 reasons to maintain your pension contributions in an economic downturn. All about trying to take advantage of the situation, even if it seems to be bad. There’s always an upside!
We returned to this theme later in the year, in July, when we looked at High UK Inflation: How to Minimise the Pain. In particular, the erosion of purchasing power, diminished savings growth, fluctuating investment performance, and challenges for pensioners are upper-most in our thoughts during inflationary periods.
To mitigate these effects, I recommended you consider a diverse range of strategies, including inflation-linked investments, alternative savings options, and exploring inflation-adjusted pension plans.
How to save efficiently, taking advantage of the environment and getting more bang for your buck was a common thread throughout the year. These topics should appeal to most savers:
- 7 Things to do Before the End of the Tax Year from February 2023, still applies in 2024.
- Understanding Salary Sacrifice: A Tax-Effective Way to Boost Pension Contributions and Mastering Your Finances: The 20% Savings Rule for a Secure Future both offered practical options.
- Regular monthly savings plans were also highlighted in 2 Big Benefits of Saving on a Monthly Basis and The Significance of Regular, Consistent Contributions to Your Financial Future.
- And in October, I explained the value of shopping around ….. Make Savings Work Harder: Shop Around for Best Interest Rates
Big on Budgets
You don’t have to be responsible for the state of the national economy to need to budget. It’s something we all should do. Back in June I gave you plenty of reasons to: 6 Benefits of Budgeting for Personal Finances.
And now all that remains is for me to offer my seasonal greetings and best wishes for whatever 2024 throws at us!