Key tax dates and deadlines for 2018/19
It is an inevitable reality that, for anyone earning a livin...
By Lynne Gowers on 30th December 2016
Munching through the last of the leftovers, decorations packed away for another year… it’s out with the old and in with the new. So what are your New Year’s resolutions for 2017? Get healthy or active? Take up a new hobby? Or perhaps get your finances on track?
Money management is a bit like dieting. If you resolve to live on kale smoothies for the month of January, you’ll probably be down the kebab shop with Auld Lang Syne still ringing in your ears. Likewise, when it comes to setting financial goals, you need to be realistic. Like the best diet, the best budget is easy to maintain and is a long term undertaking, rather than a quick fix.
To help you get your personal finances off to a great start in 2017, here are 5 simple steps to help you save money and improve your financial outlook for the coming year:
Sit down with a cuppa and go through your bank statements with a fine tooth comb. Go back at least 6 months and categorise all of your outgoings – such as rent / mortgage, loans and credit card repayments, household bills, food and going out. Once you have totted up each category you will have a very real picture of where your hard-earned income is actually going. You will then be in a position to see what areas you can reasonably rein in your spending or where you may be paying too much.
If you are struggling with debts, the worst thing you can do is bury your head in the sand. Your money audit will have shown you exactly what you are spending on debt repayments. If this is more than you can afford, get in touch with your creditors and make a plan to restructure or consolidate your debts. You can get a copy of your credit report from the likes of Experian or Clearscore.com
Following on from step 2, if you are paying extortionate interest on credit cards or loans, consider transferring the balances to lower-interest options.
Here the diet analogy holds true! When deciding a budget, don’t tighten your belt to the extent that you are miserably watching every penny or you’ll soon fall off the wagon. Small sacrifices make a big difference. For example, by giving up your weekday morning Costa Latte, you’ll save £663 over the year!
So you have now audited your expenditure, put a plan in place to manage your debts, switched providers to get the best deals and honed down your everyday expenditure.
Our final New Year’s resolution for your financial well-being is to put some away for a rainy day (or household emergency). Financial experts recommend that you start small and then gradually increase the amount. Setting up a standing order to go directly into a savings account once a month, means you won’t see the money, so you won’t miss it.
Take a look at our recent blogs below.
GDPR – the General Data Protection Regulation, comes into effect on 25th May and is the bigges...
Published: 24th May 2018
As a business owner, your time is way too precious to spend hours dealing with HMRC or Companies Hou...
Published: 14th May 2018
“Never do tomorrow what you can do today. Procrastination is the thief of time” Charles Dicken...
Published: 11th May 2018
Congratulations! The very fact you clicked this far shows you are considering employing staff, and t...
Published: 17th April 2018
It is out with the old and in with the new when it comes to tax relief on childcare costs from April...
Published: 9th April 2018
The Boox accounting app has always been at the forefront of helping our clients understand their com...
Published: 26th March 2018
Spring has officially sprung and the start of the 2018/19 tax year is just around the corner –...
Published: 23rd March 2018
If your business is employing staff, you should already have a workplace pension in place, under the...
Published: 23rd March 2018
At this time of the year we are used to seeing the Chancellor holding aloft the red box ahead of the...
Published: 15th March 2018
A dispute has erupted between the BBC and 170 of its presenters over their tax arrangements and thei...
Published: 12th March 2018
The rush for taxpayers to file their 2016-17 self-assessment tax return is over for another year, an...
Published: 27th February 2018
If you need a little help to find the right accountancy service, don’t worry.
Get in touch with our friendly team for a FREE service consultation.
Thousands of contractors, freelancers and locums turn to Boox for help and advice with their limited company accounting. They love our personal service and app.
Specialist accounting for sole traders and the self employed, Boox combines easy online tools with expert support to take away the stress of handling your accounts.
Our combination of market-leading accounting software and expert personal advice gives you greater financial control and more time to grow your business.