2023 – Is it Time to Review Your Personal Finances?


Every person approaches the subject of their finances in a different way. This is going to depend on a wide variety of factors, from their own personal views about the issue as a whole, as well as their own personal situation and the context around them. However, these factors are always in flux, and while there might not be anything inherently wrong with the way that you’re currently handling your finances, circumstances might have changed to the point where there is a more optimal way to do it.

So, with the start of a new year, comes an opportunity for reflection, and potentially a good moment to do things differently, to maximise the effectiveness of your approach.

Security and Contingency

Everything can feel like it’s going smoothly until suddenly it’s not – and finding yourself without a solid foundation to stand on can lead to panic and confusion, especially where money is concerned. Therefore, it might be a good idea to think about factors like security. This could mean your job security or being aware that people in your industry are losing their jobs. If you feel that your employment could be at risk, there are insurance products available that can help such as income protection. We found lots of good information on the Future Proof insurance website, which you may find helpful.


It might also mean having enough money in your savings to begin with to cushion yourself against something like that, or perhaps knowing of a way to earn money that can help to tide you over until you find something more substantial again. 

Where’s the Best Place to Save?

Another issue to consider is where your money actually is, and if it would be better suited somewhere else. This might get you thinking about topics like investment, but approaches like cryptocurrency or shares might simply be too risky for you to feel comfortable with. Instead, it might be worth examining the various interest rates of different banks, through services like MoneyFacts, as your own bank of choice might not represent the same ideal option that it once did.

At this point, thinking about options like Premium Bonds might also appeal to you. While this might seem similar to the above investment options that you’d rather avoid, the sense of guarantee here that can come with premium bonds will make them a more sensible choice for some people. 

The Objectives

It’s also important to think about what you’re saving towards, and how those goal posts have been moving over the years and if it’s still a worthwhile target. For many people, this will be something like buying a house, which is getting more expensive in many parts of the world, and that might impact your plans moving forward. It can be frustrating to realise that your ambitions have been thrown to the wayside by forces outside of your control, but instead of despairing, try to focus on actions that you can take to guide the savings that you do have towards a more positive result that you can be happy with.

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