Sky News: What’s the one financial new year’s resolution people should make this year?

It's not very sexy, but if it's affordable, making regular overpayments to your mortgage is one of the most influential things you can do for your finances. Even a small regular overpayment can shave years off your mortgage term and save thousands in interest. Paying your mortgage off early can really help with later life planning, being able to reduce work hours and having options to travel more with the extra cash.

With Labour scratching around to raise money, make the most of your pension allowances whilst you still have them. Saving as early as possible for your retirement benefits from pound cost averaging and compound growth. No other financial tweak will make such a difference to you retiring earlier with more income.

The single most effective financial New Year’s resolution is to commit to living within your means. That means accepting you cannot have everything you want immediately, and resisting the temptation to fund lifestyle purchases on a credit card. Debt can create a short-term illusion of prosperity, but it often becomes a long-term drag on household finances through interest costs and reduced flexibility. A practical way to embed this resolution is to set a realistic monthly spending limit, direct any surplus towards clearing high-interest balances first, and only then rebuild savings.

If there’s one financial New Year’s resolution people should make, it’s to get control of their cashflow and build a safety net. Even saving a small amount regularly can make a huge difference. Aim, where possible, to build an emergency fund equivalent to around three to six months’ net income. That buffer provides real peace of mind and protects you from life’s unexpected shocks, which is often what people want more than anything. If you can afford to, overpaying your mortgage slightly is also a smart move. Even modest overpayments can significantly reduce interest over time and shorten the term. Most importantly, review your finances properly. Cancel subscriptions you don’t use, cut back on unnecessary spending, and be honest about where your money is going. Changing habits isn’t easy, but small, consistent changes are far more powerful than dramatic resolutions that don’t last.

Many will want to shed a few pounds this year and surprisingly every will! I’m talking about £’s of course.

The first thing to do is check all standing orders and direct debits to see which can be trimmed or stopped.

Be careful not to cancel any insurance policies!

They review your financial outgoings eg mortgage, loans and credit cards to see if debt consolidation can reduce your outgoings. Consult a mortgage Adviser who can discuss the pros and cons

I think the most important resolution should be to review your will, organise lasting powers of attorney and make sure you review your current protection policies and make any necessary amendments. The NHS waiting lists are getting longer, benefits for ill health are getting reviewed and it seems society is getting less healthy than ever. Make sure your family, home and income are all protected!!