Futureproof Your Financial Wellbeing With These 5 New Year’s Resolutions

Financial wellbeing – what’s that? The Money and Pensions Service defines the term as “feeling secure and in control of your finances, both now and in the future.”

The cost-of-living crisis and inflation made for a tumultuous economy in 2023 so you’d be forgiven for finding this a tricky concept to wrap your mind around. Perhaps that’s why, when we clicked onto the NH Wealth website, the words “reducing financial anxiety and fear” shone out like a beacon on the page. Music to our ears!

Nick Hawkins, founder of NH Wealth, is a Sevenoaks-based independent financial adviser who rejects pushy sales speak or the hoity-toity language we’ve become accustomed to within his profession and appeals directly to the individual. A refreshing approach that doesn’t distract from Nick’s ambition: structuring your finances to build a secure and confident future.

“It’s a big decision – one that involves the whole family – deciding what to do with the wealth you’ve worked so hard for and accumulated throughout your life” says Nick.

We couldn’t agree more.

“39% of adults (20.3 million) don’t feel confident managing their money” – Financial Capability Survey (UK)

Newspapers + Nurturing Stocks = New Career Path!

Can you pinpoint the moment in your past that set you on your career path?

As Nick recalls, it all started with his father. As a child, he and his dad would sit together and read the newspapers. Nick’s dad would encourage Nick to choose a stock and together they would track its successes and losses – a valuable life skill that’s not taught in schools!

What this father/son pastime produced was a respectable 16-year-long career in finance and investments, propelling Nick into the big leagues as an Investment Manager in the City, with long employment periods at global titans Quilter Cheviot Ltd and Walker Crips Stockbrokers.

It struck Nick that many of his peers were in their mid-to-late 50s and retiring within the decade. This opened up a gap for younger and independent financial advisers. So, in May 2023, Nick handed in his resignation. In October 2023, NH Wealth was established.

Nick Hawkins financial advisor - financial wellbeing

Nick and his father

What can NH Wealth do for your financial wellbeing?

NH Wealth is an independent financial planning business that helps individuals to manage their finances. Whether you are a time-poor professional, a first-time investor or have retirement in your periphery, NH Wealth offers expert advice and robust and comprehensive plans, collaborating with solicitors and accountants when needed. Wherever you’re at on your journey, you can bet that NH Wealth will meet you there.

Here are some key areas:

Efficient tax planning
Estate planning
Pre-retirement planning
Retirement income planning
Investment planning
Insurance and protection planning

Learn more about their services and what they can do for you here.

“This is not a transaction. We’ll never recommend something to you that we wouldn’t recommend to our family” – Nick Hawkins, NH Wealth

New Year’s Resolutions to improve financial wellbeing

One thing you can always predict is that the future will be unpredictable. Whilst that may seem daunting, there are many pragmatic measures you can take to futureproof your finances.

In the words of Gandhi, “the future depends on what you do today.” Here are Nick’s top 5 New Year’s resolutions to get you on track for a prosperous 2024 – free of financial anxiety – starting today.

Resolution #1… Build Wealth

Ok, ok – easier said than done, right? Making this an intentional goal will keep you conscious when making financial decisions going forward. Remember that everyone, bar nobody, started somewhere.

There are some simple tactics that deliver tangible results to make your money work harder for you. Some examples of building wealth are tax-efficient investing, saving more diligently, exploring new income, managing debt etc.

Resolution #2… Budget Smarter

The importance of budgeting can’t be overstated.

That daily Starbucks latte you pick up en route to work may cost £4.10 – not a lot in the grand scheme of things. BUT tally that up over a 5-day working week (£20.50), then over a month (£82), then over a year (£1,066) – suddenly that feels like a figure to take notice of.

We’re not saying £1000 a year on coffee isn’t a necessity (ahem) – that’s your choice – but if you don’t have a handle on your spending habits, you could be inadvertently living beyond your means and that’s when things get risky.

Budgeting gives you focus, direction and control by allowing you to track your spending and savings and set realistic goals. You’re less likely to overspend and, as result, continue building your wealth.

Resolution #3… Emergency Fund

An emergency fund is a cash reserve that you’ve intentionally put aside for unforeseen situations. This could be a sudden car or home repair or a vet’s bill or a sudden loss of income.

Unplanned financial emergencies are rarely welcomed so just knowing you have this safety net in place offers reassurance as well as keeping you from relying on credit or loans.

Resolution #4… Set Retirement Goals

To many, retirement can feel lightyears away… until it isn’t.

Planning ahead ensures you can relax and enjoy your post-professional life. Goal planning is a multifaceted approach with much to consider, such as being realistic about how much time you have to save, approximating potential retirement expenses, assessing your savings programme, managing assets and contributions, diversifying your investment portfolio and more.

Resolution #5… Seek Professional Advice

Even the most financially-savvy individuals can feel overwhelmed and lose sight of the bigger picture.

A financial planner will work closely with you to align your goals with a personalised financial plan. They’ll be able to provide valuable insights, recommendations and ongoing reviews. They will empower you to make informed decisions, provide clarity and guide you on the path to a more secure financial future for you and your family.

If only there was a FREE event you could attend with 3 financial experts all under one roof… read on!

FREE EVENT: Wills and Wealth Workshop – 29^th February 2024

For one day, you have a golden opportunity to pick the brains (FOR FREE) of three financial specialists, all experts in in their respective fields. Got a question about tax planning or wills and probate? Maybe you have an eye on retirement or are dabbling with investment? Drop into the LIME TREE WORK SHOP on Thursday 29^th February between 8.30am-5.30pm where you’ll receive a complimentary 1:1 session with the experts.

Book your FREE 45-minute private session here.