2016 New Year Resolutions for you to stick with

Posted by Jason Chapman in Portfolio management category on 04 Jan 16


How about making a resolution regarding your financial future and sticking to it. It is not as difficult as you might think and shouldn’t impact your daily routine.

  1. Find your password and log on - Whilst you may not trade regularly, it's important to do a regular review of your portfolio to ensure you are on target to reach your goals.
  2. Use your ISA allowance - Let's face it no one likes paying more tax than they have to and with some investments you don’t have to pay any tax at all! An Individual Savings Account (ISA) is one such investment and this tax year you can put £15,240 beyond the reach of the tax man.
  3. Have a broad plan - It doesn’t need to be complicated, just an idea on what you are aiming to achieve and by when.
  4. Invest as much as you can afford – We believe the best strategy is to put aside as much as you can afford to. It means that you are not just more likely to achieve your investment goal (see 3 above) you are more likely to exceed it.
  5. Consider monthly investing - Have a savings plan; perhaps set up a Direct Debit in your ISA so you won’t be tempted to spend your money on the January Sales or beyond…
  6. Research is key - Research before you buy.  Don’t just hastily select a fund because you don’t have time to research properly. Be aware of buying into a fund based on hype – performance is not guaranteed and it may not be suitable to your attitude to risk.
  7. Consider your risk appetite - When choosing funds, its important that you are comfortable with the markets and how your money is affected by market changes.
  8. Use the tools we offer – Here at Willis Owen, we offer you the capability to review potential new funds, through Fund Space.  Build a virtual portfolio through Play Space, to learn from your mistakes without exposing your own money.  Or review your own portfolio through Your Space.
  9. Know the tax rules - Know which taxes apply to your circumstances. Whilst it is not necessary to become a tax expert, knowing about income, capital gains and dividend taxes may help with your financial planning – we are publishing a series of blogs regarding tax regimes to help you with this.
  10. Patience and tolerance is key - Be patient with your investments – timing the market is an incredible hard activity unless you have a crystal ball.  Be prepared to ride out the short term volatility in the market for long term results...
If you would like to discuss any of the options above, please feel free to call our Customer Service Team on 0800 597 2525.

Have a wonderful 2016!