That familiar time of year has arrived again. As 2026 begins, how will you balance your finances in the year ahead?
With New Year’s Day falling on a Thursday, many people will not return to work until Monday 5 January. That extended break offers a rare opportunity — not only to recover from festive indulgences, but also to reflect on your financial position and set some practical resolutions for the year ahead.
To help you get started, here are six financial resolutions worth considering.
Review or Create a Will
Make Sure Your Wishes Are Clear
If you do not have a will, your estate will be distributed according to the rules of intestacy. These rules may work for some families, but even for a straightforward household they can lead to outcomes you would not have chosen.
Equally, an out-of-date will can be just as problematic. Changes in family circumstances, relationships or assets may mean your current arrangements no longer reflect your wishes.
Tackle Christmas Credit Card Debt
High Interest Can Undo Your Savings Efforts
Most credit card debt is expensive. Even mainstream bank cards can charge interest of around 25%, while store cards often cost considerably more.
When savings rates are closer to 5%, paying down high-interest debt will usually deliver a far better financial outcome than continuing to save while interest accumulates.
Scrutinise Your Bank Statements
Identify Unnecessary Spending
A careful review of your bank statements can uncover forgotten annual subscriptions or recurring monthly charges triggered by a single click while shopping online.
Removing these unnoticed cash drains can quickly free up money without affecting your lifestyle.
Keep Track of Insurance Renewals
Be Ready to Switch or Negotiate
Insurance providers prefer customers to renew automatically. By noting renewal dates for household policies such as home and motor insurance, you can check the market in advance and be prepared to switch — or negotiate — rather than accept a default increase.
Review Your Savings Interest Rates
Loyalty Rarely Pays
Banks and building societies often reserve their most competitive rates for new customers. These offers may include short-term bonus rates that quietly expire.
Regularly checking your savings accounts — and being prepared to move your money when a bonus ends — can significantly improve returns on your cash.
Consider Fixing Your Energy Tariff
Reduce Uncertainty in Household Bills
From 1 January, a new Ofgem quarterly price cap will apply to gas and electricity prices. Many households remain on standard variable tariffs following the 2022/23 energy crisis.
Switching to a fixed-rate deal could reduce costs and provide welcome stability, avoiding the three-monthly price fluctuations that variable tariffs can bring.
Speak to Chartwell Wealth Management
Small financial decisions, taken consistently, can have a powerful impact over time. While some New Year resolutions are easily forgotten, creating a structured plan for your finances can deliver lasting benefits.
If you would like help reviewing your financial position, setting achievable goals for 2026, or creating a longer-term financial plan, please contact Chartwell Wealth Management. Our advisers are here to help you start the year with clarity and confidence.
Important Information
The Financial Conduct Authority does not regulate will writing.
