Jemima Thomas
Jan 2023 • 4 min read

New year, new me and all that…

This year I decided to do a ‘semi-dry’ January. I’m not one for resolutions usually, but after a Christmas spent both in London and Manchester filled with seeing lots of friends and family, there was a fair amount of celebratory gatherings I was a part of, and it would be nice to start the year feeling lighter both mentally and physically (as well as saving a bit of money this month!).

When it comes to changing habits, I’ve learnt that stopping anything abruptly and going ‘cold-turkey’ never works for me. It always feels like I’m punishing myself when I’m effectively trying to ‘better’ myself, which makes no sense at all. If I want to cut down on something, weening myself off is the most doable (for me at least).

That being said, by the second half of 2022 I was putting away larger amounts into my savings than usual. I had set myself a realistic goal, and even with all the fun winter festivities going on, I’m proud I kept at it. I’d be lying however, if I didn’t acknowledge that I did feel some guilt and a little sadness by doing it. I like to splurge on my loved ones, and I’m annoyingly a ‘yes person’ especially when it comes to an event that involves all my friends. But this Christmas … I resisted. I stuck to my budget on how much I’d spend on each person and I didn’t waver, I turned down (a few) more excessive meals or theatre shows, and I prioritised what was most important.

As someone who’s not a great saver, this is all a pretty huge deal, and I have no regrets on sticking to my guns. I won’t hide the fact that compromising my lifestyle can sometimes be harder than I would like. Of course I could make it easier by putting away less, but knowing that my future self will be in a better position has made the compromises a positive move. I hope I’ll feel the same in February after I’ve had fewer gins and tonic.

I value and respect those who are honest about their experiences when it comes to compromising, as we all do it often in life (in our relationships, our finances, our work etc). It’s making sure that these compromises are worth the long-term goal. If they’re not, a readjustment is needed. This is why here at Solomon’s we strive to ensure that our clients feel comfortable and positive in long-term planning, because the fruits of the compromise can be golden.

You can read more articles about Pensions, Wealth Management, Retirement, Investments, Financial Planning and Estate Planning on my blog which gets updated every week. If you would like to talk to me about your personal wealth planning and how we can make you stay wealthier for longer then please get in touch by calling 08000 736 273 or email info@solomonsifa.co.uk

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As soon as the turkey is finished, attentions are drawn to the New Year. For most, the experience of resolutions can be quite off-putting when contemplating the year ahead. The plethora of adverts for holidays provides some indication about what most of us choose to plan for, though in pandemics the task is somewhat harder, with more “ifs and buts”.

There is an entire industry that is dedicated to setting goals and managing your time and actions to achieve them. The new page is the potential for so much, yet can feel rather overwhelming, in the context of human history we have never had so much choice. I wonder though if most of us suffer from something like writer’s block when it comes to planning what we want from the future.

FORMING GOOD HABITS

I’ve been trying to design a notebook to help clients formulate some goals and good habits for money management. Ironically, it’s been a difficult task to complete, not to get it done, but whether it’s something that is helpful in an already overcrowded space. I suspect like me you use a calendar on your phone and computer, the challenge often being how to ensure that the personal and professional are shared appropriately with those impacted. For me there is something powerful about a pen and paper that a keyboard doesn’t capture (I’m well aware that there are tablets and stylus options).

As I plan my year ahead there is always the tension between experience and optimism. Perhaps its not even that, a sense of larger goals that seem plainly unrealistic based on the past, yet not beyond the realm of possibility. In a professional context that’s about growing the business, attracting and serving more clients as well as improving what we already do. Increasing value and demonstrating it more clearly. The latest 10-year business plan is about to enter its second year, the clock is ticking and we want to “up our game”.

I wonder if I could ask you if you’d let me know if a paper-based notebook designed to help you keep in mind the bigger goals and the steps to achieving them would be helpful to you. Please email me.

Dominic Thomas
Solomons IFA

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