2023, a year of new beginnings, positive change, and fresh thinking

by Lorraine Williamson
2023 positive change

With gloomy chats about recession, it can be easy to think negatively about the year ahead. None of us have the power to single-handedly change the national economic picture. However, facing the challenge head on, can bring rewards, and make positive changes for the 2023 year ahead.

Here are 6 crucial steps to follow and take control of your finances making 2023 a year of positive change;

Review your expenses 

Go through your outgoings with a fine-tooth comb and look for areas where you can cut back and reduce costs. Then, set yourself a budget and work out where you need to spend, and where you can save. 

Check the interest rates of your savings 

If you have savings, it’s time to check those interest rates, as many are at an all-time low. Therefore, it’s worth shopping around for accounts with better rates. Moreover, if you’re earning negligible interest, consider switching.  Millions of people are being short-changed on savings rates with banks and building societies failing to pass on interest rate rises following a recent rise in inflation. 

Alternatively, if you’ve got a substantial amount of cash, you can look at putting a country-compliant savings vehicle in place. Regular savings plans allow you to contribute as much or as little as you can afford each month. Consistent monthly contributions help to build a pot of money you can use for that special item you’ve had your eye on or draw an income when you stop working. Dollar-cost averaging can be a useful investment strategy when making smaller investment purchases over time as well as being especially useful in a volatile market. Speak to us to find out more. 

Start an emergency fund 

If you don´t have savings, now´s the time to start an emergency fund.  The pandemic has brought home how important it is to have a financial buffer in case of sudden income loss or redundancy.  Aim to start building up a cushion of between three to six months of outgoings, which will help tide you over in the future. 

Cogesa Expats

Review your pension arrangements 

Start by making a comprehensive list of your retirement income sources. If you´re a UK expat living abroad and have a pension pot back in the UK or are not sure how much you´ve contributed or how much it’s worth, then now’s the time to find out.  Tracing your pension(s) is not complicated and furthermore, it’s free to do this. Understanding what you´re entitled to and making sure you have the right arrangements in place for where you now reside is essential. 

Check if your finances are fully tax efficient  

With regard to tax efficiency and compliance – are your finances fully tax efficient?  Investments don’t have to be based in Spain for these to fall under Spanish jurisdiction. There´s no better time to review your assets and your personal tax situation. Furthermore, finding a solution to fit your circumstances can save you a lot of time, money and headache in the future. 

Think about succession planning 

Have you thought about succession planning should anything happen to you?  Understanding Spanish succession law and its implications can help you make sure your loved ones are taken care of as per your wishes.  

Baycrest Wealth 

Baycrest Wealth, based in Marbella, have proudly provided international financial advice for over 20 years.  With an ever-increasing mobile population, we assist clients who have switched countries or who have come to live and work in the European Union from elsewhere. Baycrest Wealth specialises in International Financial Planning, Wealth Management, Protection, Regular Savings Plans and International pensions.  We look after the necessities and desires of today, whilst ensuring that your future is catered for.  However, it is a fine balance to achieve this. 

If you’d like a chat about your own circumstances, please give Iain or Hayley a call at (0034) 951 668 108.  Alternatively, you can send us an email at hello@baycrestwealth.com and we’ll contact you to make a telephone or video appointment. 

Baycrest Wealth

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