Brits determined to make 2014 the year of their dreams

50% of Britons have set themselves the goal to make 2014 the year to take a dream holiday or go travelling, according to Experian CreditExpert.
 
This was closely followed by other aspirations a lot closer to home, such as home improvements (46%), reducing debts (35%) and buying a new car (32%). More than a quarter (28%) of respondents are also hoping to buy a house this year, 9% to start a business, and 6% are planning to get married.
 
Looking to the year ahead, respondents were also asked about their views on their current financial circumstances. A third (33%) said that they are feeling confident about their financial situation, 41% were unsure feeling neither positive or negative and the remainder, 26% stating they not feeling positive about their financial situation heading into the new year.
 
Financial concerns are highlighted as the primary barrier that could hinder people achieving their dreams in 2014, with over half (56%) of respondents citing money and costs as the main barriers to fulfilling their New Year dreams.
 
Of those who feel that financing their dreams is the primary barrier in achieving them, the most notable concerns are the overall cost of living (60%) along with a lack of savings (55%). Having a poor credit history (9%) and an inability to borrow money (9%) were also highlighted.
 
Peter Turner, Managing Director, Experian Consumer Services, UK & Ireland, commented: “As we begin a new year, many of us will have given some consideration to our goals and ambitions for the coming year. However, often, as with New Year resolutions, without proper planning and support, some may never come to fruition.
 
“Taking the time to understand your financial situation is the first step on the road to realising your dreams and this means not only budgeting the money you have now but also reviewing any outstanding money you owe and planning ahead to be able to secure any credit you may need into the future.
 
“If you do find that your financial situation or credit history is getting in the way of achieving your 2014 dream, the most important thing is to deal with it as soon as possible. You need to understand your finances in order to take control of them. Your Experian credit report will give you an invaluable insight into your credit management over the last six years, highlighting the positive and the negative influences affecting your credit rating.”
 
Here are some simple tips from Experian CreditExpert to help you take control of your finances, so you can make the most of 2014:
 
1. Plan ahead
 
This is the first step to successful budgeting and particularly important in being able to afford big spends such as holidays, home improvements and even getting married. Shopping around and booking early could really pay off and you will also be able to understand how much savings you will be able to put aside within the available timeframe
 
2. Manage the credit you have
 
Credit includes everything from mobile phone accounts, credit cards, store cards, overdrafts and even mortgages and how you manage the credit you have now could directly impact on future credit applications. Don’t miss repayments, pay more than the minimum repayments each month where possible, stay within your agreed credit limits and try not to use more than 25% of your available credit limit on a regular basis
 
3. Understand how you might be viewed by lenders
 
Lenders use the information contained in your credit report along with the information on your application, to calculate a credit score which will be used to decide if you will be successful in any new credit applications you make. If you are thinking of borrowing this year, review your Experian credit report and score to help you understand how lenders will view you and ways in which you can improve your credit rating to get the credit you need.
 
4. Don’t be afraid to ask for help
 
Even if you’re a bit short, don’t skip a repayment or it will be noted on your credit report for at least 3 years. Instead, get in touch with the lender and explain what’s happening – they will try work with you to try and find a solution. If you are struggling with debts get free, confidential advice from organisations such as Citizens Advice at adviceguide.org.uk, the Consumer Credit Counselling Service at cccs.co.uk or National Debtline at nationaldebtline.co.uk.