Treat yourself to a financial healthcheck this New Year

Avoid the financial winter blues by kick-starting 2008 with a fresh approach to savings, says Cheshire Building Society.

New Year’s resolutions often include gym memberships, diets and job-hunting but personal finance should now be added to the list too!

Following a month of spending, January is the perfect time to take advantage of the great savings products available, helping you start the New Year in the black.

Sorting out your finances isn’t always easy on your own. The Cheshire offers some helpful tips to get people better prepared financially for the year ahead.

Start Some Fresh Savings

January marks the start of “ISA season”, so investigate the rates available in the market. If you have spare cash, investing in an ISA makes sense as it is tax-free and can help to prepare for next Christmas.

Keep A Diary

Keep a diary of all your spending to see where you are wasting money and where you can cut back. You may find that by recording your outgoings, you spend less.

Don’t Forget Your Mortgage

If you have a mortgage, it is always worth shopping around in case there is a better deal available. You should of course, always make sure the savings you make outweigh any extra costs involved in your switching mortgage, such as administration and legal fees. However, you may save more in the long run by paying fees up front.

Throw Out The Old

Cancel any monthly direct debits you are paying for and not using. Direct debits for gym memberships are often forgotten and rarely used, so cancel the monthly payment and take up jogging!

Start A Pension

Save for the long term by reviewing your pension scheme and addressing any necessary changes. If you have not already got one, ask your employer about what is offered through your job.