New Year ... New You and Your Money
The New Year is the perfect time to hit reset on your finances. With just a few simple tweaks and some thoughtful planning, you can take control of your money. Below are some practical, achievable tips to help you get started saving more and setting yourself up for success in 2025 and beyond.
We all know the saying - "Remember: Take care of the pennies, and the pounds (or cents and dollars!) will take care of themselves."
Audit Your Subscriptions
Have you ever checked your phone bill or bank statement and wondered, "Wait, what's this charge for?" Subscriptions have a way of sneaking into our lives and sticking around longer than we realise. From apps you never use to streaming services you've forgotten about, those small charges can add up quickly.
How to review your subscriptions:
For Android users: Open the Play Store, tap the menu in the top-right corner, select your account, and then click on Subscriptions.
For Apple users: Go to Settings, tap your Apple ID at the top, and select Subscriptions.
Once you've found your active subscriptions, ask yourself:
Am I still using this?
Does it bring me value?
Could I live without it?
Cancel anything that’s not worth the cost. And while you’re at it, think about those streaming services. Do you really need Netflix, Prime, Neon, and Disney+? Cutting back on even one could save you a tidy sum each month.
Tying this approach to business success, auditing subscriptions is just as important for businesses as it is for personal finances. Many companies sign up for tools, apps, or services that were useful at one point but no longer provide value. By reviewing your business subscriptions, you can identify unnecessary expenses and reallocate those funds to areas that drive growth—like marketing, staff development, or improving customer experiences. For instance, do you still need that premium plan for a tool you barely use, or would the free version suffice? Cutting back on redundant services not only saves money but also ensures your business resources are aligned with its goals, setting you up for a more efficient and profitable 2025.
Set a Money Goal
The best way to make progress - whether in business or personal finances - is to have a clear target. Think about one financial goal you’d like to achieve in 2025. It could be building an emergency fund, paying off a credit card, upgrading your business equipment, or saving for a dream holiday. A well-defined goal gives you focus, motivation, and a tangible measure of success.
For business owners, this could look like setting a profit margin target, planning to pay down debt, or saving for a future investment like hiring a team member or expanding your services.
Break it down into actionable steps:
Set a clear target: Decide how much you want to save, invest, or pay off. For businesses, this could also include revenue goals or reducing unnecessary expenses.
Divide into manageable amounts: Break the total into monthly or weekly chunks to make it less overwhelming.
Track your progress: Use a budgeting app, accounting software, or a simple spreadsheet to stay on top of it. For business finances, tools like Xero or QuickBooks can help simplify tracking.
Keep the “why” in sight: Visualize what achieving this goal would mean—a secure cash buffer for unexpected expenses, peace of mind from less debt, or the ability to reinvest in your business. Knowing your "why" will help you stay on course.
Pro Tip: Share your goal with your team or family to stay accountable, and celebrate milestones along the way to keep motivation high.
