Five tips to help you plan your finances for the new year

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Lots of people make plans in the new year to manage their money more carefully.

No matter your financial goals for 2025, Karleen Dowden, Regional Manager for the North-East at the Money and Pensions Service (MaPS) offers some guidance.

Be wary of January sales

Don’t get sucked into the January sales – of which many started as early as Boxing Day. Sales like ‘Blue Monday’ try to encourage unnecessary spending which can have an impact on your finances.

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Karleen Dowden, North-East Regional Manager, Money and Pensions ServiceKarleen Dowden, North-East Regional Manager, Money and Pensions Service
Karleen Dowden, North-East Regional Manager, Money and Pensions Service

If you do need to buy something, make a list and do your research so you aren’t tempted by sales.

Plan your year

See where your financial pinch points are in the year and budget for these accordingly using MoneyHelper’s budgeting tool. In cheaper months, try to put more money aside for more expensive times ahead.

If you’re booking a summer holiday, factor this cost in as you spread the cost over the year.

Don’t forget any changes on 6th April with the new tax year.

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Set a savings goal

January is a great time to set yourself a realistic savings goal, like saving a certain amount each month.

After using MoneyHelper budgeting tool, calculate how much you have leftover each month to put into savings.

Improve your credit score

A good credit score can help with loan approval and lower repayments.

Check your current credit score for free to see where you stand and report any mistakes you find to the credit reference agency.

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You can also add rental payments to your credit report and register to vote which both offer good boosts to your credit score.

Reach out for help if you need it

If you’re struggling with debt at the start of the year, reach out for help early.

The first step can be the hardest, but it will make a massive difference. If you are facing debt, you’re not alone and you can get friendly and non-judgmental free advice.

Use MoneyHelper’s free debt advice locator tool to find free debt advice near you.

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