5 professional tips for gaining greater control over your finances

Have you ever wished you could have more control over your money? According to new research, you are not alone.

A Tesco Bank survey, published by MoneyAge, found that one-third of Brits want to assume greater control over their finances in 2024. The research found that young people are particularly keen to do so, but overall, each age group reported a desire to manage their money more closely this year.

If you wish to take charge of your wealth, we’re here to help. Here are five professional tips for gaining more control of your finances.

1. Focus on the things you can control

There may be circumstances outside of your control that affect your wealth, such as:

• Inflation
• Interest rates
• Unexpected life events, such as the death of a family member
• Rising energy costs
• Stock market volatility.

Attempting to control these elements might not be a successful endeavour, so instead, focus on influencing the aspects of your money that you have power over.

So, if you are looking to gain better control over your wealth this year, focus on what you can actually influence: your own financial mindset.

2. Conduct an annual “financial MOT”

There is no shame in feeling lost when it comes to your money – so a “financial MOT” might help you to regain control.

Just like sending your car for professional inspection once a year, doing the same for your finances might keep the engine ticking over smoothly. Your financial MOT may include:

• Requesting a pension statement and reviewing your pot’s annual growth
• Checking in on your investment portfolio and looking at your strategy for the year ahead
• Measuring your savings against the goals you set in the previous year
• Reviewing your financial protection and updating any policies if necessary
• Looking at your tax burden and finding ways to mitigate it if possible.

On some occasions, your financial MOT may be nothing more than a quick once-over of the fundamentals. But on others, more work may need to be done to keep you driving safely.

That’s where having a Financial Planner conduct your MOT may come in handy – more on this later in the article.

3. Get to know your financial strengths and weaknesses

Everyone has strengths and weaknesses in life; it’s what makes us human. When seeking to gain more control over how you run your finances, learning your strengths and owning up to your weaknesses might be hugely beneficial.

In doing so, you could find ways to work smartly around your weaknesses, rather than worrying about them constantly and putting yourself down.

For example, if you are known for being a lavish spender at times, using handy finance apps may help with day-to-day budgeting. And, when looking at the big picture of your wealth, using cashflow modelling software with the help of a Financial Planner could prevent you from overspending year after year.

Take a proactive attitude towards your weaknesses whilst leaning into your strengths, and you may find that you’re managing your money much more closely without being consumed by anxiety about “what might go wrong next”.

4. Take full advantage of tax breaks and other opportunities

We certainly don’t make the rules around tax, and neither do you. But one financial action you could take to help you feel more in control is to understand, and act upon, the tax breaks and other opportunities available to you.

We recently published a full guide on seven tax allowances and exemptions you could use before the end of the financial year, and gaining this knowledge could enable you to:

• Look at your overall tax liability
• Learn how key tax-efficient allowances may be set to change in the new financial year
• Come up with a strategy for mitigating tax where possible
• Save money on handy tax breaks where you can.

Similarly, saving and investing tax-efficiently could help you to grow your wealth without subjecting it to unnecessary tax. Individual Savings Accounts (ISAs), for instance, could be a fantastic place to save and invest, alongside maintaining pension contributions over the long term.

You can read our insights on the benefits of ISAs and efficient retirement planning, among other helpful articles, on our news page.

Ultimately, educating yourself on the fundamentals of finance (with the help of a Financial Planner) could empower you to make the most of what you have and help you gain full control over your wealth in future.

5. Create a financial plan with the help of a qualified wealth expert

Forming a relationship with a Financial Planner could be a brilliant way to take long-term control of your financial situation.

Professional help could equip you with the tools you need to make the most of your wealth, pursue your long-term goals, and do all this with confidence and peace of mind.

When you create a financial plan with us, you could benefit from:

• Year-round support from an independent, qualified professional
• The confidence to save and invest smartly for your future
• Peace of mind that you can leave enough money to the next generation
• Greater knowledge of how to protect your wealth from the unexpected
• More control over how you earn, save, invest, spend, and gift your hard-earned money.

What’s more, working with a Financial Planner could prevent you from becoming bogged down in the nitty gritty. We cover the details whilst you sit firmly in the driver’s seat, able to make a range of choices within your robust financial plan.

Are you looking to take control of your wealth in 2024? Email us at enquiries@pen-life.co.uk, or call 01904 661140.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.

All contents are based on our understanding of HMRC legislation, which is subject to change.

The Financial Conduct Authority does not regulate estate planning, cashflow modelling or tax planning.

The value of your investments (and any income from them) can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.