By Stuart d’Ivry, Managing Director of Pure Wealth Management

 

Happy New year to all my money matters column readers and I hope you all had a wonderful festive break and are ready for 2025.

Thank you to all who have contacted Pure Wealth since we started our money column for Sportin Wales. I have been delighted to help the readers with financial advice and financial planning going forward.

So, as it’s January, the month of ‘New Year’s Resolutions,’ this month I have made a few suggestions of what I believe you should all be thinking about as you set your financial foundations up for the year ahead.

Investments

Are you utilising your tax allowances? Opening ISAs for you, or junior ISAs for your children, allows your investments to grow tax free. This can have a positive effect on the overall returns over a period of years due to benefits of compound interest.

In addition to this whilst the government recently reduced the capital gains tax allowance a married couple are still able to make £6000 a year without paying tax. Do you utilise this allowance?

All these allowances are “use it or lose it” annual tax benefits so make sure you use them if you have capacity. Better still, let Pure Wealth make sure you maximise these allowances every year!

Pensions

Are you dreaming about retirement? Are you already retired? Do you know where your pensions are invested?

Are they performing to the best of their ability? Are you paying too much for them? Do you have multiple pensions from various jobs over the years?

Are you breaching income tax thresholds? Are you paying too much tax, losing allowances or benefits like child benefit due to your income?

So many questions… and that’s why there is so much you can do in relation to pension planning that will benefit you both today and in the future.

Pure Wealth are offering Sportin readers a no obligation free review of their pensions in the new year.  Just mention Sportin Wales when you make contact.

Mortgages

Pure Wealth’s dedicated independent mortgage team can help ensure these payments are as competitive as possible.  Do you know when your mortgage rate expires? This may not be on the anniversary of your purchase.

If you register the expiry date with the Pure Wealth mortgage team one of our independent advisers will contact you 3 months before to discuss options with you.  They will search the market to find the cheapest rate available based on your circumstances.

You could also look to restructure the term or even add some higher interest borrowing onto the mortgage to reduce the effect of the likely increase to the monthly mortgage payment.

If your rate is expiring in 2025 your payments are likely to be rising and you need independent advice more than ever.  Provide us with the expiry date and we will do the rest!

Family and Personal Protection

No one expects anything to happen to them, but everyone sadly knows of someone who may have died prematurely or has been diagnosed with a critical illness. How would this affect you and your family if something like this happened to you?

The correct protection provides peace of mind that should the unthinkable happen the ones you love are protected. Everyone insures their car and their house, so this year consider insuring both for you and your loved ones.

There are various levels of cover to suit all budgets. Pure Wealth will again search the market to ensure the cover is at the most competitive price offering you the best value for money. We can also review your current cover to see if we can reduce the premium saving you money on a monthly basis.

Summary

Above are four suggestions that you should consider ensuring you and your family’s financial circumstances are in tip top shape going into the new year.  Should you require any help or advice please get in touch.

Happy New Year All!

So, who are Pure Wealth Management?

Pure Wealth are an independent financial advice practice offering holistic whole of market advice to individuals and businesses across South Wales.  We are not tied to any company or provider and will work in partnership with our clients to offer bespoke financial planning typically on an ongoing basis.  Pure Wealth is part of the wider Pure Group which consists of specialists in other areas such as residential property, property investing, commercial property and development.  This ensures that clients of the Pure Group have the peace of mind that they are receiving independent advice across all areas of their finances.  Should any of the readers require any advice or have any question in relation to mortgages or any other areas of their financial planning please get in touch mention Sportin Wales Magazine and we will ensure the first consultation is free of charge.

Contact 02922 671957

Email info@purewealthmanagement.co.uk

Investments can go down as well as up. You may not get back the original capital invested.

Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.

Think carefully before securing other debts against your home.

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