For many, the start of a new year is a time of reflection and a renewed determination to do things differently in the months that lie ahead. Whilst overhauling your finances could seem less exciting than taking up a new hobby or challenge, it could make a big difference to your future wealth.

CHECK YOUR MORTGAGE Often a family’s biggest monthly outgoing, it makes sense to check that you’ve got the best, most cost-effective deal for your circumstances.

MAKE PENSION SAVING A PRIORITY You’ve probably heard this message many times before, but experts agree that the earlier you start saving in a pension, the more you can put into it, the more time your money has to grow. With tax relief available on contributions, pension saving really is a no-brainer.

DON’T MISS OUT ON TAX RELIEF ON YOUR SAVINGS If you haven’t used your ISA allowance for this tax year (£15,240) then you still have time. Depending on your circumstances, you might want to think about a Help to Buy ISA or a Lifetime ISA when it launches in April.

DON’T AUTOMATICALLY RENEW YOUR HOME INSURANCE Shopping around at renewal could get you a better, cheaper deal that provides the right cover for your needs. KEEP YOUR CREDIT CARDS AND LOANS UNDER REVIEW It pays to know what interest you’re being charged and to check if another provider offers a lower interest rate.

CHECK OUT YOUR BANK ACCOUNT Many banks offer new customers valuable incentives to move their accounts. If you’re currently paying a monthly fee, it pays to check out that the extras you get by doing so represent good value for you.

MAKE YOUR WILL Without a Will, your estate would be administered under the laws of intestacy, meaning that your wealth might not go to those you would like to benefit on your death. Will writing is not regulated by the Financial Conduct Authority.

GET GOOD ADVICE When it comes to managing and planning your money, it makes sense to get good quality, in-depth advice from a professional. If it’s been a while since you looked at your finances, then why not schedule a review? The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated.

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