Now that we are six weeks into 2023, I find myself thinking about all those New Year’s resolutions millions of us made at the start of the year.
Are you sticking to your goals or has reality set in and you find yourself already regretting those promises to overhaul your budget, save more, pay off debt, start your investment journey or set up an emergency fund?
Unfortunately, studies over the years show that New Year’s resolutions are a tough ask for many, despite their good intentions.
One study by health fitness app Strava in 2020 found that most people give up on their resolutions on January 19, which it named “Quitters Day”.
Don’t get me wrong: I’m not calling anybody a quitter for not following through on their New Year’s resolutions.
While I don’t see the point in joining the global chorus of New Year’s resolutions, particularly when it comes to personal finances, I do understand why people want to turn over a new leaf when a New Year rolls around.
But setting lofty goals without careful planning can set you up for failure, particularly when it comes to money.
For a person to simply declare, “I’m going to save more money this year!” when the clock strikes midnight on January 1 is easier said than done.
Which leads me to ask: how do you plan to do that?
Short of going through your finances with a fine-tooth comb to figure out your incomings and outgoings, and finding ways to cut back on expenses, where will that money to save more come from?
Will you start a side-hustle or cut back on your daily coffee from Starbucks, for instance? What about giving up taxis in favour of public transport or cancelling forgotten subscriptions?
Oscar Wilde, the late Irish poet and playwright, made a good point when he wrote: “Good resolutions … are simply cheques that men draw on a bank where they have no account.”
It can be quite demoralising to start a new year on a losing note, but there are steps you can take to start tackling your financial goals.
That said, I think it is also important to keep your financial goals out of the New Year’s resolution bucket.
Why? Because it doesn’t matter what time of the year you do this. Why not start that financially empowering journey now rather than waiting for January 1?
Begin with thinking about what it is you want to achieve with your money — are you looking for financial security with an emergency fund (typically three to six months of expenses) or do you want to be debt-free and save for a mortgage?
Watch: Understand your finances
Or perhaps you want to start investing, save for your children’s futures or join the Financial Independence, Retire Early (Fire) movement and retire at 40.
Whatever it is that you want to achieve, you have to first drill down on what you earn versus what you spend.
Financial experts recommend keeping track of all your outgoings for at least a month to give you an idea of how much you are spending — or overspending, for that matter.
I would rate this as one of the hardest tasks to undertake when you decide to take control of your finances, as it requires honesty and a deep look at how much money you are wasting every month.
However, there are plenty of expense tracking apps that can help you with this, as well as keep you motivated to stay on track.
The results can be shocking for some but, once done, they do provide a realistic guide to set financial goals and how much you have left over each month to save, invest or pay off debts.
The more you learn about your spending and what you really need in life, the more it can lead to an incredible feeling of financial empowerment and confidence as you begin to see the results of your hard work
Felicity Glover
I intentionally don’t make New Year’s resolutions, as the last thing we need in our lives is more stress and that awful sense of failure — more so as we continue to deal with the aftereffects of the Covid-19 pandemic, rising interest rates globally and a higher cost of living.
Instead, I set myself goals and small challenges, such as a no-spend day or week, in which you cut out luxuries and pay only for the essentials such as rent, groceries and utilities.
The more you learn about your spending and what you really need in life, the more it can lead to an incredible feeling of financial empowerment and confidence as you begin to see the results of your hard work.
For me, that moment came when I set up my daughter’s first investment portfolio in December.
As we discussed her risk profile and whether or not she wanted to include Bitcoin in her portfolio (typical Gen Z, she said no), I realised this was a conversation I wish I had with my parents at her age.
We are two months in and staying on track — and already her portfolio is in positive territory. But she also understands that this is a long-term commitment and realises the importance of ignoring the daily highs and lows of stock markets.
For us, it is one small step at a time — and perhaps a positive, achievable way for others to approach their new financial journeys this year.
Key findings of Jenkins report
- Founder of the Muslim Brotherhood, Hassan al Banna, "accepted the political utility of violence"
- Views of key Muslim Brotherhood ideologue, Sayyid Qutb, have “consistently been understood” as permitting “the use of extreme violence in the pursuit of the perfect Islamic society” and “never been institutionally disowned” by the movement.
- Muslim Brotherhood at all levels has repeatedly defended Hamas attacks against Israel, including the use of suicide bombers and the killing of civilians.
- Laying out the report in the House of Commons, David Cameron told MPs: "The main findings of the review support the conclusion that membership of, association with, or influence by the Muslim Brotherhood should be considered as a possible indicator of extremism."
Starring: Jamie Foxx, Angela Bassett, Tina Fey
Directed by: Pete Doctor
Rating: 4 stars
UAE currency: the story behind the money in your pockets
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Tips to stay safe during hot weather
- Stay hydrated: Drink plenty of fluids, especially water. Avoid alcohol and caffeine, which can increase dehydration.
- Seek cool environments: Use air conditioning, fans, or visit community spaces with climate control.
- Limit outdoor activities: Avoid strenuous activity during peak heat. If outside, seek shade and wear a wide-brimmed hat.
- Dress appropriately: Wear lightweight, loose and light-coloured clothing to facilitate heat loss.
- Check on vulnerable people: Regularly check in on elderly neighbours, young children and those with health conditions.
- Home adaptations: Use blinds or curtains to block sunlight, avoid using ovens or stoves, and ventilate living spaces during cooler hours.
- Recognise heat illness: Learn the signs of heat exhaustion and heat stroke (dizziness, confusion, rapid pulse, nausea), and seek medical attention if symptoms occur.
Six tips to secure your smart home
Most smart home devices are controlled via the owner's smartphone. Therefore, if you are using public wi-fi on your phone, always use a VPN (virtual private network) that offers strong security features and anonymises your internet connection.
Keep your smart home devices’ software up-to-date. Device makers often send regular updates - follow them without fail as they could provide protection from a new security risk.
Use two-factor authentication so that in addition to a password, your identity is authenticated by a second sign-in step like a code sent to your mobile number.
Set up a separate guest network for acquaintances and visitors to ensure the privacy of your IoT devices’ network.
Change the default privacy and security settings of your IoT devices to take extra steps to secure yourself and your home.
Always give your router a unique name, replacing the one generated by the manufacturer, to ensure a hacker cannot ascertain its make or model number.
Newcastle United 0 Tottenham Hotspur 2
Tottenham (Alli 61'), Davies (70')
Red card Jonjo Shelvey (Newcastle)
EXPATS
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match info
Chelsea 2
Willian (13'), Ross Barkley (64')
Liverpool 0
Mohammed bin Zayed Majlis
Read more about the coronavirus
JOKE'S%20ON%20YOU
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Women & Power: A Manifesto
Mary Beard
Profile Books and London Review of Books
Founder: Ayman Badawi
Date started: Test product September 2016, paid launch January 2017
Based: Dubai, UAE
Sector: Software
Size: Seven employees
Funding: $170,000 in angel investment
Funders: friends
The distance learning plan
Spring break will be from March 8 - 19
Public school pupils will undergo distance learning from March 22 - April 2. School hours will be 8.30am to 1.30pm
Staff will be trained in distance learning programmes from March 15 - 19
Teaching hours will be 8am to 2pm during distance learning
Pupils will return to school for normal lessons from April 5
Who has lived at The Bishops Avenue?
- George Sainsbury of the supermarket dynasty, sugar magnate William Park Lyle and actress Dame Gracie Fields were residents in the 1930s when the street was only known as ‘Millionaires’ Row’.
- Then came the international super rich, including the last king of Greece, Constantine II, the Sultan of Brunei and Indian steel magnate Lakshmi Mittal who was at one point ranked the third richest person in the world.
- Turkish tycoon Halis Torprak sold his mansion for £50m in 2008 after spending just two days there. The House of Saud sold 10 properties on the road in 2013 for almost £80m.
- Other residents have included Iraqi businessman Nemir Kirdar, singer Ariana Grande, holiday camp impresario Sir Billy Butlin, businessman Asil Nadir, Paul McCartney’s former wife Heather Mills.
Hunting park to luxury living
- Land was originally the Bishop of London's hunting park, hence the name
- The road was laid out in the mid 19th Century, meandering through woodland and farmland
- Its earliest houses at the turn of the 20th Century were substantial detached properties with extensive grounds
RESULTS
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How to play the stock market recovery in 2021?
If you are looking to build your long-term wealth in 2021 and beyond, the stock market is still the best place to do it as equities powered on despite the pandemic.
Investing in individual stocks is not for everyone and most private investors should stick to mutual funds and ETFs, but there are some thrilling opportunities for those who understand the risks.
Peter Garnry, head of equity strategy at Saxo Bank, says the 20 best-performing US and European stocks have delivered an average return year-to-date of 148 per cent, measured in local currency terms.
Online marketplace Etsy was the best performer with a return of 330.6 per cent, followed by communications software company Sinch (315.4 per cent), online supermarket HelloFresh (232.8 per cent) and fuel cells specialist NEL (191.7 per cent).
Mr Garnry says digital companies benefited from the lockdown, while green energy firms flew as efforts to combat climate change were ramped up, helped in part by the European Union’s green deal.
Electric car company Tesla would be on the list if it had been part of the S&P 500 Index, but it only joined on December 21. “Tesla has become one of the most valuable companies in the world this year as demand for electric vehicles has grown dramatically,” Mr Garnry says.
By contrast, the 20 worst-performing European stocks fell 54 per cent on average, with European banks hit by the economic fallout from the pandemic, while cruise liners and airline stocks suffered due to travel restrictions.
As demand for energy fell, the oil and gas industry had a tough year, too.
Mr Garnry says the biggest story this year was the “absolute crunch” in so-called value stocks, companies that trade at low valuations compared to their earnings and growth potential.
He says they are “heavily tilted towards financials, miners, energy, utilities and industrials, which have all been hit hard by the Covid-19 pandemic”. “The last year saw these cheap stocks become cheaper and expensive stocks have become more expensive.”
This has triggered excited talk about the “great value rotation” but Mr Garnry remains sceptical. “We need to see a breakout of interest rates combined with higher inflation before we join the crowd.”
Always remember that past performance is not a guarantee of future returns. Last year’s winners often turn out to be this year’s losers, and vice-versa.
MATCH INFO
Manchester City 3 (Silva 8' &15, Foden 33')
Birmginahm City 0
Man of the match Bernado Silva (Manchester City)
