Six Financial Resolutions for Young People in 2019

Financial planning is often something we consider later on in life, which more often than not is unfortunately too late. Research has shown that the optimum age to get financial advice is actually 25! (The 2015 Value of Advice Research by Unbiased and Metlife).

We spoke with one of our young team members, 23-year-old Jody Collins to find out what her advice is for young people wanting to start a fresh approach to financial planning in 2019.

Jody shares her six financial resolutions for young people in 2019 below:

  1. Pay your debt

Ignoring debt is one of the worst things that you can do at our age as it will only become more unmanageable and negatively affect your credit ratings in the long run, leaving you unable to experience the things in life that you really want to.

Paying off your debt has to be your number one priority before anything else – if you don’t have any debt you are already one step ahead!

  1. Put a little away every month – it all adds up!

Savings are one of the best ways to accumulate the finances to spend on the things you really want in life. As well as preventing you getting into debt when unexpected expenses crop up, you can spend (relatively) guilt-free and have a bumper for those unexpected costs. With savings you have access to disposable income to prevent you missing out on things you want to enjoy whilst you are young.

  1. It’s 2019 – what are your goals for the year?

Whether you want to travel, buy a house, or just invest in a new wardrobe, start 2019 off right by writing down your goals.

With each goal there is a cost associated and it pays to be well researched and realistic as to this cost, don’t just guess! Looking at your weekly budget you can assess how long it will take to accumulate enough in your savings to be able to finance these goals.

  1. Start your pension as soon as you start your first job

With auto enrolment it is now compulsory for any workplace to offer a pension. If you are saving for retirement from the first day of employment this is money you will never miss. It’s a lot tougher to start giving away your monthly earnings to the future you, as the present you may have to cut back on a few things.

  1. Emergency fund

As well as your monthly savings, it’s also important to have some sort of an emergency fund to act as a buffer to life’s unexpected surprises. If you find from time to time you have a little extra money it’s worth putting it into a high interest savings account and saving it for the unknown. A cautious yet practical approach.

  1. Focus on the future, not just the present

It’s so easy to live in the moment and that can feel good and lead to some incredible experiences in the short term, but with a few clever tactics you can help yourself to enjoy everything life has to offer. Start small and aim big, think about saving with an ISA.


The odds on becoming a millionaire through winning the lottery or scooping the Premium Bond jackpot are slim at best. However, with planning, patience and sufficient money available to invest in stocks and shares, by reinvesting all your dividends, and making maximum use of your tax-efficient allowance, it is perfectly possible to become an ISA (individual savings account) millionaire. Hundreds of investors, who started to build their tax-efficient portfolios in the 1980s through Personal Equity Plans, have done just that since the ISA scheme was launched in 1999. The allowance for the 2019-20 tax year is set at £20,000.

If you were able to invest your full ISA allowance in a stocks and shares ISA every year, and the ISA limit increased by around 2% each year, and your investments made an annualised return of 5% after fees, you too could join the elite band of ISA millionaires in around 22 years.

ISAs have encouraged more people to save for the future, largely because they are simple, flexible and provide an effective tax shelter. If you’re planning to invest this tax year, it’s a good idea to put plans in place as early as possible. The longer your money is invested, the more time it has to produce tax-free returns. The value of investments and income from them may go down. You may not get back the original amount invested.

Find out your financial options

It’s never too early to start planning your finances. Get in touch with Laurus Associates to work out your options.

0191 281 1234

Profile on Jody Collins:

23-year-old Jody lives in Jesmond, Newcastle upon Tyne and has been working at Laurus Associates since April 2018 having achieved a 2.1 BA Honours degree in Politics and a merit in a Masters in International Business Law from Newcastle University.

Job Title: Sales Support Administrator

Favourite part of the job: Variety and getting to go to events and meet new people. I like the people I work with and the different types of work I do.

Career Goal: The ultimate goal is to complete all my exams whilst gaining experience to become a chartered financial advisor.

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