Four tips to help you get on top of your finances

id

Some people see the festive season as the most wonderful time of the year. But realising how much you've spent over the period? That can sometimes feel less than wonderful, especially while the cost of living is still high. So we’re giving you some tips and looking at how our free finance tool Money Mindset could help you feel more confident about your finances in the new year.

1. Take stock of what you’ve got

It’ll probably be easier for you to make decisions about your money in 2024 if you know how much you have. So think about all the accounts you’ve put money into over the years.

Got a current workplace pension plan with Standard Life? You could have access to free finance tool Money Mindset, provided your employer has chosen to offer it. You can get to it through our app and dashboard. With Money Mindset, you can see your bank accounts, savings, pension plans, credit cards and more in one place. 

Seeing everything at a glance, including outstanding loan balances, could help you feel more in control of your finances. And it could help you make choices that are right for you.

2. Create a budget – and boost your knowledge

A budget can help you to curb overspending. It puts you in the driver’s seat and really gives you an opportunity to consider where you want your money to go. 

If you’ve linked your bank account to Money Mindset, you can see how much you’ve got coming in and what you’re spending in particular categories, like ‘utilities’. You can then set a spending goal for different categories and challenge yourself to beat it. Having a little friendly competition with yourself could help you save money. 

Plus, Money Mindset’s Knowledge Hub can give you some handy budgeting tips. It also has information on lots of different topics – from how health changes can affect your money to financing a car.

3. Find what you’re missing

We know it can be easy to misplace pension plans. But tracking down your hard-earned pension savings this year could make you feel better about your financial future.

There are different ways to hunt down old plans. You might still have some paperwork from your providers, although this won’t always be the case. With Money Mindset’s pension finder, you can track down old workplace plans using the names of your old employers and when you worked there. You can even use your LinkedIn profile to pull through your employment history.

It’s also worth checking that you’re not missing out on any government benefits you’re entitled to, as these could help boost your income in the here and now. You can do this through Money Mindset’s benefit finder.

4. Plan for emergencies

If your wallet’s taken a bit of a hit recently, setting money aside for emergencies may not be top of your to-do list. But even putting a little bit away for unexpected expenses could give you some peace of mind when life gets bumpy.

With Money Mindset’s emergency cash builder, you can choose which of your accounts you’d like to use as your emergency pot. You then set a savings target, and you’ll get to see your progress.

What’s next?

It’s important to remember that if you’ve been feeling financial pressure recently, you’re not alone. And there are things you can do to help you feel better about your money this year.

Don’t forget, you can access the Money Mindset tool by following these steps:

• Log in to or register for our online services, or download the Standard Life app
• Click into Money Mindset from the dashboard or app
• Read and accept the terms and conditions on the consent page if you haven’t yet registered for Money Mindset. If you’re already registered, you’ll be logged into the tool automatically 

id

The information here is based on our understanding in January 2024 and shouldn’t be taken as financial advice.

Your own personal circumstances, including where you live in the UK, will have an impact on the tax you pay. Laws and tax rules may change in the future.

Standard Life accepts no responsibility for information in external websites. These are provided for general information.

Money Mindset is provided by Moneyhub Financial Technology Limited