Important information: The value of investments and the income from them, can go down as well as up, so you may get back less than you invest.
January is always a challenge with both Christmas and the New year celebrations behind us. However, that shouldn’t stop us from creating some resolutions to help us better manage our finances in 2020.
Why not use it as an opportunity to kick-start good habits, set new plans into action or make a fresh start?
Maybe 2020 is the year you’re getting married or starting a family. You might have plans to buy your own home or start your own business. Whatever your hopes and dreams and wherever the year takes you, having the security of knowing you have already kick-started your savings will make all the difference.
So, this year, rather than letting the new year blues get to you, take one positive step today and kick Blue Monday on 20 January into touch, with three new year resolutions for 2020 that you can start today.
1. Pay yourself first
Take a look at how many standing orders and direct debits you have set up that automatically siphon your hard-earned money out of your bank account every month. It’s only right that you pay your dues, but it’s also time to add yourself into the mix.
We can each save £20,000 a tax year into our ISA. That’s a lot of money and as all the profits you make within your ISA are paid to you tax-free, it’s a great, tax-efficient way to get your money working harder for you. So, make a resolution to start saving into yours this year.
The trick is to start small, but keep your savings regular and you will it will pay off in the long run.
You can save from as little as £50 a month into your ISA. Over time that will grow nicely and you will soon find that small sum you set aside every month becomes just another of your monthly outgoings. Except this time, you will have something to show for it.
2. Simplify your finances
Much like trying to keep track of a number of pensions when you have them with various previous employers, if you’ve got lots of different ISA accounts it’s time to simplify things.
Combing all your ISA investments together into one account makes checking you’re on target easier and could save you money. It’s far easier to see how your overall portfolio is growing when everything is in one place.
Just make sure that when you do transfer your ISAs into one place you use the ISA transfer service. That way your ISA savings and the tax breaks that come with investing in an ISA won’t get lost along the way.
3. Save and invest without sacrifice
How many times do you really use that gym membership? Is your TV package really worth the monthly cost? Could you really taste the difference if you opted for supermarket own-brand rather than the household names you usually go for in your weekly shop?
Make a resolution to make a saving on one thing you’re frittering money on unnecessarily and then invest the money instead. Whether you’re saving for a rainy day, planning to start your own business, have a big life event coming up in 2020, such as a wedding, the arrival of a new baby or a big house move, or maybe your priority is simply to look after your future financial security, then setting up a savings habit that doesn’t require sacrifice means you’re more likely to stick to it and keep going.
So whatever plans you have for 2020 and beyond, make this the year you really take charge of your finances.
Important Information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to an authorised financial adviser. Before deciding to transfer an ISA, please read our transfer guide Moving your investments to Fidelity which explains the options available and gives you the important information you need to know. Tax treatment depends on individual circumstances and all tax rules may change in the future. Please be aware that if you transfer share classes that are not supported by Fidelity, they will be sold and the proceeds will be reinvested in supported share classes, which means you will be out of the market for a short period and may have to pay additional costs as a result. If your investments are moved to us as cash, you will be out of the market while your money is being transferred, so you could miss out on growth and income if the market rises during this time. Currently, completion times can be between 4-6 weeks but could be longer as the process is reliant on prompt action by your existing providers whose time frames can be variable.
What you could do next
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Exit fees terms and conditions
In order to request exit fees re-imbursement you will be required to complete an exit fees re-imbursement form which you can download by clicking here, or request over the phone by calling us on 0333 300 3351.
Terms and conditions for re-imbursement of exit fees
This offer does not apply to any investments linked to an Adviser / Intermediary or third party.
Fidelity will reimburse the exit/redemption fees charged to a customer by their former provider/s when they move their investments (minimum of £1,000) to Fidelity Personal Investing, up to a maximum amount of £500 per customer.
An exit fee is an administration charge which is imposed by the former provider and arises directly as a result of processing the transfer or re-registration of the customer’s investments to Fidelity. Fidelity will not reimburse the customer for any loss of investment returns, loss of interest, dealing charges, penalties for transferring investments before their maturity dates or any other charges associated with your transfer or re-registration.
Where a re-registration or transfer is not possible and the customer chooses to sell their investments held through another provider and subsequently make new investment/s (minimum £10,000) through Fidelity Personal Investing, Fidelity will cover any account closure fees charged by the customer’s former provider (excluding any dealing charges) of up to £500 per customer. Fidelity will not cover any bid-offer spreads or any capital gains tax liability arising as a result of these transactions.
Exit and account closure fees reimbursement must be claimed within a 6 month period from date of transfer of the customer’s investments to Fidelity. Exit fees will be reimbursed for transfers and re-registrations and account closure fees will be reimbursed provided the conditions above are met. Products included: ISAs, Investment Accounts, EBS SIPP, Fidelity Personal Pension, Fidelity SIPP, Unit Trusts, OEICs, SICAVs, Exchange Traded Funds, Investment Trusts and Shares.
To qualify for the reimbursement, the fees from the customer’s former provider must have been triggered as a direct result of the transfer or re-registration to Fidelity Personal Investing, or the closure of an account where the customer has subsequently (within 6 months) invested at least £10,000 through Fidelity Personal Investing. If the customer is transferring investments to more than one provider from their former provider at the same time, Fidelity will only reimburse the fees which are incurred as a result of direct transfer or re-registration to Fidelity. Other fees or charges unconnected with the transfer will not be reimbursed.
The completed Exit Fee Reimbursement Form and documentary evidence of the charge will need to be provided in order for the exit fees to be reimbursed to the customer. To claim the reimbursement of any account closure fees, documentary evidence of the closure fee levied will need to be provided to Fidelity, along with confirmation that a minimum of £10,000 has been invested with Fidelity within 6 months of incurring such closure fee.
The documentary evidence referred to above, must be either a copy of the charge confirmation letter from the former provider or a statement showing the charge being deducted.
Payment will be made to the customer by BACS when a bank mandate is held on the account. Alternatively, payment will be made by cheque.