How to develop better financial habits in 2020

With a new year in front of you, you may be focusing on your physical and mental health: joining a gym, changing what you eat, planning your annual leave. It is equally important to focus on your financial health. Physical and mental health are not exclusive from it.

According to a study by the bank N26, that 9.5 million people in the UK have experienced mental health issues because of financial anxiety. Better financial habits can have a huge impact your overall wellness.

Whether it is debt issues, saving for a house deposit, protecting your income if you are self-employed, or saving for retirement, small concerns can escalate without proper information and advice. In a study from Openwork, 53% of UK adults said they would benefit from financial advice, that figure rising to 61% of under 35s.

An experienced adviser can help to manage financial anxieties, providing potential options for alleviating debt, the most appropriate ways to for you to save, and how best to protect the future of you and your loved ones. Seeking advice at an early stage can put your mind at ease and equip you with the knowledge and options for a more healthy financial future.

Reassessing current priorities and habits

Stepping back and evaluating your financial ambitions can help to gain clarity. Have your priorities evolved, perhaps to focus more on dependents, and do your habits need to change in order to make your new ambitions more realistic? Spreadsheets or spending apps will help to keep track of your day-to-day expenditure and identify where you may be able to cut back.

For savers, it is worth regularly re-evaluating whether you are saving enough to achieve your financial goals and whether your money is being invested into the most financially savvy products. A financial adviser can help you to adopt wise saving habits and to assess the multitude of saving account options on the market. Find out more about the importance of saving in our recent article.


Most UK businesses now have an employee pension scheme, and you will be auto-enrolled into that scheme should you meet the requirements. This means that a percentage of your salary goes into the pension each month, as well as a set percentage from your employer.

Pension schemes vary widely, and it is important to fully understand your scheme, and all the benefits relating to it, in order to calculate whether you are adequately preparing for your retirement. If you have any doubts speak to your employer and request to see the full details of your policy.

The current state pension is set at just £168.60 per week, so if you are not enrolled in an employee pension scheme, or that scheme does not support the post-retirement lifestyle you plan for, a private pension allows you to further take control, saving for your future in a tax-efficient manor.

A pensions expert can help calculate if you currently have adequate provisions for your retirement plans, and how you can adjust your contributions or products in order to better suit your goals. Monthly payments can be set at a level to suit your situation, and often adjusted as that changes, so it is important to continually assess whether your agreement still meets your needs.


With upwards of 150 independent lenders in the UK marketplace and more providers and products than ever before, the mortgage landscape is a complex one. Whether buying a new property, looking to make sure your current mortgage offers the best rates available, or hoping to remortgage in order to release capital, it is best to seek advice in order to gain a better understanding of which options provide the best features and rates for you.

Making the right choice can result in a significant saving, so it is important to continually assess if your current product suits your needs.


While you may not want to think about life assurance and the “what ifs”, protection planning is essential to ensure that you and your loved ones are safeguarded against the worst-case scenarios of long-term unemployment, illness, injury, or death.

A comprehensive protection plan can help offer peace of mind, typically providing options such as life cover, critical illness cover, income protection, mortgage payment protection and private medical insurance. An adviser can help curate the best package to suit your budget and requirement.

New habits

Making small changes to each area of your finances, as a New Year’s resolution or any time, can have a huge effect. Whether it be lowering your monthly mortgage payments and re-directing that money towards a protection plan, investing in a product that offers higher interest or growth potential for your capital, or starting a specific account for your children or grandchildren to ensure you are saving for their future, changing your habits and developing more healthy ones can ease anxiety and become an important step towards both financial and mental wellbeing.

To find out how BKL Wealth Management’s experienced financial advisers can help you to take control of your finances in 2020, please contact us using our enquiry form.


The information contained within this communication does not constitute financial advice and is provided for general information purposes only. BKL Wealth Management shall not be liable for any technical, editorial, typographical or other errors or omissions within the content of this communication.

All wealth management advice will be provided by our affiliated FCA registered company BKL Wealth Management Limited.

BKL Wealth Management Limited is an appointed representative of Vintage Wealth Management Limited which is authorised and regulated by the Financial Conduct Authority. FCA number 593380.



Sam Inkersole

In 2022, Sam won the Taxation’s Rising Star award at the Taxation Awards in and was named in the Accountancy Age 35 Under 35.

Jon Wedge

While Jon’s client work focuses on the financial services sector, he also oversees the firm’s assurance service, as well as supporting the trainees following in his footsteps.


Elana joined us in 2017 as an ACA trainee, after graduating from Durham University where she had studied languages. She is now a manager in our assurance team.


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