The first month of a new year is a great time to make new plans – and that includes your financial plan!

You won’t be alone if you have made a few resolutions for the next 12 months or so. Lots of people will be in that frame of mind at this time of year.

Taking control of your finances – and planning for your short and long-term goals – is something that can have a huge impact on your emotional and financial wellbeing.

Indeed, a new survey of 2000 UK adults* has shown that more than half – 55% – are determined to improve their financial health in 2022.

The cost of living crisis – and energy and fuel bills soaring – has brought an added urgency to the need for better financial education and guidance. There has never been a more important time to fully understand your financial situation, and what exactly your money can and can’t do for you.

Money is an important subject. It can play a key part in how you live your life, now and in the future.

For many, financial worries directly impact their daily life – whether that is at home or at work.

By taking control of your money – and having a clear understanding of your financial position – you may be able to offset anxiety and stress, and in doing so make good financial decisions, rather than merely guessing.

Sometimes it can feel great to ‘fly by the seat of your pants’ – and letting things ‘just happen’. But not where your money is concerned.

The beginning of a new year is the perfect time for new beginnings.

Use this time to look at what you have, what you want to do, and where you would like to be in the future.

Make this your year of change; the year where you are in control of your finances, not the other way around. Put a flexible plan into action. Knowing what you are going to need will enable you to live your life as you want, and will give you the power to achieve your plan, without having to say…’oh, if only I’d known!’

New year, new beginnings.

• survey carried out on behalf of abrdn investment company.