Your financial checklist for 2025 - Martyn James

If you're smart now you should be able to watch your finances grow throughout the year (Picture: Adobe)

I have had a huge response to my recent articles on budgeting and making financial resolutions from readers. Firstly, thank you all so much! Many of the people who got in touch have asked me for advice on how to make the most of their finances in 2025. I’m going to tackle all of the main financial products one by one over the coming months. But for now, here’s my “at a glance” financial checklist to help you save money in minutes, while avoiding common pitfalls and problems.

Bank accounts

According to Pay.UK, just under 10 million bank accounts have been switched over the last decade. But millions of people are staying stubbornly committed to their banks, despite poor service and a lack of perks for loyalty. Yet by switching bank accounts you can get your hands on an extensive range of perks. The process only takes seven working days and all your regular payments move over with you too.

There are loads of websites that allow you to compare the best deals. Look for cash bonuses for joining (up to £175 at the moment), cashback when you shop, discounts, better overdrafts and deals on other financial products like insurance. Caveats apply though, so make sure you read the small print.

Savings

Loads of people are letting their savings stagnate in accounts that aren’t paying much interest. While we may have seen the peak of the best savings interest rates, there are still some great deals out there. The highest standard saving account interest rates are at 4.7 per cent at the time of writing, However, if you are willing to lock in your money for anywhere from 7 to 30 days for up to five years or more, you can get even better deals. MoneySavingExpert has great comparison tables.

Insurance

After years of spiralling insurance premiums, there are some indications that prices may finally be coming down. Check when your existing policies are due to expire and speak to your insurance company three to four weeks before that date to negotiate a better deal. Many of the readers I’ve spoken to have been able to negotiate some serious price reductions – in some cases hundreds of pounds.

Pensions

I spoke to my fellow TV expert and consumer finance specialist at Royal London, Sarah Pennells, for her top tips on all things pensions. Sarah says: “Our research shows one in eight workers never check their pension. Do this by going on to your pension provider’s mobile app, or use their online portal. You don’t have to wait for your annual statement! While you are at it, look for lost pensions. We found over a third of people have had four or more jobs and it’s estimated that there’s over £31 billion in lost pensions. You don’t have to pay to track down your lost pension either.

“If you’re in a workplace pension, your employer will already pay into it, but some will match any extra you pay in, pound for pound, up to a limit. So, if you pay an extra £50 a month into your pension, £100 will be added every month if your employer matches it.”

Mortgages

The year ahead for mortgage rates and house prices remains volatile. So if you’re concerned about your current deal coming to an end, don’t wait till then, speak to your mortgage company now and ask them for their suggestions. If affordability is an issue, you may be able to extend your term, switch to an interest only deal or take a mortgage holiday.

If you’re worried about getting on the housing ladder, speak to a broker now to find out what information you’ll need to provide. You can usually get quotes or advice for free in person or online about the maximum you may be able to borrow too.

Budgets and support

If money is tight, then make your priority reducing your outgoings. There are loads of budget templates out there if you don’t know how to get started. I’d use the StepChange budget guide and planner here: www.stepchange.org/debt-info/your-financial-situation/making-a-budget.aspx

Martyn James is a leading consumer rights campaigner, TV and radio broadcaster and journalist. For more from Martyn, click this link​