As we start another new year, you may find this a good time to do some financial planning. It’s important to think about the potential challenges and opportunities that you could face in achieving financial wellbeing, with a broader perspective on the current economic conditions. Figuring out how your TotalEnergies pension fits in with that bigger picture could be a helpful first step. If you want to check the current position of your pension, why not visit our member portal?

Budgeting and expenses

January marks an ideal time to revisit your budget and align it with your financial goals. Analysing monthly expenses and identifying areas where adjustments can be made will help in maintaining a balanced budget and getting on top of any debt you may have. You should also consider potential increases in living costs, such as healthcare, utilities, and groceries.

There are lots of websites that can help with everything from day-to-day savings tips to debt advice. If you’re struggling, have a look, and consider speaking to someone who can help.

• MoneyHelper is a free, independent service provided by the Government. It offers advice about pensions, benefits, savings and more.
• Money Saving Expert gives lots of advice on everything from reducing your bills to finding the best insurance deals.
• Age UK offers particular help for older people, including benefits you can claim to ease the pressure.
• Citizens Advice can help you if you’re facing problems such as debt.

If you’re getting close to retirement and want to think about how much income you’ll need, you might also find it helpful to look at the Retirement Living Standards produced by the Pensions and Lifetime Savings Association: retirementlivingstandards.org.uk

Government programs and benefits

It’s important to keep up to date with new laws and Government initiatives. This includes staying informed about adjustments in pension taxation, tax credits, and potential help and/or benefits that you may be eligible for. If things aren’t clear, seeking advice from financial professionals or using online resources can help.

• Help for Households gives details of any Government support you may be able to claim to help with the cost of living.
• Cost of living support provides a list of support available to you. This includes income and disability benefits, bills and allowances, childcare, housing and travel.
• UK Government website provides Government services and information in the UK.

As ever, if you’re making decisions about your financial future, we recommend getting independent help and advice. MoneyHelper is an excellent place to start. It can also help you to find an authorised independent financial adviser (IFA) in your area.