When a new year begins, you may want to use this time to make some changes to the choices you make within your life. While people often make new year’s resolutions, these can end up falling by the wayside, especially when the stresses of everyday living come your way. There may be some financial changes that you want to consider making, not just for those first few weeks, but as a long-term, ongoing alteration, that could see you better off for it.

Not all financial changes can have immediate benefits. They may also not even affect you directly. Many parents might have concerns regarding how their children will manage financially as they get older. Making the change by setting up a stocks and shares ISA created especially for dependents can be a good way of putting money aside for their future use. As with any ISA, one made for juniors may also have an annual limit that you cannot exceed. Likewise, you may also be able to benefit from interest that can accrue on the account. Even a small deposit each week or month can slowly build up into a nice-sized amount which your child may be grateful for once they reach adulthood and can withdraw it.

There are other changes that you may want to make in your own life too. One of these can be to start putting aside money in case of an emergency. While you may want to make sure you budget accordingly for your household costs and groceries, there is always a chance that the unexpected could happen which could see you relying on credit cards or loans to get by. There are a number of aspects that this could involve, from needing a repair on your car, to a brand new boiler. By saving a small amount of money each week, you may be able to cover part, or even all, of these costs and still leave yourself free of any unwanted debt.

Spending money simply because items are deemed as fashionable or in demand can also be a bad idea. You may want to think about reusing older items, or even the longevity of a purchase, before you spend money. When you consider that 28% of smartphone owners may replace their handset in less than 2 years, it can soon become apparent just how much money is being thrown down the drain. While it can be nice to have the latest of everything, making do could see you have more disposable income to spend on necessities, or even to save up for larger, more important purchases.

Making changes to the ways in which you spend and save money could take off some of that financial strain. While it may be initially difficult to break free from old, potentially damaging habits, these could really benefit you in the long run. In addition to this, a healthier relationship with money can also allow you to pass on this knowledge to younger generations.