What can you do now to protect your money?
It’s natural ahead of budget announcements to feel apprehensive or uncertain about what to do with your finances; especially if you’re planning or anticipating big life events in the near future.
So what do you do? Below are some practical steps you could consider, from our financial experts:
Just so you know: This isn’t personal financial advice, rather a guide to highlight possible actions you might wish to review. Everyone’s circumstances are different, so if you’re unsure, it’s wise to speak to a qualified financial adviser. Tax rules can change, and investment values may go down as well as up, meaning you could get back less than you put in.
Plan It, Don’t Panic
It is easy to get caught up in speculation and act on rumours that may later prove unfounded. When it comes to your finances, decisions can be hard to undo, much like trying to put toothpaste back in the tube. Messy Stuff.
Before making any changes to your financial setup, take a pause and do a quick audit: Do you know what you’re putting into your pension? Your gross salary? What you’ve contributed to your ISA this financial year? What are your spending commitments each month? With this information you can make informed, personal decisions. You will also have a better understanding of how the budget will impact you when Rachel Reeves confirms these details.
When is the Autumn Budget? Chancellor Rachel Reeves will announce details of the next UK budget on 26 November, 2025, with the Statement expected from 12:30pm onwards. Aim to review your financial situation ahead of this date so that you have a better understanding of your present situation before any announced changes that might affect you.
You know your financial situation. Now what? Actions to consider:
If you are concerned about potential changes in the upcoming budget, it may be worth considering whether to bring forward any financial actions you were planning before the end of the Tax Year.
Acting ahead of the budget statement allows you to take advantage of the current rules while they remain clear and confirmed: before Rachel Reeves announces any updates. Depending on your situation there are different routes you can take, the most common would include:
Making a Pension Contribution:
One option to consider is making a pension contribution, especially if you have spare cash or surplus income that is not earmarked for immediate needs. Doing so could help reduce your taxable income for the current tax year, which may be particularly useful if you’re facing a higher income tax bill and are mindful of potential changes to pensions in the upcoming budget.
Keep in mind that there are contribution limits and Pension Rules (MoneyHelper). Once money goes into your pension, it’s not something you can dip into whenever you like.
Access typically starts from age 55 (increasing to age 57 from 2028), though this depends on your specific scheme and may change in future. So before making any contributions, make sure the funds are genuinely spare, to ensure you are not left short budget for your regular spending and any upcoming costs first.
Paying into your ISA
ISAs remain one of the most effective ways to protect your savings from income tax and capital gains tax. For the 2025/26 tax year, the annual ISA allowance is currently £20,000, but there’s speculation this could change in the upcoming budget.
If you haven’t yet used your full allowance, now might be a good time to consider topping it up. Doing so could help you safeguard more of your savings from potential changes to Income Tax or Capital Gains Tax.
Paying into Junior ISAs
Similar to the above, maximising Junior ISA allowances, could be a route to take. You can get Junior ISAs for children under the age of 18 and the maximum you can pay into these, in the current tax year, is £9,000 per individual.
Reviewing your Will / Financial Protection
If the uncertainty of the budget has you concerned, then consider the other unforeseen events that may also happen in your life and ensure you’re prepared for these also. Do you have a Will or Financial Protection? If not, why not? Without them, all the effort you have put into your financial security could be at risk and leave loved ones facing uncertainty.
Still not sure how to proceed? Working with a financial adviser who truly knows you and your circumstances can help in a multitude of ways, such as:
· Understanding how the budget could affect you
· Where the opportunities from the budget are for you
· Holding your hand through the changes before, during and afterwards
Start your plan today
Speak to an adviser now and get a clear action plan to protect and grow your finances. Ultimately, there’s no better time to review and fully understand your financial situation than today.
