Get financially fit for 2025: top financial New Year’s Resolutions for contractors

Welcome to 2025! Can you believe we’re a whole quarter century into this millennium!  

A new year is the perfect time to reassess your goals, not just for your career but also for your finances. For contractors and freelancers, managing income and expenses over the year can feel like a balancing act. 

Here are some top financial resolutions which can help you take control and get financially fit for 2025, and how Liquid Friday can help you achieve them.

1. Budget like a Pro

Creating and sticking to a budget is essential for financial stability, especially when your income fluctuates. Use tools like the MoneyHelper budgeting planner, accessible via the Liquid Friday app, to map out your expenses and identify areas where you can cut back. Start by tracking your income and outgoings to set realistic monthly goals.

Don’t forget to take advantage of Liquid Friday’s contractor Reward Club, which allows you to stretch your household budget further by accessing discounts on everything from groceries to travel.

2. Boost your savings

As a contractor, it is reassuring to have a financial safety net, but building up an emergency fund can be difficult. But every little little helps when you’re working towards a solid financial foundation. 

For example, your bank may have a “round up” tool, which automatically rounds up your purchases to the nearest pound and saves the spare change into a separate account, so you start saving without even noticing it.

3. Stay on top of tax

Managing taxes can be one of the most stressful parts of contracting, but it doesn’t have to be. If you’re paid PAYE umbrella  through Liquid Friday, your tax and National Insurance contributions are deducted at source, giving you peace of mind that everything is handled correctly. You won’t have to worry about unexpected tax bills or scrambling to set money aside.

For those who are self-employed or working under the CIS scheme, we’ve got you covered too. Liquid Friday offers cost-effective self-assessment support, making it easy to manage your tax obligations without the hassle. Whatever your setup, we’ll help you stay compliant and in control, so you can focus on your work instead of your paperwork.

4. Plan for the future

As a contractor, thinking ahead is key. Whether it’s saving for a mortgage, planning for retirement, or funding your next big goal, setting long-term financial targets is vital. Liquid Friday partners with specialist contractor mortgage and pension advisors who understand the unique needs of the flexible workforce. They can help you secure tailored deals and expert advice, ensuring you’re on the right path to financial security. With the right planning and support, you can make your money work harder for you in 2025 and beyond.

5. Make the most of your income 

With Liquid Friday’s contractor app, you can manage your assignments, view your payslips, and even access advances if you need a bridge to payday. Plus, our Reward Club ensures your money goes further. 

2025 is your year to take charge of your finances and build a more secure future. With the support of Liquid Friday’s innovative tools, resources, and rewards, you’ll be well-equipped to hit your financial goals and get the most from your contracting career. 

The Liquid Friday app is available from the App Store and Google Play.