Finance

New Year, New Finances: A Month-by-Month Guide to Sorting Your Money in the UK

As the new year approaches, here’s a month-by-month guide to keep your finances on track:

January: File your self-assessment – Complete your tax return by January 31st. If you owe money, consider setting up an instalment plan.

February: Review your pension – Check your contributions and consider increasing them. Look for any lost pension pots.

March: Maximise your ISA – Use your £20,000 ISA allowance before the tax year ends to save or invest tax-free.

April: Compare utility deals – With the new energy price cap in effect, switch to a cheaper energy or broadband plan.

May: Check your credit report – Review for errors or signs of identity theft to improve your credit score.

June: Review insurance policies – Ensure your home, car, and life insurance still meet your needs and compare for better deals.

July: Plan for holiday expenses – Start saving for vacations, and look for deals to reduce costs.

August: Assess savings and investments – Review your financial goals and consider making adjustments.

September: Check your tax code – Ensure it’s correct and you're using all available tax allowances.

October: Prepare for winter bills – Check your home’s energy efficiency and review heating plans.

November: Start holiday shopping – Take advantage of sales and spread costs with a savings plan.

December: Review financial goals – Reflect on your financial progress and plan for the upcoming year.

This month-by-month guide will help you stay organized and proactive with your money throughout the year.

TECH

Tech Slump Drags Down Dow, S&P, Nasdaq, But Weekly Gains Persist

US stocks wrapped up the holiday week on a down note, as Wall Street limped to the end of a mostly successful year.

The S&P 500 (^GSPC) fell 1.1%, while the tech-focused Nasdaq Composite (^IXIC) dropped 1.5% by the close. The Dow Jones Industrial Average (^DJI) declined by 0.8%. At the same time, the 10-year Treasury yield (^TNX) remained near seven-month highs, hovering around 4.6%.

CRYPTO

South Korean Crypto CEO Do Kwon Set for Extradition to the US

South Korean cryptocurrency entrepreneur Do Kwon is set to be extradited to the United States from Montenegro in connection with the collapse of two digital tokens, TerraUSD and Luna.

The US and South Korea have been pursuing Kwon’s extradition for months, accusing him of fraud that led to the downfall of the company behind the tokens, which resulted in a $40 billion loss for investors and shook global crypto markets.

Although Montenegro does not have extradition treaties with the US or South Korea, the case was fought in court, leading to this decision after more than 18 months of rulings and reversals.

The Ministry of Justice of Montenegro announced that Justice Minister Bojan Bozovic approved Kwon's extradition, stating that the majority of legal criteria favored the US request. Kwon has agreed to be extradited to both South Korea and the US.

In February, US regulators charged Kwon and Terraform Labs with orchestrating a multi-billion dollar crypto asset securities fraud. The SEC accused Kwon of misleading investors about the stability of TerraUSD and the potential value of the tokens, which ultimately collapsed in May 2022, causing a broader crypto market sell-off.

Kwon, who had been on the run after his business crumbled, was arrested in Montenegro in March 2023 while attempting to board a flight to Dubai. In June 2023, he was sentenced to four months in jail in Montenegro for forging official documents. Meanwhile, Terraform Labs' former finance officer, Hon Chang-joon, was extradited to South Korea in February after serving time in Montenegro on fraud charges.