10 things to do to improve your finances
- Have a budget: Many people don’t budget because they don’t want to go through what they think will be a boring process of listing out expenses, adding up numbers, and making sure everything lines up. If you’re bad with money, you don’t have room for excuses with budgeting. If all it takes to get your spending on track is a few hours working a budget each month, why wouldn’t you do it? Instead of focusing on the process of creating a budget, focus on the value that budgeting will bring to your life
- Use comparison sites – it’s never been easier to compare and check whether you are getting the best deal on anything from utilities, pet insurance, car insurance etc
- Write a will – Recent research indicates 54% of adults in the UK do not have a will.
For those who already have a will, this might also be a good time to review and determine if it needs to be updated in the form of a new will to reflect changes in circumstances - Update Pension beneficiary form – now you have reviewed your will – who will inherit your pension benefits? Pension benefits normally do not form part of your estate and therefore are not covered by your will. You should contact your pension providers to find out your current nomination and to obtain the relevant forms if you need to update.
- Review Old Insurance policies – Every month, do you see that direct debit leave your bank account for that protection policy you took out many years ago? Or do you have that prehistoric mortgage endowment policy which you keep receiving annual statements for? Do you know what you are actually covered for and whether this is sufficient for your needs. Right now might be the time to review your protection policies to ensure you are adequately covered.
- Consider new insurance policies – If you do not have any insurance currently in place, then this is something that you may wish to consider. Putting in place a basic level of protection is probably more affordable than you think and you could buy certain life insurance for just a few pounds a month.
- Switch to a cheaper mortgage – rates have never been so competitive and with 5 year fixed rates are as low as 1.41% ( at time of writing) there as never been a better time to review your payments.
- Collate and review your pensions – Are you aware of all of your existing pension arrangements? Even from that short-term employment you took up 10 years ago? Any pension funds which you have accumulated in your working life could make a real difference to your overall pension savings when you reach retirement. If you suspect that you have an old pension pot from a previous job, you are now able to track down the pension scheme’s contact details by using the ‘Pension Tracing Service‘ which is a free government service.
- Savings rates – following the Bank of Englands base rate cuts, some rates have been tumbling. Use sites like moneyfacts.co.uk to check you are getting the best returns on your money.
- Get expert advice – use a qualified adviser to get some help. Most advisers will offer an initial meeting at no cost and you can see if they could be of value to you. Use sites such as Vouchedfor to find an adviser that you can work with.
We are open and available to answer any questions you have about money or finances. Financial Planning is more than simply helping you save, invest or pick the right financial product. Its about understanding what is important to you, the life you would like to lead and being able to give you piece of mind that you are not alone in making the big, small or difficult decisions that life throws our way
Financial advice is essential in the current circumstances. You can rely on us for considered, measured advice to assist you in navigating these uncertain times.
Lee Gardner
Financial Adviser