Why not start 2015 by getting your finances in check!
Our Advisers share their thoughts on some ways you can make it more straight forward….
- Work out where you are financially – how much are you spending, what are you earning, what are your financial prospects. It may be hard to face sometimes, but the clearer you are on your current situation, the more straightforward it will be to work out your options.
- Set goals and get a plan. Consider what is important to you, and you can work towards delivering it. Are you looking for a big holiday, a comfortable retirement, or is it simply about making next Christmas easier financially? Make your starting point something, which matters to you.
- Get some advice. There are lots of options, from the Citizen’s Advice Bureau, Independent Financial Advisers or the Money Advice Service – take advantage of the expertise, which is out there to help.
- Have you got an emergency fund? If not, build one up as soon as possible. Even a small buffer can help when an unexpected bill turns up.
- Repay debts with the highest interest rate first. Managing your bills this way means that in the long term you pay less…which gives you more cash to spend on the things which are important to you.
- Make sure, where possible, that you are repaying the capital on any loan – not just the interest element. Every time you chip away at the total loan amount you are reducing the interest too.
- If mortgage interest rates were to increase, could you cope? If not, get a plan in place now.
- Find out about your allowances and use them to make sure that any money you can save or invest is done tax efficiently. Whether it be your NISA allowance (£15,000 in 2014/15) or pensions allowance. Get smart about your money.
- Regularly review your financial commitments to make sure you have the best plan for you. Newer products might have enhanced cover or lower prices – make sure you are taking advantage.
- Finally, make sure you have a will in place and it is up to date. A will can ensure that you and your family are protected.
For more information please contact our Director, Karl Nendick on 07525 966499 or karl.nendick@activefinancialservices.co.uk
