Here with have noted our ’10 top tips you need to know about your finances’. What ones do you need to change? How many of our top tips are you spot on with? We hope you find one little nugget that helps you move forward
- If someone wrote you a cheque for 6 times your salary, take a minute to list 6 things, in order of priority, what you would spend the money on? Take a moment to think about what you really want from your money!
- Complete a budget planner, the best way to do this is print off three months bank statements and put everything into a category. So like the dog walker, or the window cleaner. By going over the last three months and listing what you spent, you can add up the three months, divide them by three which gives an average. This average figure should be listed on your budget planner as an outgoing. Download our free budget planner here.
- Based on what you are actually spending your money on, what is your main priority? How does this relate to point 1 above?
- Mortgaging every two years is something of the past and thank goodness as every time you do this you may be paying a product fee. Check with your existing lender what deals they can offer you, and then call us for independent advice.
- Overpayment and offset mortgages can save clients lots of interest long term, but often your existing mortgage has facilities already in place. Ask your existing lender if you can make over payments, how much can you over pay by, when the overpayment is taken into account and consider how the overpayment affects your account. Either you can reduce your term of the mortgage or the amount you owe. A mortgage is the biggest financial commitment your ever invest in, it’s important to get it right.
- Online comparisons sites will not give you any advice, ensure you shop around, look at the detail. For example, we often find that clients have policies that they are paying for each month and they do not know what they are for. Look at last month’s bank statement to cross reference your direct debits.
- Dig out your insurance statements and keep them all in one place together. Write on the front of each statement, what they are for i.e. pay off “mortgages”. Make a copy and put them with a copy of your Will, this will save your love ones time when that times comes.
- If you have children under the age of 18 and you have a will in place check that guardianship was set up within that Will. This will ensure your children are taken care of by the people you wish to look after them and avoid any confusion.
- If you have life policies, are these in trust? It may be appropriate and provide your family with tax benefits and assist them in the getting the money quicker.
- Check when your annually reviewable policies are up for renewal so you don’t rush at the last minute and end up just renewing with your existing company. Let us know and we’ll diarise it for you and do the research when the time is right.
If you would like further advice around your finances then why not get in touch with one of our friendly female advisors who will be happy to help.Contact Us