Take control of managing your finances with some practical tips that could really pay off in the long run.
KNOW YOUR MORTGAGE INTEREST RATE
If you’re currently paying at your lender’s standard variable rate, there could be a better deal out there. It pays to shop around, as your mortgage is likely to be your most significant outgoing and remortgaging could really make a difference to how much of your monthly income is available for discretionary spending.
KEEP PAYING INTO YOUR ISA
With the 2019-20 ISA allowance standing at £20,000, this is a perfect opportunity to get some tax-efficient savings under your belt. Different ISAs serve different requirements – we can help you pick the best one for you.
MAKE SURE YOU HAVE SUFFICIENT HOME CONTENTS COVER
Don’t risk being underinsured – if your possessions are worth more than the sum insured, your insurance company may decrease your payout in the event of a claim (in addition to any agreed excess amount on your policy). Consider reassessing your cover and increasing it if you feel it no longer matches the value of your contents.
DON’T LOSE TRACK OF YOUR PENSION
Most people move jobs at least a few times during their lifetime and may have paid into several different pensions as a result. If you need advice on your entitlements and whether it may be beneficial to consolidate your pensions, we can help.
KNOW YOUR STATE PENSION AGE AND ENTITLEMENT
The government’s website has a page where you can view a forecast of the state pension you’re likely to get and when you’ll be entitled to receive it, so check if you’re not sure: https://www.gov.uk/check-state-pension
A pension is a long-term investment. The fund value may fluctuate and can go down. Your eventual income may depend on the size of the fund at retirement, future interest rates and tax legislation. The value of investments and income from them may go down. You may not get back the original amount invested.