“On the twelve days of Christmas my financial adviser said to me…”

Published by Terry Burgum on 11 December 2018

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Our financial planning advisers provide twelve top tips to consider when reviewing your current financial arrangements…

  1. Pay in to a pension – and get tax relief at your marginal rate.
  2. Insure your life – repay debt in the event of a death or critical illness.
  3. Insure your earnings – in the event of long-term illness make sure that an income is still available.
  4. Save for a rainy day – you never know when an emergency may happen and monies are required.
  5. Overpay your mortgage – a very small increase in your overall payments can reduce the time period that it takes to repay your mortgage substantially.
  6. Make a Will – ensure that your loved ones receive your assets on death.
  7. Appoint an Attorney – a Lasting Power of Attorney will allow an individual to manage your financial affairs in the event of incapacity.
  8. Review your insurances – it is possible to save money by simply looking around for alternative quotes for house insurance, car insurance etc.
  9. Repay expensive credit cards – these really do cost money when there are other ways that can be cheaper to borrow such as a re-mortgage.
  10. Plan your life – it is possible to have that ‘once in a life time holiday’ or to retire before the state pension age by setting goals and sticking to these.
  11. Make charity donations – these offer tax relief to higher rate and additional rate tax payers and give us a sense of well-being to others.
  12. Enjoy life – financial planning is a balance between enjoying yourself now, and continuing to enjoy yourself into the future.

If you would like to review your current financial arrangements or discuss, in general, the options available to you, please contact Terry Burgum, Financial Planner at Kreston Reeves Financial Planning here or on +44 (0)330 124 1399.

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