Yes it’s that time of year again! Hopefully your other New Year’s resolutions are going well, so here are a few financial ones to help you make the most of 2012.
1) Check your savings rate
Some savings accounts are paying as little as 0.1% interest and it is very easy to switch to one earning a better rate. Also check that you are not paying tax on the interest if you don’t need to – if you are a non-taxpayer you can fill in a simple form to get interest paid gross or opt for an ISA which is tax-free.
2) Check your mortgage deal
Bad news for savers is good news for borrowers, as many of us have seen our mortgage payments reduce. However, a lower payment doesn’t necessarily mean you are getting the best rate, as lenders are still keen to attract remortgage customers and there are some great deals out there with low fees. This could also be a good time to overpay, reduce the interest payable and get your mortgage cleared early.
3) Know when your insurances are due for renewal
You know you should shop around for your insurances, but renewal notices usually only come in 2 weeks in advance and don’t give you much time to look elsewhere. Take a note now of when your car, home and private medical insurance is due for renewal and start shopping around a month before.
4) Know what you are paying for
Have a look through your bank statement and make sure you know where all the direct debits and standing orders are actually going. If you have financial products, such as pensions, life insurance or income protection then make sure you have the policy documents and you know exactly what you are paying for.
5) Make a will
This is one that most people put off, but having a will in place can make all the difference to your family if the worst happens.
6) Get your finances on track for 2012 by booking your free, no-obligation financial review with Freedom Financial Planning.
And let us help you with all of the above!