1) Check your savings rate – Some savings accounts are paying as little as 0.1% interest but it is easy to switch to 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 a cash 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 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. (Your home may be repossessed if you do not keep up repayments on your mortgage.)
3) Check insurance renewal dates – You know you should shop around for your insurance cover, but renewal notices usually only come in two 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 – do 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 2013 by booking your free, no-obligation financial review with Freedom Financial Planning – And let us help you with all of the above!
For further independent advice, contact Emma Greer; tel 07885 407604 or e-mail [email protected].