Financial New Year Check-List

New Year is upon us. So, we thought we’d draw up a financial new year check-list to get your finances off to a good start. These are our top points for you to consider getting sorted for 2020!

Make saving a priority

You never know when an emergency may happen. It’s always good to have a ‘rainy day’ fund tucked away if you can. Saving small and often, will soon see your pot grow. If you already have a saving pot, make sure you are looking out for the best interest rates.

Make a Will

You’re not off the hook if you already have one either! You need to make sure it’s up to date! It’s all too easy to leave Wills for another day. Make it a mission to make sure that in 2020, you have an up to date Will in place. Then you can have peace of mind that your affairs are in order should the unthinkable happen.

Appoint a Power of Attorney

These allow someone to handle your affairs on your behalf should you become incapable. If you’re getting a Will done professionally, a solicitor will ask you about these. Definitely proceed with one, so that it is all sorted at the same time. If you already have a Will but have not named a Power of Attorney, we would recommend you consider doing so.

Top up your Pension

It’s always worth paying extra into your pension to benefit from the tax relief and benefit from its tax-efficiency. If you haven’t yet started thinking about your pension, please make a start. The earlier you do, the more that can be done to get you in good financial shape for your retirement.

Overpay your mortgage

If you still have a mortgage, a very small increase in your overall payments can have a huge effect on the term it takes to be repaid.

Check you have adequate insurance

Insurance for critical illness, or redundancy, can offer peace of mind. However, few people know whether they have an appropriate level of coverage. Do make sure you have the right level of cover. If you are unsure, please do speak to an adviser.

Enjoy yourself!

Our Financial New Year check-list is meant as food for thought! There’s little point making, or even saving, money if you don’t use it to enjoy your life. Financial Planning is a balancing act between enjoying yourself now, and enjoying yourself in the future. So, don’t be afraid to ask for help to make sure 2020 gets you on the right track!

If we can help with any of the above, please do give us a call on 01243 767 469. Alternatively, you can email us via our contact page – and an adviser will be in touch!