REVIEW YOUR FINANCES

This is a very difficult time for everybody both personally and financially. The saying that ‘health is wealth’ has never been more apt. It is vital we really look after ourselves, and others, in the midst of this pandemic.  While you focus on what is important, the current “lockdown” measures might present an opportune time to review your finances.

• Review your Monthly Budget –  If your income has been affected in any way you should immediately review your monthly budget to fit your revised income. Also, assess what are the most important financial commitments you have:
  • Utilities – Review all of these to ensure you are not overpaying for items you may not need.
  • Pension – Do you need to suspend your premiums? You will also need your review your current pension funds and possibly your investment options.
  • Investment – Review your investments and your portfolio. Do you have a lump sum to invest? Now may be a good time as fund prices are heavily discounted at the moment. If you have money on a current account earning zero interest you may look at other alternatives that will still allow you instant access.
  • Protection Cover – If you are self-employed have you the correct level of income protection in place and is this good value for money?
  • Life cover – This is a very important cover to have but make sure that you are not overpaying or are over insured?
  • Savings – Some banks are allowing customers to access savings without penalties. Can you continue to make regular savings and if so, are these working for you?
  • Mortgage – A lot of people are on the incorrect interest rate. Put a call into your bank to ensure you have the correct rate. Do you need to apply for a repayment break?

We are here to help you as a financial service provider and we can go through this with you in more detail. We can also provide you with a template to help you take the first steps here.