Review Your Finances

In today’s strained economy many people are looking to review there financial situation to see if savings and improvements can be made. Regularly reviewing things like bank accounts, savings, pension and your mortgage will help you ensure that they are still suitable for you. This will help make sure you are making the most of your money and are aware quickly should any financial problems arise.You should check your income and expenditure on a regular basis and ascertain whether you income is:-
not enough to cover your spending, so you have got a shortfall.
only enough to cover you’re spending, so there is no spare money.
enough to leave you money to spare.
Should you be fortunate enough so have spare funds, look for investments/ savings options that will give you the best return in your circumstances. Using an online budget calculator can be a great way to manage your finances as is seeking free financial advice.You should also check your investments, savings and borrowings, factors to consider are:-
the cost and amount of cover your insurance provides to cover your property, income and investments.
how well investments and savings are doing such as your pension, will they return the amount you are expecting.
how much is it costing you to borrow money on homeowner secured loans, bridging finance, mortgage, credit cards, overdrafts and store cards.
Utilise the many comparison sites available online to make sure you are getting the best deal on things such as credit cards. Many have mortgage repayment calculators which can help you work out how different interest rates would affect your mortgage payments. The FSA also provides comparison tables on a wide range of savings and investments products. Do not be afraid to research for insurances but bear in mind when taking out any health, house or any insurance make sure you read all the small print to ensure that your needs are covered.If all of this seems like a minefield there are many independent financial advisors that would be happy to help. The FSA also provide an online health check which could be a useful starting point. The important factor to remember is not to leave matters unattended which can result in you getting into financial difficulties that could have been easily prevented. People so easily fall into bad habits of not opening letters or not updating insurances when they have moved house. As many people’s finances under strain at the moment there is a stronger awareness of getting value for money in every aspect of our lives.It is not necessary to become obsessive about the running of your budget and savings, a simple spread sheet produced on your home PC is quite sufficient for you to keep a check on all your money matters. Many of the newer software programmes offer calendar facilities which can be set to give you reminders. This way you can be sure to stay in complete control without getting too stressed.

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