financial advice

Financial Health Check: Don’t put off what

you can do today!


IF you want to get fit, you need to become determined to achieve targets. Finance should be treated in the same manner.

Ultimately, financial planning is about tailoring a solution to meet your precise requirements. There are a number of ‘universal’ needs that most of us face.

1.Having an emergency fund to cover unexpected expenses.

Keep three to six months’ net annual income in a totally accessible deposit account for emergencies, sudden loss of income and that investment opportunity that only comes up once in a while.

2.Paying off any expensive personal loans and credit card debt

3.​Short-term saving for cars, holidays, and so forth

Holidays come around every year, so there is no point in taking a three-year loan for your summer holiday unless you plan to sit at home for the next two years after it.​

4. Income protection, in case you are unable to work for any reason.

It also has the added benefit of being the only type of insurance (outside of a life policy in your pension) that attracts tax relief at your marginal rate of tax.​

5.Life assurance for you (and, if relevant, your partner) .

6.Starting a pension plan (in my opinion it is never too early). We all need to address this now, whatever our age and the earlier you start the better it is.

7.Buying a home with the help of a mortgage.

It is still difficult obtaining mortgage approval and finding the 10% deposit is as difficult, meeting the income requirements. Those with mortgages should be reviewing their rates and if they can obtain a better deal – move!

8.Saving for major purchases.

We all need to save but especially for those larger items like a car, deposit for a house or extension. Falling into the Personal Contract Plan (PCP) trap means you have a revolving loan that never ends unless you save for that lump sum to pay off on the maturity of the loan.

9.Planning for education fees for your children.

Building up your personal investments. While the stock market is the best return of all asset class over any period of time, timing is essential.

​This article aims to give information, not advice. Always do your own research and/or seek out advice from a Financial Broker before acting on anything contained in this article.

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