When Did You Last Review Your Finances
For people was a year to forget. An international recession, stock market upheaval and an overall belief of unease have left a great deal of individuals feeling quite uncertain about next year.
Hopefully 2010 will be a greater year. Still there are steps we can implement to improve our finances.
One thing we can do to get the position into perspective is to look over our finances. Whether it is your home lending, borrowing, investments, income or spending patterns need to be surveyed on a regular basis.
Carrying out a review will assist you to identify where your finances can be bettered and maybe where you should make changes.
It is important to re-examine your Savings & Investments, to check they are suited to the level of risk you are able to bear. It is also worthwhile reviewing your credit cards such as Amex, Visa, gas and electricity as well as insurances to see if you could get an improved deal. Even a small saving could make a difference to your monthly budget.
Making the most of your yearly taxation allowances such as mini and maxi ISAs, CGT allowances and pension planning are also ways of keeping down the level of tax you could pay.
Whilst income and capital gains tax are significant, the result of IHT should likewise be considered.
Many people have assets over the value of the Inheritance Tax Nil Rate band. Competent tax advice can be used to cut the overall amount of tax their beneficiaries might have to pay.
For lots of people, the functions offered by Financial Advisers allow them to review and put into place amendments to their finances and savings.
If you believe that you would benefit from independent and impartial financial advice please contact us on 01454 321511.
Consilium Asset Management
