When Did You Last Review Your Financial Situation
January 5th, 2010For individuals 09 was a year of hardship. A worldwide depression, stock Exchange set backs and a general opinion of uneasiness have left lots of people feeling quite unsure about the future.
Hopefully Two Thousand and Ten will be a more acceptable year. Even So there are measures we can put into place to help our finances.
A small thing we can do to put the position into perspective is to look over our finances. Whether it is your mortgages, loans, investments, income or spending patterns need to be re-examined regularly.
Carrying out a review will help you to discover where your finances can be amended and maybe where you should make improvements.
It is fundamental to re-examine your savings and investments, to ensure they are acceptable to the amount of risk you are willing to take. It is also worth looking at your credit cards, electricity & gas as well as household and car insurance to see if you could get an improved deal. Even a little saving could make a difference to your monthly budget.
Making the most of your yearly taxation allowances such as ISAs, capital gains tax allowances and pension planning are also ways of reducing the level of taxation you could pay.
Whilst income and capital gains tax are important, the result of IHT (Inheritance Tax) should also be considered.
Many have assets over the value of the Inheritance Tax Nil Rate band. Good tax planning can be used to shrink the total amount of tax their beneficiaries might have to pay.
For lots of people, the services provided by Financial Advisers help them to re-examine and implement amendments to their finances and savings.
If you think that you would benefit from independent financial advice please contact us on 01454 321511.
Consilium Asset Management
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