When Did You Last Reassess Your Finances
For many people 2009 was a year we’d rather forget. A global setback, stock market set backs and an overall opinion of uneasiness have left lots of people feeling unsettled about next year.
Hopefully 10 will be a happier year. Even So there are measures we can take to improve our finances.
A small thing we can do to get the situation into perspective is to re-examine our financial status. Whether it is your mortgages, borrowing, investments, income or spending habits need to be reviewed regularly.
Taking out a review will assist you to discover where your finances can be improved and if you should make alterations.
It is important to re-examine your savings and investments, to check they are suited to the level of risk you are inclined to take. It is also worth looking at your credit cards such as Amex, Visa, electricity & gas as well as household insurance to see if you could get an improved deal. Even a small saving could make a difference to your regular budget.
Making the most of your yearly taxation allowances such as mini and maxi ISAs, capital gains tax allowances and retirement planning are also ways of keeping down the level of taxation you could pay.
Whilst income and capital gains tax are important, the impact of inheritance Tax (IHT) should too be considered.
Many have assets over the value of the IHT Nil Rate band. Good tax advice can be used to shrink the overall amount of inheritance tax their beneficiaries might have to pay.
For many people, the functions provided by Financial Advisers assist them to re-examine and implement changes to their finances and savings.
If you think that you would benefit from impartial financial advice please contact us on 01454 321511.
Consilium Asset Management
