When Did You Last Reassess Your Finances
For people was a yr of pain and hardship. A global setback, stock market set backs and a general feeling of uneasiness have left a lot of individuals feeling very unsure about next year.
Hopefully 2010 will be a more acceptable year. However there are steps we can put into place to help our financial wellbeing.
One thing we can do to get the position into perspective is to re-examine our financial situation. Whether it is your home lending, outstanding borrowing, investment funds, income or spending habits need to be surveyed on a regular basis.
Taking out a review will assist you to identify where your finances can be bettered and where you might make changes.
It is fundamental to review your Savings & Investments, to check they are suitable to the amount of risk you are willing to bear. It is also worth looking at your credit cards such as Amex, Visa, electricity and gas as well as household insurance to see if you could get a better deal. Even a little saving could make a big difference to your regular budget.
Making the most of your annual taxation allowances such as Isa’s, CGT allowances and retirement planning are also ways of reducing the level of tax you might pay.
Whilst income and capital gains tax are important, the result of IHT (Inheritance Tax) should likewise be thought about.
Many people have assets in excess of the value of the Inheritance Tax Nil Rate band. Effective tax advice can be used to reduce the total amount of inheritance tax their estates might have to pay.
For lots of people, the services supplied by Financial Advisers help them to review and implement changes 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
