When Did You Last Review Your Financial Situation
For numerous people 09 was a year of hardship. A world depression, stock Exchange turbulence and a general feeling of uneasiness have left a lot of people feeling quite doubtful about the future.
Hopefully the next year will be a more satisfactory year. Nonetheless there are steps we can take to improve our financial wellbeing.
A small thing we can do to get the position into perspective is to re-examine our financial status. Whether it is your home lending, loans, investments, your income or spending patterns need to be re-examined regularly.
Taking out a review will help you to identify where your finances can be amended and where you need to make improvements.
It is fundamental to review your investments & savings, to check they are suited to the level of risk you are willing to accept. It is also worth reviewing your credit cards such as Amex, Visa, electricity and gas as well as insurances 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 annual tax allowances such as ISAs, capital gains tax allowances and retirement planning are also ways of keeping down the level of taxation you might pay.
Whilst income and capital gains tax are important, the result of inheritance tax should too be thought about.
Many people own assets in excess of the value of the IHT Nil Rate band. Effective tax advice can be used to reduce the total amount of tax their estates might have to pay.
For numerous people, the services provided by Financial Advisers assist them to review and put into place amendments to their finances.
If you think that you would benefit from impartial financial advice please call us on 01454 321511.
Consilium Asset Management
