Tue 28 Apr 2020

Time for a financial planning health-check?

Many people are perhaps busier than ever (adding home-schooling onto full time work is an interesting one for many!), but you may feel they have a bit more free time at the moment.  Alongside learning that new language, or finally finishing that nagging DIY job, then "now" is always a good time to have a quick review of your finances. 

This might include:

  • Reviewing your monthly income and expenditure.  Are there any old direct debits you can cancel?  Ongoing bills where you've been with the same provider for many years, just accepting the annual increase without further thought?  If nothing else, what is your current monthly excess, or shortfall?
  • We should all aim to hold some cash as an emergency fund - a rule of thumb would be 3 month's salary. If you don't have this then now would be the time to make a plan to try to build this up.
  • Tidying up your pensions. Perhaps you have several pensions that you've accrued over recent years.  It can often be sensible to consolidate some/all of these (though care is needed to check your current pensions for any transfer penalties, or any valuable guarantees that would be lost on transfer).
  • With the new tax year starting recently, we all have another year's worth of various tax allowances available for investing in a tax efficient manner.  These includes ISAs, Junior ISAs, and the pension annual allowance, along with related allowances such as the dividend and capital gains tax allowances.
  • Never a great topic, but if something was to happen to you, would others suffer financially?  How long would your employer keep paying you, and what would you do beyond that time?  Perhaps your employer provides a valuable death in service payment if you were to die, but would your family need more?  Life cover and income protection can help here.
  • Roughly 50% of people don't have a Will.  If you don't, or you have one but it is now out of date, then the Morton Fraser team are fully set up to help with this in a "remote" manner that is fully compliant with all the legal requirements.

If you'd like to talk to us about this then please get in touch for a no-charge initial call (phone or video).

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