When Did You Last Review Your Finances
For many individuals 2009 was a year of hardship. A global recession, stock market turbulence and an overall opinion of unease have left lots of people feeling very unsure about next year.
Hopefully Two Thousand and Ten will be a greater year. Nevertheless there are steps we can take to help our finances.
A small thing we can do to get the position into perspective is to re-examine our financial status. Whether it is your mortgages, outstanding borrowing, investment funds, your income or spending habits need to be re-examined regularly.
Carrying out a review will assist you to discover where your finances can be amended and if you might make alterations.
It is essential to review your Savings, to ascertain they are suited to the amount of risk you are able to bear. It is also worth looking at your MasterCard and visa, electricity and gas as well as household insurance to see if you could get an improved deal. Even a little improvement could make a big difference to your monthly budget.
Making the most of your yearly taxation allowances such as individual savings accounts, capital gains tax allowances and pension planning are also ways of cutting the level of taxation you could pay.
Whilst income and capital gains tax are important, the effect of IHT (Inheritance Tax) should too be thought about.
Many possess assets over the value of the IHT Nil Rate band. Good tax planning can be used to cut back the amount of IHT their estates might have to pay.
For lots of individuals, the functions supplied by Financial Advisers assist them to re-examine and implement changes to their finances and savings.
If you believe that you would benefit from independent financial advice please contact us on 01454 321511.
Consilium Asset Management
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