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5 reasons why now is a good time to save and organise your finances

While we are all locked up indoors now is actually a good time to organise and look at our finances

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A "getting round to it kind of job"

Organising your finances often gets shifted further down the priority list when life gets in the way. This is also motivated by a fear of what you might discover once you start to looking into it. Sometimes you might think “I just want to see out the year”, “get to it after Christmas” or a common one is “wait till COVID is over”. If you are worried about the Coronavirus recession or that your finances are in bad shape, it isn’t going to get better by ignoring it.

Now is actually a good time to overhaul your finances

1. Lots of support is available

There are so many Coronavirus support packages out there for people and businesses. Not just from the government but there are some great offers with product providers and with companies like ours. For example we ran a free mortgage advice campaign for 3 months throughout the summer and autumn. A financial adviser can do all the shopping around for you so you don’t have to.

2. Rock bottom interest rates

Cash interest rates are LOW, which means that having money in the bank, in cash, doesn’t earn you much at all. You could even be loosing money in real terms as inflation eats away at the spending power of your money. An adviser can take a good look at what pots of money you have, how to best invest in volatile times, tax efficiently and in line with your risk appetite.

3. Low stock market prices

As long as you can afford to invest in the stock market and you understand the risks, the recovery from the pandemic will provide opportunities. If you want to take control of your own finances there are plenty of “DIY” investment platforms or alternatively you can speak to a financial adviser who can ensure you investments utilise your tax allowances, fit inline with your long-term plans (such as retirement, paying off mortgages and saving up for what you need or want) and draw up a financial strategy for you.

4.Increased taxes are looming

Increased government support for the entire county costs money and taxes will inevitably rise. Now is the time to ensure you are utilising your tax allowances and making the most of the money you earn.

5. Now is the time to review final salary pensions

Got a private defined benefit pension? Whilst transferring a DB pension is not appropriate for everyone, if it is right for you there has probably never been a better time to look at it. Low interest rates has driven the transfer value up so once transferred you would be invested in cheaper investments.

There is never a bad time to review your finances

We work with so many different people, don’t worry about whether you have enough money, are too young or old or just don’t understand anything. There are so many reasons why people put off saving or seeking financial advice and we understand them all. We are here to organise everything and help you understand the minefield of the finance world, after all small adjustments make a big difference to wealth. Whilst our philosophy is to give face to face financial advice, all our Chartered Financial Planners are set up for online financial advice. So, if you have been meaning to get in touch about your finances, GET IN TOUCH.

Article Date: 11th November 2020

Author and Editor: Cherie-Anne Baxter

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