Five reasons why now is a good time to get a handle on your finances

Getting a handle on your finances is a "getting round-to-it" kind of job, one that often gets shifted further down the priority list when life gets in the way. This is sometimes motivated by a fear of what you might discover once you start to looking into it. It might be that you just want to see out the year, get to it after Christmas, wait till COVID is over. If you are worried your finances are in bad shape now it isn't going to get better by ignoring it. There are actually some really good reasons why now is a good time if you are ready to overhaul your finances:

1. Lots of support is available

There are so many 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 and how to best utilise them tax efficiently and whilst 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 in the markets.

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. Plus there are also no stupid questions in our eyes! We are here to hold your hand through it all, so if you have been meaning to get in touch about your finances, just pick up the phone and give us a call on 0330 353 0150. (PS if you want to first review what our clients think of us why not take a look at our website). See you soon!