New Year's financial resolutions
PUBLISHED: 14:50 05 January 2017 | UPDATED: 14:50 05 January 2017
Lucy Best, independent adviser at KDW financial planning in St Albans, outlines three financial resolutions you should make for 2017
As the Christmas and New Year celebrations come to an end, we begin to look ahead to the next 12 months and set life goals of all kinds for the coming year. I’m a firm believer in taking some time in January to review personal finances and think about setting financial goals that will help to save money by getting the best deals in an ever-changing market and create a secure future for ourselves and our loved ones.
Cut expenses on the essentials
One way to save money is to look at whether we really need to buy certain things. When trying to rein-in our spending (especially after an expensive Christmas), many of us cut out non-essentials. But this needn’t be the case. Impressive savings can be made by shopping around to find the best deals on the expenses we can’t avoid, such as insurance and utilities. Use comparison websites to find better offers across a range of services – it takes just moments - and sign up for online deals that cut costs. If paying for things on credit, make sure your credit card is paid off in full each month by setting up an automatic payment from your bank to avoid paying interest.
Review retirement plans
For many people, retirement can seem like a distant dream. From knowing how much of your income to save to sourcing the right pension policies can leave us feeling confused and frustrated. Speaking to reputable independent financial advisers will clarify things. They will be able to take you through your levels of saving and help you to project when you will be able to retire on a comfortable pension. They will also be able to review your existing pensions to see if they are performing effectively for your retirement goals.
Check life insurance
No one likes to think about what would happen if they developed a life-changing or life-threatening illness, which is why life assurance policies can be overlooked. This leaves many people without the correct protection in place for themselves or their families if the worst happens.
There are a range of different policies available to protect your loved ones, including Family Income Benefit, which pays a monthly income to your dependents after your death, and Critical Illness cover, which pays a lump sum if you are diagnosed with any one of a wide range of specified illnesses.
It’s also important to check any assurance policies in place are still giving the cover you require as circumstances change.
KDW offers a complimentary, no obligation review of personal finances. Call 01727 852299 or email firstname.lastname@example.org for more information.