Like many people, you’ve always promised yourself that you will get on to the difficult jobs when you have more time. These jobs might include a good spring clean of the house, re-decorating and sorting out the cupboards and drawers. It might also include sorting out your finances.
With the current lockdown restrictions now is as probably as good a time as you will get.
If sorting out your finances is on your to-do list here is a checklist of the sort of things to deal with. Click on the links to understand more about each topic.
- What’s the purpose of your money? In other words, what are you trying to achieve with it, now and in the long-term?
- Do you know how much is enough to retire on?
- What’s your plan to make sure you will have enough money to enable you to use it in the ways that are most important to you?
- What are you spending your money on and is it consistent with your priorities? This expenditure questionnaire will also help.
- Do you have enough cash to help you through periods where you are unable to work or to cover other emergencies?
- Is the cash you have earning as much interest as possible?
- Do you have too much in cash and so inflation is eroding much of your real wealth?
- Are you and your loved ones protected if you have an accident, serious illness or even die?
- Are you investing enough in ISAs and pensions?
- Are your pensions and ISAs invested appropriately?
- When was the last time you reviewed your ISA and pensions?
- Are you paying too much interest on mortgage and other debts?
- Can you and should you reduce your mortgage?
If you would like help reviewing your financial situation please do get in touch.