We are officially now in Spring with the 5th April end of tax year fast approaching.
At Continuum, we believe that it is the ideal time to take a look at your money, and to see if a financial spring clean could help you make the most of it.
Start by getting your bank statements and bills together and seeing what you have coming in and going out each month. The chances are that you are paying for things you don’t need such as, Gym membership, subscriptions for online services you don’t use, perhaps an insurance policy for a phone you dumped years ago.
These can be easy to sort out with a few emails or a call to your bank. But you may also see just how much you are paying for debt. Credit cards are a costly luxury and they can make a real hole in your monthly budget. Find a card with a 0% balance transfer offer – many credit card providers offer an interest-free period as a way of attracting new customers. They allow you to shift your outstanding debts onto a new card where you can pay it off without incurring interest for up to two years. Ideally, you should pay it off in full before the 0% offer runs out, but if you can’t, pay off as much as you can each month, and find another transfer offer when the introductory period runs out.
Look at your mortgage
If you have had your current mortgage for a few years, the chances are that you are paying more than you need to buy your home. Rates are near historic lows, but your current lender will be happy to keep you on their Standard Variable Rate, which tends to be much higher. At Continuum we know the deals that are available across the entire mortgage market, and we may be able to help you save each month, with a remortgage. This can take advantage of the low rates and the fact that your home may have gone up in value, which can make them lower still. You may have to pay fees to your existing lender when you re-mortgage
Look at your insurance protection
There could be similar savings to be made with your insurance cover. A regular review of your current policies is essential. A change in your circumstances or an addition to your family could mean that you need to make some changes. Our knowledge of the insurance market can often help us tailor the cover you need to be a better fit for you and your family – and for your monthly budget.
Put your extra money to work for you.
Your financial spring clean could help you find that you have some money over at the end of each month. Your Continuum adviser can then help you find the best way to make use of it. You’ll probably want a reserve of cash for emergencies. You can find details of the current best savings accounts here. But with an emergency fund taken care of, you can start looking at ways to make your small amount of left over money start building into something large and worthwhile.
We can help you start enjoying tax-efficient investing with ISAs. If you act now, before April 5th, there’s still time to use your ISA allowance for the 2019/20 tax year, but if you don’t have £20,000 to spare we can find you ISAs which let you pay in monthly.
Of course, an ISA is not the only way to build your wealth. To make the most of savings and investments, you need expert help. At Continuum, we would be pleased to provide it, putting your cash onto a firmer footing.
But your adviser won’t stop with helping you make the most of your spring clean. At Continuum we like to take the long view, and not only will we help you find better answers for the short term, we can work with you to make your long-team goals easier to reach.
To find out more about what we can do for you, call us today.
The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable investment strategy, you should seek independent financial advice before embarking on any course of action.
The value of investments can fall as well as rise and you may get back less than you invested.
Your home may be repossessed if you do not keep up repayments on your mortgage.
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