Your New Year Finance Review

January can be a difficult time of year in terms of cashflow.
The bills come in after Christmas and even if you have budgeted for the festive season you may still find yourself short of money.

The new year for a lot of people is a great chance to review finances and see where you can save money. There are the obvious ways such as making your own lunch, cutting back on going out, not buying your daily coffee etc but often the bigger expenses are over looked.

 Mortgage review

2016 was on the whole a good year for those taking out a mortgage or remortgaging. As the interest rate fell buyers were able to borrow money at a favourable rate and some fixed that rate it for five years.

We often find that people who come to us have been on a variable rate for a number of years and haven't got round to changing it, but by fixing your mortgage at the current interest rate you can budget for the coming years knowing that your mortgage payment remains the same.

A good year last year unfortunately means that interest rates are bound to increase in 2017 so now is a great time to fix your rate. Speak to your adviser for more information or if your mortgage renewal date is coming up.

Life insurance

You may already have life insurance and critical illness cover but did you know that some providers offer great rewards whilst protecting you and your family?

The new year often brings a wave of people getting fit and losing weight and some providers offer great rewards for doing just that!

Talk to us about switching your life insurance and you could get cinema tickets or even free coffee just by tracking your steps!

Savings

It hasn't been great news for savers of late. Savers are not seeing much return on their investments. Interest rates look set to rise albeit it slowly in 2017, so why not think about paying off some of your mortgage instead. There are many ways to help you money work harder for you and we can help find the solutions.

Budget

And finally once you have made the changes write them down!
Putting a budget in place will really help you keep track of your money, even if it is as simple as 'income' and 'outgoings' so you know how much surplus you may have a month.
It doesn't have to be complicated, just a simple spreadsheet will do.

If you have any queries or questions on how you can improve your financial situation or if you are thinking of moving this year or making a change, call our office and make an appointment to speak to one of our advisers.
Initial consultations are free of charge.