Time to Review Your Finances
For lots of individuals was a year to forget. A global recession, stock market turbulence and a general belief of unease have left lots of people feeling unsure about next year.
Hopefully Two Thousand and Ten will be a happier year. Yet there are steps we can implement to help our financial wellbeing.
A small thing we can do to put the situation into perspective is to review our financial status. Whether it is your mortgages, loans, savings, income or spending habits need to be surveyed on a regular basis.
Carrying out a review will help you to identify where your finances can be amended and where you need to make improvements.
It is fundamental to review your investments and savings, to check they are suited to the amount of risk you are ready to take. It is also worthwhile reviewing your credit cards, electricity and gas as well as insurance to see if you could get a better deal. Even a small saving could make a difference to your monthly budget.
Making the most of your annual taxation allowances such as individual savings accounts, capital gains tax allowances and pension planning are also ways of cutting the level of tax you might pay.
Whilst income and capital gains tax are important, the result of IHT should too be considered.
Many people hold assets in excess of the value of the IHT Nil Rate band. Good tax advice can be used to cut the overall amount of IHT their estates might have to pay.
For lots of individuals, the services offered by Financial Advisers assist them to re-examine and implement amendments to their finances.
If you believe that you would benefit from impartial financial advice please contact us on 01454 321511.
Consilium Asset Management
