Top financial tips for 2016

1. My Top Tips for a Financially Prosperous 2016
I know that at this time of the year we are all busy creating new action lists,
goal setting for the year and updating or starting new business plans. Here I
share my own list of things to work on to give you a financially prosperous
2016.
Define your goals and targets, and with timescales, priorities and costs too!
If you don’t know what you want your money to do for you and by when,
how can you know if you have enough money or not? Whether it’s retiring
at 55, buying a property abroad or setting up a business, work out your
priorities and start to plan for them.
Pay down debt. The cost of debt on credit cards and personal loans is likely
to be far higher than the returns you get on any savings accounts so work
out a debt repayment plan and pay these off first if you can.
Make saving a habit. If you know what you are saving for it makes a huge
difference and becomes real. For example, if you know how much your
children’s university fees are and when you need to pay them, it makes it
easier to work out the amount you need to save to achieve this. Don’t forget
with Retail Price Inflation running at 1.1% (Nov 2015), your net returns
after tax and charges needs to be over this figure if the value of your money
isn’t going to depreciate. Using tax efficient savings products such as ISAs
and Pensions may help.
Know your numbers. How much do you need to earn, save or sell your
business for (if you have one!) to get what you need? How much is enough?
You need to work out your household income and expenditure very closely
to see what you realistically have spare and are able to comfortably set
aside. Having a budget and keeping to it will help you.

2. Make a Will. One of the most important financial decisions you may ever
make and probably the least expensive. Not only does a Will give
instructions on who you want your money to be passed to in the event of
your death but can include details on how you want your funeral to be
arranged. One of the most important elements of a Will if you have
Children is the ability to nominate Guardians for them so they avoid
becoming a Ward of the Courts
Shop Around. Finally, always make sure you shop around to get the best
deals on key household expenses. Get into the habit of using price
comparison sites for car and home insurance, gas and electricity, phones,
broadband, TV and even holidays. Even when shopping for clothes or
children’s toys the difference in price from one retailer to another can be
quite significant. It all adds up.
I have just renewed my home insurance and now paying 54% less than last
year.
As the saying goes
“if you look after the pennies the pounds will look after themselves”
Remember, it’s Your Life, Your Money, Your Plan!
If you need advice on your future financial plan do not hesitate to contact
me on 07504 256418.