6 Tips on how to stay Financial Healthy during the next 3 weeks lockdown...
So, the first 3 weeks of Coronavirus lockdown has ended and we begin the next 3 weeks, but what to do! The house is as clean as it has ever been, the lawn has been manicured to perfection, is now time that you sort out the dreaded finances? If this is where you are at, here is a quick checklist to get you started.
1. Start with your incomings and outgoings
What changes have you needed to make over the last few weeks? Has you general spending decreased but heating and electric increased? Petrol money gone down, but shopping budget gone up? Have a look through and make changes as you need to. Also look at the level of any spending you dont need to make. Gym Membership, Sports subscribtions etc, maybe you can save a few more pound there.
2. Sort out 'The Box'
Most people have a box, drawer or filing cabinet where all the financial documents are put. You have already sorted out the sock drawer, why not sort out the financial one. Pension Statements, Old Bank Statements, Mortgage Statements, Life Insurance documents they will all be in there. Pull it all out and go through it noting the institution, any reference/policy numbers and any key figures and see where you are up to. If in doubt, speak to your financial adviser about what you need to keep and what you don't. This will help you get a clear picture of what you have got and what you need to do.
3. When's the Mortgage Due?
Do you know when you mortgage rate deal finishes? Now is a great time to find out. When you have found out, diairse to speak to your lender and start shopping around 3 months before the end of the rate deal. That will give you plenty of time to find the best deal and remember to seek advice from a Mortgage Adviser if you need to.
4. Home, Car, Pet, Phone Insurances
Make sure you know when all of these are due for renewal and diarise them. It always pays to shop around so just like with your mortgage deal diarise to shop around before the renewal comes through, typically with insurances a month before the renewal date is a good time to do it. You will be surprised at how much you can save by shopping around.
5. What about your Will? Have you got one?
Now is a great time to get that Will arranged that you have been too busy to sort out, or make sure your current Will is fit for purpose. These can be done over the telephone or by post, so now is a great time to get the ball rolling.
6. Financial Review
If you have been following the financial markets, you will have seen them fall drastically over the month. Now will be a great time to review your savings, pensions and investments with a Financial Adviser. This can be done over the phone or video conference with most good Financial Advisers. Find out where you are and if any changes need to be made.
Money and finances tend to be one of the things that concerns people the most, so get control of your money, don't let your money control you and if in doubt, our sister company, Fortem Financial Management will be able to help with advice and guidance on anything personal finance related. They can be found at www.fortemfm.co.uk .
Stay safe and stay financially healthy during this very strange time....