We’re all human, lead increasingly busy lives, and can be prone to making mistakes. When it comes to our money, it can be easy to lose track of the big picture; here are just a few financial mistakes we can all avoid.
Not keeping an eye on statements
Checking your bank and credit card statements regularly will help you budget better, get rid of expenditure you no longer need, and alert you to any signs of fraud.
Allowing your insurance policies to automatically renew
Although it can seem a chore, it makes sense to keep your insurance policies under regular review to ensure that you’re paying a fair price and have the cover you need.
Letting your mortgage drift
If your fixed-rate deal is nearing its end or has already ended, then it makes sense to ask us to recommend a new one. When your deal ends, you will generally find your lender moves you to their Standard Variable Rate, which could mean you’ll end up paying far more than you need to each month.
Not seeking professional advice about retirement
With many of us set to enjoy several decades in retirement, it’s important to get the right advice about saving enough money during our working lives. When it’s time to access our pension pots, we can all use professional help to make sure that our money lasts as long as we do.
Not thinking ahead
Putting a Lasting Power of Attorney in place and making a Will are important steps to safeguard family finances. They provide the valuable peace of mind of knowing that your wishes will be followed, and your family provided for when you are no longer able to.
As a mortgage is secured against your home or property, it could be repossessed if you do not keep up mortgage repayments.
Will writing and Lasting Powers of Attorney are not regulated by the FCA.
Putting a Lasting Power of Attorney in place and making a Will are important steps to safeguard family finances.