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Take ConTrol of

your finanCes Siobhan Record Our Lifestyle’s Financial Expert

Here are my top tips for taking control of your finances:

1. Above all, have a plan – it’s the old adage: if you don’t know where you’re going, you’ll probably end up somewhere else.

2. Don’t do it yourself. It is very difficult to be objective about your own circumstances, particularly when it comes to failures or shortcomings.

3. If you’re going to save, start early – the magic of compound interest means that the first contribution is the most valuable. Depending on growth rates, if you start a savings plan at age 20 and stop contributing at age 35, you will have more money at 60 than someone who starts at age 35 and contributes double from 35 to 60.

4. Take advantage of available tax reliefs – examples are ISAs which grow free of personal taxation, and pensions, which also grow free of personal tax, but also qualify for tax relief on the contributions.

5. Clear off expensive debt before saving – you will almost certainly not get as much interest after tax from a bank account as you will be paying on your debt. 6. Protect your loved ones – Life insurance is generally inexpensive and gives you and your family peace of mind that liabilities are going to be met. Critical illness cover pays out money on diagnosis of one of a list of serious illness, money that can be used to repay a mortgage, fund needed private medical treatment, or just tide you over during recuperation.

7. Put it in trust – if you do take out life insurance cover, consider putting it in trust. Failure to do this could mean a long delay before the money is paid out, disputes about who gets the money, and an Inheritance Tax liability – all at a time when money is needed quickly and with the minimum of additional aggravation.

8. Make a will – less than half of the UK population make a will. Even in the simplest of circumstances, having a will reduces the time and the cost needed to deal with an estate.

9. Review your planning – you wouldn’t think of driving 100 miles without checking if you were on course, so why would you treat your financial planning like this?

If you are interested in knowing more about how I work and you have investments of over £200,000 why not give Jo a ring on 01562 745730 to arrange a no obligation 30-minute free meeting in our offices.

The information in this article does not constitute investment advice; you must not rely on the content when making investment decisions without taking advice. Past performance is not a reliable indicator of future results. The value investments and the income from them, may fall or rise and investors may get back less than they invested.