Are you planning for your financial future?

In these difficult economic times it can be simply a case of living day-to-day, week to week and month-to-month. However, it is vital that we do not lose sight of the long-term financial future we need to secure for ourselves which includes pensions and savings for later life. While obviously many people are more concerned about their short-term financial situation, with many struggling to cover rising fuel bills and rising finance expenses, it is paramount that we maintain a firm grip of our financial situation in the short, medium and longer term.

It is vital that you stay in contact with your financial advisers who may be able to suggest tweaks in your finances which could reduce short-term pain yet also ensure long-term gain. If you have debt you should be looking to pay off high interest debts before low-interest debt with credit cards probably top of the list. However, you also need to balance this against the need to maintain a "buffer" between your immediate financial liabilities and available finance.

Many people have rushed to pay off as much of their mortgages possible in the short term only to leave themselves short in other areas of everyday life. Do not forget, once you have paid off a chunk of your mortgage (perhaps over and above the minimum payment) the mortgage company is unlikely to return these funds to you in times of trouble. There are many short-term issues to consider but we also need to keep a grasp of the long-term picture.