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When should you review your own financial situation?

As we approach the New Year more and more people in the UK will be looking to review their own financial situation and address any potential issues. However, while it would be wrong to suggest that we should all review our financial situation on a monthly or even half yearly basis there is a need to respond to the current economic environment. Even though the UK economy has shown signs of improvement of late, there is no doubt that we have seen economic swings over the last 12 months which in a normal world may have taken years to emerge.

As a consequence, while there is nothing wrong in reviewing your financial situation on an annual basis, there is a need to react to the times. In these troubled markets, while not wishing to react to short-term swings, we need to be aware of potential developments, both on the plus side and on the negative side, and take action where possible. Pensions, investments, savings and tax are all areas of your personal financial well-being which need to be monitored on an ongoing basis and professional advice taken when required.

Whether you like taking professional advice or not, it can literally be worth its weight in gold and alert you to potential problems and issues in the future.

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