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.
Share this..
Related stories
Pre-paid meter users pay extra £226 for energy
03/07/2015 Citizens Advice has claimed that people with pre-paid meters for gas and electricity are paying on average £226 a year more than they would have done on the cheapest direct debit tariff. The gap between the cheapest and the lowest prices for gas and electricity has widened by a third in the last six months, thanks to the increase in pre-paid meter charges. The findings are pa...
Read MoreLord Myner comes to the aid of taxpayers
City Minister Lord Myner would appear to be putting himself forward as the champion of UK taxpayers with this quest to ensure alternative arrangements are made in the event of future banking sector collapses. As we covered in one of our earlier articles, he is pressing ahead with plans for either an insurance-based safety net or a financial transaction levy fund to take the place of taxpayer fundi...
Read MoreCost of borrowing on the up
The cost of borrowing is increasing and rose dramatically over base rate rises last year, it has been claimed. According to new data from MoneyExpert, the rate on a loan over £3,000 has risen from 12.35 per cent in November 2006 to 14.9 per cent. Meanwhile, the rate on a loan of £12,500 or above has grown from 7.1 per cent to 8.78 per cent. The growing repayment costs spell trouble for UK borrow...
Read MoreEDF Plays Hard Ball And Prepares To Look Elsewhere
As the EDF / British Energy saga continues to roll on we have seen the first signs that the French company might start to play hard ball. The group has suggested that the UK is not the centre of their nuclear ambitions and they have many more alternatives around the world which they are actively considering. Is this a bluff or are they set to walk away once and for all?
Government...
Stagecoach considering merger with National Express
UK bus company Stagecoach is believed to be in the throes of putting together an all paper merger with competitor National Express after a potential bidder for National Express walked away from a £765 million bid. This leaves National Express in a very difficult situation because the company has debts of over £1 billion and is struggling on the financial front.
While it is not cer...