The Importance of Reviewing Your Finances Regularly

We have repeated this message so many times and we will continue to “bang the drum” – you need to review your finances regularly.

It is all well and good, taking hours to plan your roadtrip or holiday and pour through brochures and travel websites. 

• Without research and reveiwng your travel options, you may pay too much for fliights, accomodation, drive the wrong route or end up in a place that does not meet your expectations.

It is all well and good spending £20,000 or £40,000 on a new car, that loses 20% in value as soon as you drive off the forecourt  You then spend £1000s per annum on:

• Road Tax
• Motor Insurance.
• MOT and Servicing.
• Tyres, oil and water.
• Petrol, diesel or electtricity.

Without doing this, your car will break down or fall into disrepar.  Yet, this is a depreciating asset. 

Do you spend more on motor insurance than you do on life insurance, income protection insurance or medical insurance?

Do you spend more on servicing your car, a depreciating asset than you do on reveiwng your £50,000/£100,000/£250,000 pension funds?  Do you spend more time polishing your car and checking the tyre pressure than you do talking to a financial adviser?

Constant Changes Affect the Suitability and Effectiveness of your Current Financial Plans

• The law changes.
• Tax rates change.
• Tax effocient plans and limits change.
• Interest rates change affecting mortgages and cash savings as well as index link and foxed interest gilt and bond funds.
• The economy and therefore stock markets change.
• Politics change.
• The property market changes.
• You change:  you age, your wealth increases or decreases, you health changes, your risk profile changes.

Are you still invested in the same pension fund you were 20 years ago?  Does your financial adviser offer ongoing financial reviews?  Does your adviser charge you for ongoing service and you do not use or receive ongoing advice?

It is too important to all parts of yours and your family’s life and financial well being to not look after your finances.  Without them, you have no home, you have no car, you have no income, you have no growth, you pay more in tax.

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