importance of managing finances

Why now is the time to Spring Clean your Finances



Posted on: 9th April 2020

Given the time people now have at home, we also have the chance to make use of the extra time in the day. One thing that comes to mind is the importance of managing finances. We will always suggest doing if you haven’t already is to spring clean your finances! And as the new financial year is also upon us, so you have every reason in front of you to make the most of this opportunity. So, here are some things you can do.

Spring clean your finances – simplify your current account
A good place to start would be with your current account! By going through past statements, you can assess where your money has been going and decide if there is anything you needn’t be paying for. For example, are you still subscribed to a streaming service you don’t use? Now would be the time to end your subscription. It can also help you see just how much you are spending on non-essential products and services such as coffee and dining out. The money you could be saving by limiting these purchases could be put towards your pensions and investments, giving you a better financial future.

Past pensions
We often discuss the importance of tracing lost pensions, but now would be the best time to do so if you haven’t already. If you have jumped from job to job over the timeline of your career, you may find that some pensions have been left behind. Speak with past employers to find your previous pensions and see if you can move them into one place.

Sort your will
While spring cleaning your finances, do not forget your loved ones. Though we don’t want to think about what could happen, it’s always wise to prepare for the unexpected. Too many of us fail to make a will, but it is easy to do and can benefit those you care about greatly should something happen to you.

If you already have a will, now may be the time to reassess any changes that you might need to make.

Seek financial advice
If after looking at your finances you decide you’d like to stretch your money further for the best financial future, why not speak with an independent financial adviser? At Haven IFA, we are proud to offer people in Greater Manchester with valuable guidance that will lead to an enjoyable retirement. To find out more about our services, get in touch to speak with one of our advisers.