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Posted on: 22nd Dec 2015 by: CamOuse Financial Management Limited
Around 50% of us make New Year’s Resolutions and ‘sort the finances out’ must be one of the most popular: but that’s a little vague – it’s more a wish than a firm commitment to take action.
Looking at the January appointments we’ve had with new and existing clients, here are the topics that we’ve discussed most often. If you’re determined to sort out your finances, these may give you some food for thought.
1. Sort out the mortgage
The mortgage is the biggest monthly expense for the vast majority of people, and making sure that the rate you’re paying is competitive is basic common sense. Many people are paying a higher rate than they need to and half an hour with a financial planner or independent mortgage broker can be time very well spent. Yes, there are costs involved in moving your mortgage, but these can often be outweighed by the savings to be made.
2. Sort out our life cover
This is an absolute priority, especially if you have children. Many people don’t know the answer to questions like ‘how much life cover do I need?’ ‘How much do I have?’ ‘Does it include critical illness cover?’ No-one likes to think about the possibility of being seriously ill or dying, and therefore we tend to neglect our protection policies. Life cover can be surprisingly inexpensive: and even if you do have cover in place, make sure you have it checked on a regular basis. In many cases the cost of protection is continuing to fall and it may be possible to replace old policies and increase the amount of protection you have, without increasing your premiums.
3. Start saving for the children
However much you’ve just spent on Christmas presents, your children are going to cost you a lot more in the future. Whether it’s university tuition fees, a first car, your daughter’s wedding or the deposit on a house, the numbers are only going to go one way. Even if you only save a small amount, doing it on a regular basis over a long period can make a significant difference – and with the ability to save tax efficiently through an ISA, at least the taxman will be on your side.
4. Start saving for ourselves
What’s true for the children is equally true for yourself; if there’s a specific savings target you have in mind, or whether you simply need to save for the proverbial ‘rainy day,’ the earlier you start to save the easier it is to achieve your goal.
5. Sort out my pensions from previous employment
Many people have pensions left over from previous jobs, and despite various Government initiatives aimed at simplifying the system they still don’t have an accurate idea of how much is in their pension ‘pot.’ Good pension planning is impossible without knowing the position you’re starting from, so it’s a sensible idea to talk to a financial planner and find out the position with any old pension policies. For example, can they can be brought together and simplified?
6. It’s time I understood the company pension scheme
Just as importantly, far too many people don’t understand their existing company pension scheme. Is it final salary? Money purchase? Eightieths? Sixtieths? Can I make additional contributions? Buy extra years? Again, half an hour with a knowledgeable financial planner will be time well spent. He’ll be able to summarise the main benefits of the scheme for you, tell you the sort of pension you’re likely to receive and advise you of the best course of action if you want to improve your pension benefits.
7. Investigate Inheritance Tax and Long Term Care
If it’s the case that your parents are elderly, then it may be worth thinking about Long Term Care planning. Similarly if their – or your – estate is likely to be subject to Inheritance Tax, then action taken now could pay significant dividends in the future. Again, a financial planner will be able to tell you what’s possible, and the steps that could be taken now to prevent an unpleasant surprise in the future.
8. Look at Private Medical insurance
Many people look at the option of private medical insurance. This may be an investment worth making, particularly if you run your own business and would need treatment at a time to suit you.
9. We need to sort out the partnership insurance
Many businesses are run as a partnership (whether it’s a straightforward partnership or through equal shares in a limited company). The death or serious illness of one of the partners could have catastrophic consequences for the business – and serious implications for the other partner. And yet very few businesses have addressed the simple question of partnership assurance. Your financial planner will be able to explain the basic rules to you and give you an idea of what protection might cost: you may well be pleasantly surprised!
10. We need to make a will
Last – but by no means least – make sure that you have an up to date will. The consequences of dying ‘intestate’ (that is, without a will) can be severe, and with a simple will being relatively inexpensive it’s sensible to make sure that this area of your financial planning is kept up to date.
So there’s plenty to think about… If you would like to discuss any of the above points – or any other aspect of your financial planning – then as always, please don’t hesitate to contact us.
I thought CamOuse were very helpful and dealt with my enquiries promptly.
I have been a client of CamOuse's for many years. My advisors have provided assistance with mortgages, financial planning, investments and most importantly my future. The team remain passionate and professional and I would recommend CamOuse without question.
Trevor Honey & Clive Nickalls
The staff are always happy to help.
Lee has always given me excellent advice when choosing a new mortgage. I would highly recommend him.
Everyone is very friendly, approchable, helpful and professional.
I would like to thank Lee for all his help, he was amazing!
Silk & Schwarz
Lee was recommended to us by 2 of his existing clients, colleagues and friends of ours and I'm glad they did so! He made the whole process much simpler then we were expecting.
Burgess & Bedford
Lee has helped us on several occassions and we always appreciate and value his time and efforts.
I & A Murphy
I really appreciate the prompt, friendly, efficient service.
Very pleased with the service provided and happy to recommend to my customers and friends and family.
I would like to express my thanks for the excellent service I have received and a special thank you to Hannah for keeping me updated and dealing with my queries in a very efficient and professional manner.
Thank you (and Eve) so much for all your help and support towards our remortgage. We really appreciated your expertise.
Cant & Robbins
I would just like to thank you all on behalf of myself and Jordan. You, Eve and Max have been faultless and we couldn’t be more appreciative for all your help!
Lee has provided me with mortgages and appropriate insurance for both my home and lease properties. He is professional and works to get policies in place in an extremely quick time frame. I would certainly recommend Lee and CamOuse to anyone and I personally will continue to use their service.
I have been a client of CamOuse Financial Management Ltd for many years and have always found their services to be of the highest quality.
Amazing company, very friendly, professional, and always on hand to give sound advice. My family has been utilising their expertise for many years and have never been let down.
Sound financial advice and planning. Responsive and friendly service.
The whole team at CamOuse are friendly, professional and always look after your best interests. Thanks for your help!
We've only been with CamOuse just over a year but would highly recommend them. We deal with Matthew who is an excellent adviser, always very responsive to questions and goes the extra mile to help.
I was so pleased and relieved to find this company. Particularly pleasing is their communication - it's jargon-free, concise and clear. We've been very happy with advice given thus far, and also their responsiveness whenever we've had any queries.
We used Lee at Camouse to arrange our mortgage and can highly recommend him to provide an honest and professional service in this area. We will certainly return to Lee for remortgage advice in the future.
Would like to extend our thanks to you and your team for a fantastic customer service as always.
E & R Mendoza
We paid a small fee to Camouse for whole of market mortgage broker services. As first time buyers, Lee and Eve were able to guide us through the process, find us a deal and sort out the applications in a really helpful friendly and efficient way. We were very satisfied and would recommend CamOuse to others for this service.
I was extremely pleased with the quality of the service I received when arranging a mortgage as part of a house sale and purchase through CamOuse. Lee and Eve were very easy to contact and always quick to respond. I would definitely recommend their mortgage arrangement services.
CamOuse Financial Management is authorised and regulated by the Financial Conduct Authority.
None of the information contained in this website should be considered as personal recommendation and is for information only. Should you wish to make a financial transaction we recommend that you take personal financial advice after a thorough review of your personal and financial circumstances.
The information contained within the website is subject to the UK regulatory regime and is therefore primarily targets at customers in the UK.
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