10 ways to refresh your financial habits in 2020

Have you made new year resolutions for 2020? Perhaps to get fit or take up a new hobby? The start of a new year is also the perfect opportunity to review your finances and ensure your goals and existing policies remain relevant to your current needs and future plans.

  1. Consider your goals

It’s a good idea to review your short and long-term goals and consider how much money is required for each of them. This could be taking your family on the holiday of a lifetime, moving to a new home, planning your retirement or passing capital on to your family. 

  1. Save More

The end of the tax year is 5 April 2020 and the annual ISA allowance is a generous £20,000, allowing you a tax efficient way to build your savings.

  1. Check your State Pension position

The State Pension rules have changed, so check your retirement date and the amount you’ll receive by going to www.gov.uk/check-state-pension 

  1. Review your pension planning

To ensure you’re on track for a comfortable retirement, you should keep your pension planning under regular review.   

  1. Refresh your investment portfolio

You should review your investments on a regular basis to ensure these still match your risk profile and your life plans.

  1. Consider your Inheritance Tax (IHT) position

You don’t have to be particularly wealthy to find your estate could be liable to IHT. Taking advice about IHT planning could save your heirs from paying too much tax.

  1. Revisit your mortgage 

If it’s been a while since you took out your existing mortgage, there could be a better, more cost-effective deal out there for you. We research the market regularly and can recommend the right product for your needs.

  1. Have a Will in place

If you haven’t made a Will, writing one should be at the top of your 2020 to do list. If you have a Will but your family circumstances have changed, then it makes sense to ensure those you wish to benefit are included.

  1. Think about a Lasting Power of Attorney (LPA)

Think about arranging an LPA so that a trusted friend or relative could look after your affairs if you lost capacity.

  1. Review your protection policies

Life insurance and other forms of protection should form a vital part of everyone’s financial planning. So, if you’ve had an addition to the family, moved house, retired or changed jobs and you want to provide for your spouse, partner or family, then ask us to recommend the right plans for you.

A successful financial strategy involves regular reviews, so why not contact your financial adviser. Regular reviews are an important step in helping to grow and protect your wealth and an opportunity to ensure that you’re on course to meet your goals.

The value of your investments can go down as well as up, so you could get back less than you invested. 

A pension is a long-term investment. 

Tax advice which contains no investment element is not regulated by the Financial Conduct Authority.