New Year Is A Time To Get Organised
10 Jan 2019
Published in: Blog
One resolution that pays back in abundance is getting your finances in check
We all start our year with a list of New Year’s resolutions – and how many of us have already skipped going to the gym, indulged in dessert a few times and have only learnt how to say hello in the language you were going to become fluent in this year?
One resolution that pays back in abundance is getting your finances in check.
As financial institutions on both the savings and the mortgage side jostle for market position following the bank base rate changes, Dudley Building Society has released a helpful guide of things you may want to think about:
· Do you know what accounts and services you have from your finance providers? Make a list or look at your Credit Reference Agencies Report online – you may have forgotten about old accounts that are still active on your credit report.
· Talk to your providers – are you taking advantage of the best mortgage product available and does it suit your needs?
· Put together a longer-term plan – have you planned for retirement or reviewed your Will?
· Understand the products that you have and any upcoming default / revert rates to ensure your money continues to work hard for you – this goes for savings and mortgages.
· Set out a budget – do you really know how much you spend on things such as eating out or how much you need to put away for your summer holiday?
· Start saving if you don’t already or start to put away just a little more – the comfort of even the smallest buffer has a phenomenal impact on your wellbeing. Statistics published by the Building Society Association stated that over a third of mortgage borrowers have no cash savings, and another 10% have less than £500.
Head of Operations, Raj Bains, said “It can sound like a cliché, but the more informed consumers are the better they are positioned to make decisions. We can all be guilty of putting off our ‘life admin’ but anyone that is on a standard variable rate for their mortgage may benefit from talking through alternative options with an advisor especially whilst we are still seeing historically low interest rates”.
For anyone that feels they would benefit from reviewing their savings or mortgage products or would like to discuss pension, insurance or protection advice they are invited to call a member of the team at Dudley Building Society on 01384 231414 or visit dudleybuildingsociety.co.uk
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