(My Original Blog Post: http://ping.fm/DiEJQ)
For many people 2009 was a year to forget. A global recession, stock market turbulence and a general feeling of unease have left a lot of individuals feeling uncertain about the future.
Hopefully 2010 will be a better year. However there are step we can take to help our financial situation.
One thing we can do to get the situation into perspective is to review our finances. Whether it’s your mortgage, loans, investments, income or spending habits need to be reviewed regularly.
Carrying out a review will help you to identify where your finances can be improved and where you need to make changes..
It is important to review your savings and investments, to ensure they are suitable to the level of risk you are prepared to accept. It is also worth looking at your credit cards, gas and electricity as well as insurance to see if you could get a better deal. Even a small saving could make a difference to your monthly budget.
Making the most of your annual tax allowances such as individual savings accounts, capital gains tax allowances and pension planning are also ways of reducing the level of tax you might pay.
Whilst income and capital gains tax are important, the effect of inheritance tax should also be considered.
Many individuals and parents, own assets over the value of the Inheritance Tax Nil Rate band. Effective tax planning can be used to reduce the amount of inheritance tax their estates might have to pay.
For many people, the services provided by financial advisors help them to review and implement changes to their finances.
If you believe that you would benefit from independent financial advice please contact us on 01454 321511.
Consilium Asset Management
