21 January, 2008
Kicking finances into shape should be a priority for 2008 rather than trudging on a treadmill according to Peter Toner, Independent Financial Advisor at Forbes Solicitors.
"Now is the perfect time to start saving, following excessive spending over the Christmas period and taking a fresh approach to finances could be much more beneficial in the long-term than traditional resolutions such as diets and gym memberships.
Make good use of those ISA allowances (up to £7,000 tax free), this should include investigating the rates from different providers. It is also an idea to make sure you have the best mortgage deal available and to review pension arrangements. Potential mortgage switchers are warned to always make sure their savings outweigh any extra costs involved in switching, such as administration fees, valuations and legal fees.
One route to spending less is to keep a diary of all spending and then cut back on areas where money is wasted. I would also recommend that people cancel any monthly direct debits that they are paying for and not using, such as that well intentioned gym membership you took out and have since forgotten about."