01 September, 2010
You may have had no choice but to run your savings down over the summer. Or you may already be thinking about building your savings up for next year's Summer holiday. On the other hand you may be lucky enough to have plenty of money kicking around in different savings accounts or investments.
But how can you be sure to make your money work as hard as it can? It is a good idea to sit down with an Independent Financial Adviser at least once a year and review what you are doing with your money.
The secret to successful saving is to set achievable goals. This can be done by reviewing where your money is going and being realistic about how much you can save each and every month.
It is also worth reviewing the savings you already have. It is now commonplace for savings accounts to offer introductory rates but for the subsequent rates to be virtually non-existent. Some accounts that also once offered "High interest" quite simply no longer do so. A years interest could be lost if it's only the annual statement popping through the letterbox that alerts you to the fact the account is no longer competitive. ISA Transfers should be considered.
Pension and Investment funds should also be reviewed regularly. Fund Managers come and go and just because these types of investments are longer term it does not mean that fund choices should also remain static. Neither does it mean that funds should be changed for changing sake.
Pre-1998 Student Loans have also increased from the 1st September from -0.4% to 4.4%. Mortgage interest rates should also be checked.
The shorter days may be on their way but it is not a sign that you should be short-changed.