Financial resolutions for 2015
-Reduce expensive debt
Comment: Credit Cards, Overdrafts and Term Loans are the most expensive form of borrowing. If you are struggling to meet your current repayments, then obviously what I advise will be of no benefit to you. However, if your financial situation has improved e.g. through re-entering the workforce, increased salary etc then any spare funds you have each month should be targeted towards reducing these type of loans.
-Commence regular savings
Comment: I would strongly suggest that everybody should have some form of regular savings no matter how small it is. If you were to target for example, providing for expenses next Christmas or a holiday this year, the discipline of regular savings will be of considerable benefit to you. Obviously the amount that you target for this will be dependent on your monthly outgoings.
-Make a Will
Comment: It is surprising to me the number of people who never make a Will and also those who seem to feel if they do so, it only brings home to them their own ‘mortality’. It is very important that in the event of your death your financial affairs are left in as organized a situation as possible and a Will is a cornerstone of this.
-Change expensive house/life/medical insurance policies
Comment: Most people have large outgoings on house/life/car/medical insurance policies. Despite the amount of advice that is given regularly, it is surprising the number of people who never review their renewal premiums.
Major savings can be made, sometimes by not having to even change the provider you are with. Whilst I understand that this area can be quite confusing for people, it is worth putting the effort into shopping around.
Finally I would suggest to anybody whose financial situation has improved recently and previously dropped their medical insurance, that you consider restarting some sort of policy no matter how basic the plan is.