HOW... TO GIVE YOUR FINANCES A JANUARY DETOX

ADRIAN Lowcock, head of personal investing at Willis Owen, has some top tips for detoxing your finances:

■ File your 2017-18 tax return by the January 31 deadline

IT is important not to miss this, as fines start at £100, potentially with extra charges added on. Completing a tax return involves some preparation as you may need to gather documents such as pay slips, records of any interest or dividends received in the year. ■ Review your budget

TAKE this opportunity to plan for the next 12 months by reviewing all your bills and look for ways to cut them. Plan to save for those larger items such as holidays or next Christmas.

■ Consolidate your investments MAKE sure all your investments are easier to manage and review. Before consolidating any pensions, first check with each provider that there won’t be excessive penalties or loss of valuable benefits.

■ Rebalance your portfolio MANY people make new investments in February and March in the run-up to the tax year end. So it is a good discipline to review your existing holdings. This will highlight the areas you should focus on for any new investments to ensure a balanced portfolio.

■ Make sure you have a will DYING without a will can leave your loved ones in a difficult financial position and can add considerably to a stressful and upsetting situation. A will may only need reviewing every five years or sooner if there have been any major changes such as a marriage or the birth of a child.