9 STEPS THE PLANNERS WANT YOU TO TAKE TODAY
CHECK YOUR PENSION
Ask your provider for
a statement – you can either call them directly or go into your online account.
Get a state pension forecast at gov.uk/check-state-pension.
Track lost pensions from previous employers at gov.uk/ find-pension-contact-details.
‘If you are paying the minimum into your workplace pension, see if you can increase it so you can take advantage of the fact that your employer will also increase what they put in,’ says financial planner Claire Phillips.
MAKE A BUDGET
Use The Money Advice Service’s budget planning tool (moneyadviceservice.org.uk/en/ tools/budget-planner) to understand your cash flow.
REVIEW YOUR BILLS
Switching service providers, such as energy, broadband, phone, and even your mortgage, can save you hundreds, if not thousands, of pounds a year on household bills. Go to comparison sites such as Uswitch, Gocompare or Compare the Market to see what you can save. Remember to review these bills every 12 months.
MAKE A WILL
According to Royal London, 54% of us don’t have a will. Find a solicitor at solicitors.lawsociety.org.uk, or use an online service such as Co-op Legal Services to get started.
CREATE A LASTING POWER OF ATTORNEY (LPA)
A will protects your wishes when you die, but an LPA can protect you when you’re alive by appointing someone you trust to take care of your affairs if you are unable to. ‘No matter how old you are or how healthy you are, everyone should get an LPA – do this as part of your planning,’ says Martin Bamford. Apply at gov.uk/power-of-attorney.
SET UP LIFE COVER
If you have children, a partner or other relatives who depend on your income to cover the mortgage or other living expenses, then consider life insurance – it will help provide for your family in the event of your death. See what you get via your employer first, as that cover may be sufficient.
MAKE USE OF TAX-EFFICIENT SAVINGS
Take advantage of your annual £20,000 ISA allowance. You can put money into a cash ISA (where you earn interest on your money) or a stocks and shares ISA, where your money is invested with a higher growth potential. ‘If you’ve maxed out your ISA, then it may be worth talking to an adviser to see what else you can do to make your money grow,’ says Sheena Doherty.
TACKLE HIGH-INTEREST DEBT
If you have debt, start paying off your most expensive one first. If you have credit card debt, see if you can shift it to a 0% interest card with the aim of paying it all off. Go to stepchange.org for free advice on managing debt.
GET THE RAINY-DAY FUND IN CHECK
Build a fund for life’s emergencies and unexpected costs. Keep it topped up.