2021 Spring Term 1

The know zone

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    The way you use money in the short-term impacts your future financial freedom. Here, with tips for getting your long-term finances in order, is Joshua May from income protection insurance specialists PG Mutual. More
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The way you use money in the short-term impacts your future financial freedom. Here, with tips for getting your long-term finances in order, is Joshua May from income protection insurance specialists PG Mutual.

Get your finances in order

Okay, let’s be honest. Diving into the dusty folds of your financial life isn’t necessarily fun. But it’s more fun than having that nettling feeling that the financial actions you’re taking right now could be harming your future wealth. So buckle up, it’s time for a financial health check.

  1. Review your pension contributions
    Think of your pension like a money tree. The earlier you plant it and the more you feed it, the larger it grows. Chances are it’s been a while since you last had a good look at your pension, so maybe it’s time to reassess. If you’re earning more than you were five or ten years ago, consider upping your contributions to make your money work harder for your future.

  2. Take a look at your budget
    Budgets must flex with the ebb and flow of life. So, if you haven’t set a budget in a year or so, schedule an evening to sit down with your numbers. As your income grows, it’s nice to splash out on a few luxuries and enjoy more freedom to spend on everyday items. But that shouldn’t come at the expense of your future financial comfort. Reducing some of the needless expenses and being a little stingier with your spending allows you to set more money aside – whether that’s to cover annoying expenses like broken boilers and damaged dishwashers, or simply to stick into long-term savings or your pension. Doing your future finances a favour could be as simple as ditching the daily trip to the coffee shop.

  3. Scrutinise your insurance policies
    Put too much focus on accumulating for your future and you sometimes forget to protect what you already have. That’s where insurance comes in. Protecting your assets against any eventuality is a must. After all, who wants all their hard work to go up in smoke? Review old policies and consider new ones.
    At PG Mutual we are seeing more people take out an income protection policy. It provides cover for lost income when illness or injury prevents you from working. So instead of worrying about how you will make ends meet on state benefits, you can concentrate on your recovery, knowing that you could still receive up to 70% of your salary while you are off work.

  4. Speak to a financial adviser
    Money matters can get confusing. It’s easy to end up with your brow firmly furrowed when trying to figure out how much you should set aside now for the future. Seeking advice from a financial adviser can give you peace of mind. You could leave with a clear roadmap about what you need to do in the short-term to achieve your financial ambitions for the future.

  5. Improve your credit score
    Your credit score is a measure of your financial health. A good score encourages financial institutions to offer you better deals. Whereas with a poor credit score, you may find yourself barred from certain products. Paying your bills on time and chipping away at any debt you have will go a long way towards a healthy score. Even keeping your address up to date makes a difference, so it pays – almost literally – to make sure your credit record is accurate.

  6. Make a will (or check it’s up to date)
    Nobody likes to think of the unexpected. In fact, more than 60% of adults in the UK don’t have one (tinyurl.com/ y5awhf72). But writing your will takes a lot of stress out of an already stressful situation in the event of your passing, while at the same time possibly saving your estate and your beneficiaries thousands of pounds in expenses and taxes. If you already have a will, remember to review it every couple of years or so to make sure it still reflects your wishes.

Over to you…

Spending a day or so each year to sit down and look at your finances is a great habit to get into. Not only will it help you manage your budget in the short term, but it can have a rewarding impact on your future financial prosperity. Set the time aside and make it happen.

More about PG Mutual

PG Mutual offers ASCL members a 15% discount off your first two years’ premiums.*

For details visit www.pgmutual.co.uk/quotation and enter discount code ‘ASCL’ or call 0800 146 307.

* See website for full terms and conditions.

Joshua May
Marketing Assistant at PG Mutual
@PGMutual

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