World Financial Planning Day is Here: Tips for Warrington Residents
World Financial Planning Day takes place next week, on 8 October. It’s a day that’s designed to promote awareness of financial planning for your future. Here’s a simple action plan.
Review your spending
Go through your bank statements. Look at what outgoings you could cut or reduce.
One way to trim back on your spending is to cancel subscriptions for things you don’t actually use.
Start to save
While the rising cost of living makes it tricky to save, try to put away what you can when you can.
For example, if you save 1p today, then an extra 1p a day every day (so 2p on day two, 3p on day three), you’ll have saved a very useful £668 by this time next year. *
Check your savings and investments
Did you know that the best easy access savings accounts pay just short of ten times more interest than the worst? ** So make sure your savings are in the very best place.
Stocks, shares and other financial products often promise a better return than savings accounts but come with more risks. Consider whether putting some money into investments is right for you.
Check your mortgage
If you have a mortgage, use World Financial Planning Day as a good reason to review it. Are you on the most favourable rate? Are you able to look for a better deal?
If you don’t have a mortgage – but are thinking of buying a home in future – look at what you’re doing to save towards a deposit.
Pension planning
If you have a pension, find out what it is forecast to pay out when you retire. Do you need to contribute more or make other changes?
If you don’t have a pension, should you start thinking about one?
Take expert advice
The ultimate aim of World Financial Planning Day is to promote the benefits of taking advice from a professional financial planner.
According to the organisers of the event, Financial Planning Standards Board (FPSB), people who plan their finances stand to be better off in more ways than one.
Dante De Gori, FPSB CEO, says: “Research shows people who work with a financial planner report a higher quality of life, more financial confidence and resilience, and more financial satisfaction. World Financial Planning Day is the perfect occasion for all to discover why.”
We hope you’ve found these thoughts interesting and useful. Why not help a friend by sharing this article with them?
* Source: Money Saving Expert
** Source: Love Money