03 Apr 20

Financial Planning

Five Financial Things To Do During The Lockdown

Most of us might not be used to being at home 24/7. If you’re short of something to do, why not make the most of the extra time on your hands by having a good look at your financial affairs?

1. Do a Budget

List your salary, other income and see how it measures up against your outgoings. Are you spending money in the most sensible way? Once it is all down in black and white, you might see some savings that can be made. A Costa coffee at the start of every working day can set you back a total of around £1,000 a year. That’s a hefty chunk of cash!

2. Check what’s going out of your accounts

Check all the Direct Debits and standing orders on your bank account. It’s easy to get tied up in a subscription without realising. You might also be shocked to discover what you’ve forgotten to cancel. This could save you a lot of money per month that could be used more wisely, like invested into a pension.

3. Check that your investments are in the right places.

You might find that you can earn a better rate of interest by moving money into a different investment product. This is where an Independent Financial Adviser can help you. They have access to the whole of the market and can recommend the best product for you.

4. Get a pension statement from your provider.

These documents are really useful because they show you the projected amount that you could expect to receive in retirement. Now is a good time to see if your estimated income is what you expected. If it isn’t, you can take steps now to address that now. This could include arranging to pay more into your pension.

5. Are you getting the best rate for your utility bills?

There are several websites such as U Switch that can help you get a better price for your gas and electric. Bear in mind that with the lockdown, some firms have cut back on their staffing so it may not be possible to switch right now but you can make a note of the best deal for when they do reopen. There are also some great mobile phone deals around right now, so if you’re due for an upgrade, do have a look to see if there is a cheaper deal available.