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New Year’s resolution – get your finances in place by following these simple tips

January 11, 2012 by guest  
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Here we are in the New Year and again, we have a resolution to sort our finances out, once and for all. With the whole of Europe on an austerity drive, personal financial planning has never been more important, so below are 5 tips from Money Vista that will help you get your finances in order for 2012.

1. Forward plan to save each month

It can be daunting working out if or how much you can save every month, so you may need some help. There are various online tools that can assist you with your financial planning. This savings calculator, lets you explore how much your savings may be worth in future or, alternatively, how to reach a savings target.

2. Get that debt down to a minimum

As simple as it sounds, the first step in getting your debt down is not to require any new debt. Make it an absolute resolution not to take out any more loans and stop paying for things with credit. Cut up those credit cards immediately. Do not cancel your credit cards but if you ask, you can sometimes get a better deal. Try to get as close to a 0% rate as possible.

3. Have a financial clear out

Have you lost track of how many direct debits and standing orders are coming out of your account? It appears most of us have and the average person has 6 coming out at various points in the month. In some instances you may be paying for things you really don’t need, so make a point of reviewing each of these payments and cancel the ones that no longer benefit your life.

4. Protect your assets

There are many things to consider when protecting yourself in the future. Have you made a will? Do you stand to be hit by inheritance tax? Do you think you will need medical cover in the future? Do you think your family will? If any of these issues affect you, it is worth seeking financial advice. Money Vista is an online service worth contacting for help and advice on protecting your assets.

5. Think about retirement

Old age is something that none of us want to think about but unfortunately it’s inevitable. Life expectancy is rising, meaning we are going to live longer. Retirement planning is definitely something worth considering, knowing that you are better protected in the future.

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