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Time to spring clean your finances?


Important - The information shown is not personal advice, if you are unsure of the suitability of an investment for your circumstances please contact us for personal advice. Tax rules can change and benefits depend on personal circumstances. Investments can go up and down in value and you could get back less than you invest.

Why spring clean?

Getting everything in order isn’t just sensible, it can be satisfying too.

The link between cleaning and finances might seem a stretch but tidy, well organised finances could give you a clearer head and make things easier to keep track of going forward.

Spring clean your finances in 4 easy steps:

Does tidying your finances feel like a chore?

Get help from an expert adviser to save yourself time and stress.

Find out more

Nick Colman
Personal Finance Writer

Take stock of what you’ve got

Imagine you’ve got a huge wardrobe full of clothes. There might be some things in there you haven’t worn for ages. Now imagine emptying this wardrobe on to the bed to get a good view on what you’ve got. An adviser’s first step is to do the same for your finances. It might have been a while since you’ve taken stock of everything you have – we’re talking forgotten work pensions, premium bonds and NS&I accounts here.

If you’ve lost track of savings or investments, there are steps you can take to help you track them down. With there still being quite a bit of uncertainty in the air, getting it all together and putting it back to work has never been more important.

How to avoid losing accounts:

  • Make it easy
    It’s far easier to keep on top of things if you don’t have loads of pensions, investments and savings accounts in different places. Look through what you have, and see whether you can consolidate them to a single service, without losing any valuable benefits and guarantees. Also check for exit penalties when considering your options.
  • Let your loved ones know
    Draw up an asset register, outlining what you have, and where your accounts are held. You should keep this securely with your will so nothing goes missing after your death. You should also talk to your partner about savings and investments. Not only does this mean the two of you will know where the money is, but you can then both be involved in the investment decisions that affect you both.
  • Review them regularly
    Give yourself time to go through your finances at least once a year or when you have a change in circumstances, and update your assets register. It’s not only a good way to keep track of what you have, it’s also a useful time to review things like interest rates and investment performance.

De-clutter

Want to talk it through?

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Nick Colman
Personal Finance Writer

De-clutter

Remember that gadget you got for your birthday a few years ago which you’ve only used once? If it’s not really adding any value, it could be time to get rid of it.

Unfortunately, ‘value’ is a bit harder to determine when it comes to investments. Even investments which have taken a tumble recently you may want to cling on to as they may bounce back. You may even have emotional ties to some of the investments bought over the years.

Perhaps it was the first one you ever bought or you worked for the company for years, and they probably trigger some sense of nostalgia.

But the reality is some of them could be poor performers or no longer suited to your goals and objectives. Your portfolio may have also become ‘unbalanced’ which means you’re not diversified in the right way for your goals. Keep an eye on how your funds are performing and weed out any serial underperformers.

Take an objective view to find out which ones they are and consider getting rid of them. A financial adviser can help identify an opportunity and separate the wheat from the chaff.


Don’t procrastinate

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Nick Colman
Personal Finance Writer

Don’t procrastinate

Preparation, planning and strategy are all favoured when it comes to a spring clean so it’s easier to get the job done. When it comes to financial planning, uncertainty can lead to indecision.

There seems to be a scary headline on a daily basis, but you can’t change your long-term plans based on the wider world beyond your control. You still need to take care of your money and financial planning.

If you planned to retire later this year, you’re probably still going to unless something drastic has happened. So don’t be put off making decisions because of the headlines you read. Now could be the perfect time to talk to a friendly expert.

In times like these it can be hard to know what strategy is right for your goals. An adviser will map it all out for you and see whether your plan is ‘doable’ or not.



Get others to muck in

Want to talk it through?

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Nick Colman
Personal Finance Writer

Get others to muck in

Finances are often a family affair. Having the support of a family member can help you with decisions but it also keeps them in the loop and in some cases, pooling your resources can be beneficial.

Perhaps the best hands to the pump are that of an expert adviser. They’ll be able to help you tidy up your finances and make them easier to manage going forward.

And that’s the key. Once an adviser has helped you, your finances should be easy enough for you to keep track of yourself. In most cases, you won’t need help every year.

Some advisory firms will only provide advice when they tie you in to an ongoing advice contract and an annual charge at the same time. In some cases, a yearly review is helpful and reassuring. But for some, it’s a bit like a Christmas jumper. It’s hard to justify the value of something you only use once per year.

Over time, unnecessary ongoing advice could cost you thousands.

We do it differently. The cost of one-off financial advice usually pays for itself many times over. You can choose to use our review service. But we’ll never automatically tie you in.

Book a call with our advisory helpdesk to find out if advice could help you and how much one-off advice could cost vs ongoing advice at HL. They won’t provide personalised advice, but they’re essential in making sure you get the best service for your situation and objectives.

Book your call now

Want to talk it through?

Book your call

Book a call with our advisory helpdesk

Book a callback today

Book a call with our helpdesk and secure your appointment with an adviser.

How it works

It starts with a callback from our helpdesk. They’ll chat to you about your current circumstances and goals and help you to decide if:

  • Advice is right for you
  • The benefits you might see from taking advice
  • Which of our advisory services might suit you
  • Our charging structure

Book a callback today

Book a call with our helpdesk and secure your appointment with an adviser.

How it works

It starts with a callback from our helpdesk. They’ll chat to you about your current circumstances and goals and help you to decide if:

  • Advice is right for you
  • The benefits you might see from taking advice
  • Which of our advisory services might suit you
  • Our charging structure