Anyone for cricket? Just one thing before you do!
12 May 2023Many of you will know that I am not the world's most avid sports fan. Sure, I like to keep fit, but that's about as far as it goes. Most of the winter sports calendar in the UK has reached its end and will recommence after the summer, with a few big events like the Rugby World Cup, as an example. This does not mean that the great outdoors no longer beckons, it's just its different sports and pursuits that are enjoyed, usually interspersed with the rain showers that accompany the summer sun.
Invariably individual views and plans change as the temperature warms up, and if like for me, sport is not on the agenda, then the thought of enjoying holidays, sunshine and gardens where possible certainly is. It's a relief to step outside without getting cold; however, (just like a summer holiday) life still needs to be planned and paid for.
So, before you head for the cricket, or the tennis, have a think about just one thing that you could change to your advantage now in your money or financial planning that will add value over the coming months, if not longer. The list could be endless; however, a few ideas follow:
- Check your Will is up to date, reflects your current circumstances, and that someone you trust knows where it is.
- Around the age of 60+, you might also add Power of Attorney arrangements. There are two types: health & wealth. Speak to your legal adviser about what might be worthwhile.
- Make sure that your pension nomination reflects who you would want to leave your fund to if you passed away. These can usually be easily updated.
- Use your ISA allowance (up to £20,000) to ensure that funds are accruing in a tax-efficient environment.
- Check your State Pension and consider topping it up if need be. The window to top up reaching back to 2006 has been extended to July 2023, so take a prompt look at this.
- If you have some deposit savings and they are not getting a decent rate of return, then have a hunt around. There are some good instant access and short term fixed rate deposit offers available at this time, reflecting the Bank of England's continuing elevation of the base interest rate.
- Don't forget gifting to children or grandchildren of the annual gift allowance if this is something you might want to achieve to save inheritance tax.
These changes can make a real difference, and with inflation continuing to be rather stubborn, a saving made here, or a tax reduction there, can really add up.
With the summer beckoning, have a great time. However, before you do, have a think about just one thing that you could achieve to make a real difference to your financial circumstances.
Please do feel free to contact the team in Guildford to discuss any of the ideas noted in this blog, and we look forward to helping or signposting the opportunities.
No individual advice is provided in the content of this blog.
Keith Churchouse FPFS
Director
CFP Chartered FCSI
Chartered Financial Planner
Chapters Financial Limited is authorised and regulated by the Financial Conduct Authority, number 402899
