Recent years have seen a great improvement in the health of the nation, through diet and exercise. Although there is a long way to go yet, people are more aware of the advantages of taking a little more care of themselves and are set to live longer and happier.

The same has been true in personal finance, with many people now taking an active interest in their monetary affairs. But as with fitness, there are still far too many “couch potatoes” and a bigger danger still is that once they have decided to set aside a few hours to organise pensions, investments, and protection policies, they think the task is over and there is no need to worry for a long time to come.

In fact, looking after your finances is an ongoing task and it is vital for you to have a regular “check-up” to make sure things are going smoothly. All too often, a few bits and pieces are put in place and then forgotten about, and it can be a long time before they are looked at again. If you look back over the past few years, there have probably been many changes to your lifestyle, and it is these changes that could mean the financial plans you have drawn up now need fine tuning.

So, how often should you have these check-ups? We would suggest that anything over a year could potentially cost you money. Whether it be changing rates of interest in building society accounts, managing your investment portfolio, or the level of your pension contributions, they all need looking after to get the most from your cash. 

If there has been a major change in your circumstances, sometimes the need for a review seems quite obvious. For example, if you start a family then cost-effective protection becomes a main priority. Similarly, if you change jobs, the amount of life cover you have could suddenly alter and may need immediate attention. Furthermore, it wont just be your own circumstances that change over a period of time. Over the recent past we have seen an increase in state pension ages in men and women and changes to drawdown pensions that can lead to far greater flexibility in retirement planning. 

In fact, there are very few people who do not need to examine their finances from one year to the next, and it is well worth while setting aside just an hour or two a year to talk things over and make sure your cash is working hard. Most people need a little assistance in planning their finances, to realise exactly what options they have, and many turn to an independent financial adviser for help. One important factor for these people is the ongoing nature of the service which can last for many years and will enable them to keep their finances on course. PJL Financial Services Ltd can help keep you up to date with any new changes that could affect you.

If you would like to learn more about this subject or require Independent Financial Advice from our local, experienced and friendly team, please feel free to contact us on 01788 57 11 22.

The information provided is based on our current understanding of the relevant legislation and regulations and may be subject to alteration as a result of changes in legislation or practice. All references to taxation are based on our understanding of current taxation law and practice and may be affected by future changes in legislation and the individual circumstances of the investor. 

PJL Financial Services Limited are authorised and regulated by the Financial Conduct Authority. 

Your home may be at risk if you do not keep up repayments or other loans secured against it.