We’re halfway through 2021, so take some time to check in on the financial goals you set for yourself at the beginning of the year. Figure out what’s working and what you might need to change before the year is out. Here are a few areas to review.
This does not constitute advice and advice should be sought in all instances before acting on it.
Savings
Last year might have been a banner year for saving because of the pandemic, but how is it going this year so far?
Do you find that you’re spending more than anticipated now that lockdown restrictions have lifted? Could your money be earning more interest in another account?
If you’re not on track to meet your savings goals, see what you can scale back in order to do so. Check to see if there are ways to cut back on spending, especially with summer being a prime time for family trips and other expenditure.
Don’t forget about your ISA allowances. You have a bit more time to reach your threshold, but it’s still a good time to make sure you’re on track to invest your full allowance.
Investments
While it’s advisable to keep a certain amount of money available for emergencies or for a rainy day – usually enough to last 2 to 6 months in case anything were to happen – if your savings have surpassed your goals, consider funnelling some of the extra money into your investment portfolio.
As always, remember to spread your investments across different assets and diversify between property, stocks, and bonds.
Debts
You’d be hard-pressed to find someone without any debts – university loans, mortgage payments, or even credit card bills. If you’re able to pay down any of your debts, start with ones that have the highest interest rate so you can make a dent in what you owe and reduce the amount of money that is racking up interest.
Financial review
Schedule some time with your financial adviser so you can go through all these areas of your finances and ensure 2021 is as profitable as it can be.
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