Family Financial Planning for 2013

So here we are 2013 and what resoltuions have you made  -  lose weght, get fit, plan a holiday ?

Everyone wants to lose a few pounds of weight but gain a few pounds in their pocket as part of their New Year resolutions. Here is the first of my regular blogs to help  boost your financial health in 2013.

Spend time getting details of your outgoings and savings listed so you know what you have .

It’s not unusual for families to lose sight of pension funds and savings and they can be worth thousands, especially if you helping elderly parents with everyday living  - so make a list of bank accounts, savings, credit cards ,loans, insurance policies, pensions and you can find out from the unclaimed assets register ( www.uar.co.uk) about any you have lost sight of and find out where they are held and the value.

They do charge a fee of £25 per search but if you have pensions or other plans worth something then it’s got to be worth finding them.

A good way to do a list  is on basic spreadsheet so you can easily see if your finances are healthy or not.  First thing to do is try and make some money by simply rearranging your accounts - often people will have money in low interest instant access accounts, that’s fine for money that is going to be spent on bills and everyday living expenses, but money you don’t intend spending for say 3 months could be put on deposit in a high interest savings account linked to your current account and just like that you are making money.

Listing you assets ( savings and cash ) and liabilities ( mortgages, loans, credit cards, regular outgoings) will also help you see if you are paying for things you no longer need, or have double insurance which can happen - when you have mobile insurance which is covered by your home insurance for example. You may have call out agreements for emergencies such as water leaks and boiler breakdown, this may be covered by home insurance too and you may not need separate maintenance agreements.

So first job is to get a handle on what you are worth and where it is kept.. which will also help if Mum and Dad are suddenly unable to cope and you need to care for them.