Are you financially fit?  Here’s Moneycube’s one-minute financial health check to help you take the pulse of your finances.

Do you have expensive debt?

Expensive debt is basically any loan apart from a mortgage.  Is your credit card cleared each month?  Is your bank account in credit?  If you didn’t answer yes to each of these, it’s time to make a change.  Paying down your cards and overdraft, and keeping them paid down, is likely your financial priority.  Once you’ve nailed that, consider starting a rainy day fund.

What does retirement look like?

Have you got a pension plan?  And is it realistic?  If not, you’ll want to drive up your contributions.  Retirement might seem ages away, but the earlier you start, the more your money can grow.  Dig out that annual pension letter and force yourself to read the prediction of what your retirement income will look like.  Then call us if you’d like some help!

What would happen if…

…you got sick or died?  There’s no nice way of asking the question – but it still needs an answer.  If you have family dependent on your income, you probably need some insurance to cover the gap if something happened to you.  That comes in the form of critical illness and life assurance cover.

Is your money working for you?

How much of your money are you saving?  The 50/30/20 rule says you should be tucking away 20% of your income.  That might seem a lot – it includes paying off loans and mortgages, as well as adding to pension and other long-term stuff.

Now ask yourself, what’s happening to your savings? Chances are, they are languishing in a bank account, being eroded by inflation.  If so, perhaps now’s the right moment to act.  You could put some of that cash into investments which have the prospect of growing over time.  And you could begin a regular top-up plan, and conduct a regular financial health check to edge towards that healthy 20%.


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