Wealth and Finance

We know we're not experts when it comes to giving individuals advice on their money and that is why we have identified a number of companies who are experts.  We know it's important to make sure you are getting the best deals and advice so your money continues to work hard for you.

Here are some of our Prime Tips .....

Schedule a regular review of your outgoings such as the cost of your gas, electricity, phone bills, credit cards, your home and motor insurance, and all the areas that it's easy to ignore and just hope will go away.  An annual review, just to make sure you're getting a competitive deal, is all it takes and it could save you money and keeps the companies on their toes too so they don't take you for granted.

A simple way to manage your money is to consider paying bills by direct debit and spreading the cost over the year.  

If by any chance there is any excess money available after the monthly bills have been paid, put some of this aside for any unforeseen  emergencies

Look out for 'Best Buys' in the financial pages of the national newspapers and compare with what you're getting, be prepared to move for better rates.

As interest rates are falling it's even more important to make sure that you're getting the highest interest rate possible on your hard earned savings.  Reviewing this before the tax year end is a good idea because then you can make sure you're making the most of all your tax free exemptions for the year such as in an ISA.

A good impartial website provide by the Financial Services Authority is http://www.moneymadeclear.fsa.gov.uk/ for further information.  

Did You Know ?.....

One thing you can be certain of about life is its very uncertainty! Whoever coined the phrase 'always expect the unexpected' knew what they were talking about.

What if, for whatever reasons, your means of income suddenly ceased? Redundancy, loss of job, personal injury and sudden ill health are just some of the factors that can affect people when they least expect it. Clearly the length of the period of incapacitation can have a significant effect upon your financial security, particularly where a family and dependents are also concerned.

It is recommended that an element in any balanced investment portfolio takes account of the need to plan against the unforeseen. This could be through including liquid investments in the portfolio, such as cash funds and bonds, so that a client can have some means of immediate access to funds should the need arise.

Not only that, but by building a balanced portfolio, you can enjoy the added reassurance of knowing that whatever life throws at you, you have some means of overcoming any potential financial difficulties associated with unexpected or sudden events.

The same applies to emergencies. However, these can be for positive reasons too. For example, when opportunities suddenly present themselves, such as suddenly needing to invest in an exciting new business venture or buying a new house. These kinds of opportunities often pass if not seized immediately. Through a well diversified and balanced portfolio, you can ensure that you have immediate access to some of your funds and without penalty as and when you need them.

However, the important point always to bear in mind is that the ultimate focus of any investment strategy should remain on the long-term. Those investments that specifically benefit from a long-term strategy should be left untouched, as to sell them early will not only lose out on their ultimate potential yield, but could also result in a loss on original capital. This again is why a balanced portfolio that includes some liquid investment elements, is so important.

Information provided by Edward Jones Ltd - further information jon.bradburn@edwardjones.com

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