Here are our top tips for getting your financial planning off to a flying start:
- Work out where your money is going. There is a useful budget calculator available on the FSA web site.
- Ask yourself, what's likely to happen in the next 5 years and how will you pay for it?
- For example will you be expecting to pay for a new car? A wedding? Debt repayment? Kid's education?
- Get the best deal on day to day expenses (fuel bills etc). USWITCH.COM and other similar sites are a great way to see if you are getting the best deal on everyday expenses including fuel bills, telephone etc.
- Try and set aside an emergency fund – the Financial Services Authority recommends 3 months' worth of salary – if possible!!
- Look at insurance needs – are you covered? As a HBOS colleague you automatically get life cover but what about house, car and health? Find out what's on offer at the HBOS colleague discount site.
- Consider making a will - visit Halifax Legal Solutions for some pointers.
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