Monday, 12 January 2015

Consumer Advice Correspondent Elizabeth Crampton on Organising Your Finances

Joining us in the studio today was our Consumer Advice Correspondent Elizabeth Crampton who gave us some helpful tips on organising your finances effectively in the new year.

Her tips were as follows:

  • Always check and analyse your bank statement. Firstly to prevent theft and fraud, but also to see what you spend most money on.
  • Check your credit report to see what information credit agencies have about you.
  • Price comparison websites can be useful when finding the best prices for your purchases. Some websites also offer vouchers and coupons for shopping with them.
  • Check your investments frequently to ascertain whether they are performing satisfactorily or whether your money would be better invested elsewhere.
  • Don't be afraid to seek professional financial advice as, whilst the initial expense may seem great, the long term financial benefits are likely greater.
  • Start a pension early as it's never too early to save. As people begin to live longer, many are finding they have not saved efficiently enough to support their lifestyle.
  • If you are in debt, get help before it's too late, whether that be from the Citizen's Advice Bureau or another external organisation.
  • Create a will early to ensure your money ends up where you want it to, and not in the hands of the state.
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