Whether it’s saving money in the short-term or planning for the unexpected, we reveal some key ways to be smart with your money.

Review your mortgage every two years

Never assume you’re stuck with one mortgage product as you could remortgage, either at the end of a fixed-term or possibly even sooner. ‘I strongly recommend everyone does this as you could end up saving thousands of pounds in the long-term,’ says MB Associates’ Managing Director Monica Bradley.

Make overpayments on your mortgage if you can

‘You will pay less interest in the long term,’ says Monica. ‘Even if it’s just an extra £50 or £100 per month, over the years this will really add up. I realise not everyone can do this right now but even if you look at doing it in a few years’ time it will be well worth it.’

Always shop around

There are many good mortgages and financial protection offers available and it’s important to get advice on what’s right for you.

Use a reputable mortgage broker

They will have access to a wide range of mortgages that may not be directly available to consumers. They will also have up to date information on what products are coming to market. This could save you money as you may get a special rate only available for a limited time. ‘A good broker will give you advice tailored to your personal situation,’ says Monica. ‘I take it very personally that our clients are paying the lowest amount for the lifetime of their mortgage. Not just for a year, not for two years, for the lifetime of their mortgage – and that is an awful lot of money.’

Look into financial protection

This may sound counterproductive when it comes to saving money, but it doesn’t have to be expensive. And it could save you financial hardship in the long-term. ‘It’s important to think about what would happen to your family if you were ill or injured and couldn’t work, or if the worst happened and you were to pass away,’ says Monica. ‘You would want your loved ones to be financially protected and wouldn’t want them to have to worry about money.’ You can take out critical illness cover, income protection or life cover for peace of mind.

Get on top of your spending

Know what you’re spending every month. Many of us know how much we pay in rent, mortgages or bills, but often underestimate what we’re spending on other items. Know where your money is going. For advice on managing your money, download our free guide, Health Check Your Finances.

Protect your business

If you run your own business, take steps to ensure it would be protected in the event of the unexpected. Think about what would happen if you or another director in the business became ill and couldn’t work. Look into business protection so that your business will be secure. If you are concerned about how the current financial climate might impact your business, download our free guide on how to recession-proof your business.

Plan for the future

Whatever your age, it’s never too early to plan ahead for your retirement. Think about what you want to happen in the future and how you will live when you retire. Make sure you have a good pension. The sooner you start the better.

If you are over the age of 55 and not sure how you will manage in later life, you’re not alone. According to a Scottish Widows report published in 2020, 54 per cent of people are concerned about running out of money in their retirement. There are borrowing options available. We can help with advice on later life borrowing.

Invest time into managing your money

Put effort into managing your money and it’ll pay off. Never put your head in the sand if things are difficult. The more you keep an eye on what you spend the more likely you will be to stay on top of your finances, as you can make adjustments where necessary.

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