Is 2023 the time to give your finances a health check?  

As the cost of living crisis continues to put pressure on budgets across the country it is worth looking at ways to get more for your money and review different areas of your personal finances. 

Not only has the cost of all areas of living soared, but Jeremy Hunt’s tax threshold freezes mean more people will end up being dragged into a higher tax bracket.

Good financial planning, especially in light of the chancellor’s Autumn Statement, could put you in a stronger position during these uncertain times. 

Review your current financial position 

• Complete a budget planner – assess what outgoings are essential and what you can do without 
• Review any existing investments and pensions you may hold. With the current market volatility are you in the most appropriate fund for you?

 Shop about for the best deal

• When is your mortgage deal coming to an end? Lenders are now allowing you to lock into a new deal 180 days before your deal finishes 
• Check your credit card balances – check the interest rate that you are currently paying and if there is a cheaper alternative
• If you have savings, try to find the best interest rates 

• When your car or house insurance is due for renewal, check comparison websites and money-saving sites, shop around for a competitive quote but don’t compromise on the amount you are insured for 
• Check your bank account for any additional benefits you may have. Some fee-paying bank accounts have benefits such as breakdown cover, mobile phone insurance and travel insurance. Make sure you don’t pay for these twice 
• If travelling abroad, does your debit card provider charge you for using your card whilst overseas? If ‘yes’ shop around for one that doesn’t or consider options such as a Post Office Travel Money Card

Plan for the future 

• If you are planning your retirement in the next few years, speak to an independent financial adviser to establish whether it is financially possible to do so 

• Reduce the impact of fiscal drag. There are lots of legitimate and, depending on your personal circumstances, appropriate allowances, and tax reliefs available. Making a pension contribution, for example, can bring your income back down to the lower threshold to avoid paying a higher rate of income tax