Monday, November 21, 2011
Category:
Personal Finance Tips
The national money education charity, Credit Action, is urging consumers to ‘take a more serious approach when managing their money’ due to concerns about the attitudes that Brits have towards budgeting. Therefore, the charity is supporting the Financial Planning Week campaign, which is being led by the Institute of Financial Planning (IFP) between November 21st and 27th.
Following a survey conducted by the IFP, it has been revealed that 66 percent of women and 54 percent of men are either always worrying about money or worrying about it the majority of the time. What’s more, there have reportedly been signs that between 25 and 34 years of age, which is believed to be a ‘crucial period for making long term financial plans’, people are not making adequate provisions. It was found that just 39 percent of individuals within this age range have drawn up a financial plan that they regularly review.
Credit Action is urging people to review their finances and has offered the following advice:
- Create or review a budget, which is an honest account of income versus expenditure.
- Prioritise payments so that basic living expenses can be met or debt repayments can be made.
- Consider the future in relation to financial security and make provisions for retirement.
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Homeowners who have recently reviewed their finances and have found their monthly repayments on credit and store cards are expensive, could consider taking out a secured loan to tie these into one payment. One of many finance options available, a
secured loan for consolidation could allow borrowers to reduce their monthly outgoings, thereby freeing up useful money each month. However, if opting for a secured loan to consolidate debt, it should be remembered that consolidating your debt may increase the amount you pay back overall and extend the repayment periods of your debts.
