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20 Tips to Get Your Finances Ready For 2021

In 2020 we’ll have been in business for 20 years! To celebrate, each month we’re sharing 20 top tips about topics that are closest to our heart. Our aim is always to provide you with the best possible information so you can make informed financial decisions. This month, we’re talking about how you can make sure your finances are in order, ready for 2021.

20 Tips to Get Your Finances Ready For 2021

2020 is drawing to a close. If you’ve had a difficult time this year, with your health, job, or finances, we sincerely hope you have a restful festive break and wish you a healthy and prosperous new year.

Whatever happened in 2020, the new year is a fantastic opportunity for a fresh start. Let us help you get peace of mind that you have control over your mortgage, savings, pensions, and insurance, so you’re ready to hit the ground running in 2021.

To help you start the year strong, we’ve put together our 20 top tips for an end of year financial review.

A safe as houses…

  1. Whether or not you took a mortgage holiday in 2020, it’s always a good idea to keep an eye on your mortgage to ensure you’re with the best lender and have the best product to suit your circumstances.
  2. Reassuringly, property remained a stable investment throughout the pandemic, in contrast to the volatility of the stock market.
  3. And the outlook for property remains good. House prices are predicted to rise over the next 5 years. In London and the South East, the value of second-hand properties is expected to rise by 12.7% and 17.3%.
  4. The reduction in the Stamp Duty Land Tax was introduced this year to revitalise the property market. If you buy a property under £500,000 by 31 March 2021, you won’t have to pay Stamp Duty at all and for properties up to £925,000, you will incur 5% Stamp Duty which is still a significant saving.
  5. And the base rate is currently at a record low of 0.1%, with the effect that many mortgage companies are offering highly competitive products.

Make your money work hard for you

  1. The earlier you start to save the better. We can advise you about the right inflation-beating savings plan and tax-efficient investments to suit your income and expenditure.
  2. It’s vital you feel confident about the financial decisions you are making. Ask if you need help working out the amount of risk you’re comfortable with.
  3. As you get older, we can help you with estate planning.  By controlling the amount of tax payable on your wealth you’ll leave it in good order for your beneficiaries.
  4. This could include lifetime gifts, trusts, exemptions, and reliefs.

Are you covered?

  1. If you have people who depend on you, it’s vital you have good life and critical illness cover. If you’re not sure if you have enough cover, we can help you find insurance that suits your income and circumstances.
  2. Additionally, if you have a mortgage you’ll need protection insurance to provide financial security in case of accident or serious illness.
  3. It’s also a good idea to consider accident or injury cover, especially if you lead an active lifestyle.
  4. You might also require extra cover if you have a family history of illness or work in the healthcare sector.
  5. And if you have children, check if you can extend your protection to include them. Some policies will pay you a lump sum, for instance, if your child breaks a bone and you need to take time off work to care for them.
  6. If you own or co-own a business and either you or one of your co-owners were to become seriously ill or die, it could lead to serious problems for the revenue and profitability of your business so it’s essential to check your business protection is in order.

Retirement planning

  1. It’s never too early to start retirement planning! We can help you set financial objectives based on what you want your money to do for you, now and in the future.
  2. We can also help you invest in diversified portfolios, which means selecting investments across a range of sectors and companies. That way, if one segment doesn’t perform so well, the others protect the value of your overall investment.
  3. As you get older, you might have more money to invest, particularly if your mortgage payments have gone down, and your children have moved out. This is the time to review your pension arrangements, to determine how best to invest this money for your future.
  4. If you’ve accumulated a number of pensions over the years, it’s important to review how these individual pension funds are performing and consider if they need consolidating
  5. And if you’re planning to start withdrawing from your pension in 2021, we can advise you about the best way to do this to maintain tax efficiency.

If you need help or advice tailored to your personal circumstances, please get in touch. We wish you a very happy Christmas and a prosperous new year.

The value of investments and any income from them can fall as well as rise and you may not get back the original amount invested.

HM Revenue and Customs practice and the law relating to taxation are complex and subject to individual circumstances and changes which cannot be foreseen.


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