Knowledge is power – People are living increasingly hectic lifestyles and this lack of spare time means many mortgage-holders put reviewing their finances and mortgage. Keeping on top of your money matters should be a priority and doesn’t necessarily have to be a laborious, time consuming task. And, the reality is that circumstances change – interest rates fluctuate, commodity prices fluctuates, our personal situations change, such as jobs and family affairs – so being equipped with knowledge about the health of your finances and planning ahead is a necessity to overcome most financial challenges in life.
How to review your finance and mortgage
- Check your current statement(s) – to see what you’re paying, when any special deal or contract ends, what happens at the end of your deal or contract and the balance left to pay.
- Check if you’re still on a good deal – compare like for like current market deals or contracts.
- Check if and when you can switch – to get a better deal if available. It makes sense to start shopping around a few months before any special deals ends. Switching can cut down your monthly payments but you’ll need to weigh up theses monthly savings or other benefits against the costs of making the switch.
- Make a list of all your incomes and expenses – prioritise your mandatory expenses and work on maximising your disposable income by reducing where necessary your lifestyle expenses.
- Make saving a habit – save as much as you can not just money but energy and the environment. Remember the saying ‘if you fail to plan, you have already plan to fail’.
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