Playing safe for the boy

Article Abstract:

Those who have responsibility for young children should have some form of life assurance. If there are financial constraints, a family income benefit policy, which would provide a source of tax-free annual income, should be considered. Consideration should also be given to an income protection plan, under which a proportion of your annual income would be replaced if you were unable to work because of illness or accident. Those whose income varies must review any pension planning at the end of the tax year and make a single payment.

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Borrow for a crisis pot

Article Abstract:

It is important to have a fund on which you can draw if a financial emergency arises. This should be around three months' net income, and should be kept in an instant-access deposit account, where high rates of interest are available even on low amounts. It may be possible to obtain some cash through remortgaging, and this should be used to form a basis for savings. Attention must also be given to life assurance and to loss of income insurance. It is worth trying to keep up payments into savings plans.

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A budget for lofty ideas

Article Abstract:

Paying close attention to all expenditure for a period of about a month should make it clear where money can be saved and used to pay off overdraft and credit card liabilities. It is particularly important to clear unauthorized overdrafts, which are very expensive. It is also important to try to build up a cash reserve once debts are paid off. A cash reserve for emergencies should amount to between three and six months worth of outgoings.

Personal Financial Planning NEC, Financial planning

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