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Finance
Mortgages, pensions, loans, shares, savings |
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Spring-clean your finances
Make 2008 the year to get it right.
This past two weeks I’ve been talking about saving your money, but what about a complete spring clean? This again involves looking at all your finances and knocking any debts on the head.
Don’t get caught up in debt!
You’re the one in control of your expenditure so it’s your responsibility. Last year it was reported that a record number of people (100,000) became insolvent with the figure set to increase this year. So what can be done about it?
Take Control
There are many factors as to why debt occurs. Here are a few of them:
• Too many items on credit (cars, furniture etc)
• Over-spending (how many credit cards do you have?)
• Ignorance (hiding the bills under the bed)
• Poor money management
• Escalating mortgage and bill payments
• If you’re a business- bad debtors
The way I see it, debt equals stress and stress leads to ill health. So why bring more stress on yourself by getting into debt? Perhaps it’s time to look at your bills and mortgage re-payments, can they be reduced?
Life can sometimes present us with financial situations that are beyond our control (dodgy tradesmen, car repairs, illnesses). However, with enough planning and back-up cash in the bank, these problems can be managed more easily.
Help for businesses
With at least 1 in 3 new businesses failing each year, it’s a good idea to make sure you get all the financial advice you can. Start the New Year with a clean slate and watch out for any potential problems.
Make getting out of debt one New Year’s resolution to keep!
Fiona Seymour-Jesse
SJ Copy
Articles
Get out of debt
http://www.fool.co.uk/news/get-out-of-debt/2006/12/19/a-debt-free-life-for-2007.aspx
Dealing with debtors- businesses
http://news.bbc.co.uk/1/hi/business/3065357.stm
Useful sites
Small business help
http://www.bizhelp24.com/
Business Link- financial help
http://www.businesslink.gov.uk/bdotg/action/layer?r.l1=1073858790&topicId=1074453392&r.s=tl
www.themortgagemonitor.co.uk
www.saveonyourbills.co.uk
The finance pages of Business in Berkshire are for general guidance only and advice should always be sought before acting on any of the suggestions made
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