Am I spending too much?

Am I spending too much?

Posted on December 14, 2016 at 11pm

With Christmas looming and the inevitable spending on food and gifts that come with it, I took it upon myself recently to review my monthly expenditure to determine whether I still need or use services – something I do periodically anyway.  Gone is my monthly online movie streaming bill, my monthly parking permit when I can park a further five minutes’ walk away from the office and park for free, my online music subscription, my monthly subscription for office applications on my home laptop, my contact lens subscription, my subscription to a heritage organisation and finally I negotiated a cheaper contract with my home broadband and TV package provider.  You may or may not be surprised to learn that I have managed to cut my monthly costs by over £100, that’s over £1,200 per year!

Imagine all the things I can do with the extra money I’m now saving, apart from spending it on Christmas of course! I could pay off a loan quicker, save for a holiday or maybe think a little bit more about my future objectives.  I could contribute to a personal pension plan, save for a rainy day into an ISA or ensure I have adequate life insurance provisions in place should anything ever happen to me.

This train of thought led me to think about when the last time my own financial products were reviewed.  You’ve heard of the plumber who slaves for hours fitting bathrooms and repairing boilers only to never quite get around to sorting his own domestic arrangements? Well yes I’m guilty of this too and more importantly I’ve decided to do something about it!

With this in mind, I asked one of my colleagues to perform a full review of my financial affairs (I’m not a consultant).  Are my pensions and investments working as hard as they should, do I have enough life assurance and can I get it cheaper elsewhere, am I on the best mortgage rate?  Our financial planning consultants have all studied and passed numerous financial planning specific exams and as a company we hold dear the FCA principles of treating customers fairly. This means that as a team we all strive to ensure that our clients get treated in the way we would expect to be treated ourselves and receive the best possible advice and service.

To arrange an appointment with one of our advisers please click here to request a call back.

Written by: Kay Crooke – Practice Manager, Prosser Knowles Associates Limited

Prosser Knowles Associates Limited is Authorised & Regulated by the Financial Conduct Authority. The value of your investment can go down as well as up and you may not get back the full amount invested. The Financial Conduct Authority does not regulate Taxation and Trusts. The information in this document does not constitute advice or a recommendation for any product and you should not make any decisions on the basis of it.  Your home may be repossessed if you do not keep up repayments on your mortgage.

Stay in touch

If you would like to keep up to date with current industry trends or receive details of our product developments, seminars, events and newsletters, just fill in your details below.

News Feed

How your clients can use Business Property Relief to cut their tax bill

If your clients are business owners, Business Property Relief can be a valuable Inheritance Tax relief. Assets...

5 ways that the UK has changed during lockdown

The lockdown due to the coronavirus pandemic has caused our lives to change in many ways, from being unable to...

5 scary financial mistakes to avoid this Halloween

From carving pumpkins to trick-or-treating, Halloween can be a fun experience for all members of the family an...

3 types of business protection all business owners should consider

Your business is something you take great pride in. It’s not just your livelihood, it may also reflect your ac...

Market & Portfolio Update – Quarter to 30/09/2020

MARKET AND PORTFOLIO UPDATE Written by Square Mile Investment Services. This is likely to have been the de...

Managed Portfolio Service Monthly Newsletter

September 2020 Update Provided by Quilter Cheviot August’s feel-good factor, epitomised for many by an escape...

Revealed: The value of financial advice

Financial advice can add real value to your life. Our guide looks at the ways financial advice can help you...

How the Pensions Lifetime Allowance works and what it means for your clients

Any client who makes substantial contributions to their pension, or has held their pension for many years, cou...

10 books with the best plot twists

The events of 2020 so far have been one unexpected turn after the other, as if we’ve collectively stumbled int...

What to do with your Child Trust Fund

Back in 2005, the Labour government were keen to tackle the issue of child poverty by giving every child in th...

10 ways you can spring clean your finances

Each year, the Great British Spring Clean encourages people to organise group clean-ups of local public spaces...

Market Update – September 2020

Written by Square Mile Investment Services. There has been considerable attention recently on the strong ra...

Managed Portfolio Service Monthly Newsletter

August 2020 Update Provided by Quilter Cheviot Despite global equities gaining 5% in July, it was another cha...

3 reasons clients should take financial advice on divorce

Divorce proceedings are challenging for anyone, but the financial implications can be particularly difficult t...

7 tips to increase your physical activity easily

We all know that regular exercise is essential for both physical and mental health. However, since gyms closed...