1. Too busy to shop around for the best financial options – for example when it comes to current accounts, car finance & credit cards they are significant differences between companies.
2. Not asking yourself why are you borrowing money? Is this the best possible way to borrow for that purpose? For example, running up credit card bills for every day living or borrowing for large home improvements by expensive short term debt.
3. Not Budgeting - If you get paid weekly/monthly, budget for all your commitments weekly/monthly even if you pay them monthly/quarterly or annually.
4. Life and Sickness policies – Do you have what you need, Do you need what you have? If you have many policies, ask yourself why? Are you with the best provider for that type of cover? Don’t presume, check and alter cover as your life and needs evolve.
5. Borrow enough in the first place when building a house. Over-runs can be very costly ending up funded by short term debt or possibly having to incur more legal fees by having to refinance by the end of the build.
6. Not thinking of the future? Save now, be it for Christmas 2009, your children’s education or your own retirement. Don’t keep putting it off.
7. Large balances on demand in Current Accounts and Demand Deposit Accounts, earning little or no interest and possibly being charged for the pleasure in some instances!
8. Ignoring bad debts or arrears! They are not going to disappear but will get worse and affect your credit rating if you do not deal with them.
9. ‘Putting all your eggs in one basket’. Diversify. Do not over expose yourself to any one investment option.
10. Beware of ‘Pub’ Advice – Seek the advice of an Experienced Independent Professional Advisor and review your situation regularly to keep up to date.
For further information please contact Frances O’Hanlon at 052 6129487 or firstname.lastname@example.org