10 things to do right now

Quick, don’t hang around.

1 – Make a [glossary]will[/glossary]. Apparently 50% of UK adults have not done so. You could make your will this November and help raise money for charity.

2 – Work out what six months of expenditure looks like and cross reference that to your liquid assets (cash). Have you got a robust enough [glossary]emergency fund[/glossary]?

3 – Work out how much capital your spouse/partner will have in the event of your death (include any life assurance/ death in service benefits you have and how much income that will produce. Will they be financially secure?

4 –  As per 3) above but if you are unable to work because of ill-health or disability. Will your family be financially secure?

5 – Check the interest rate on your savings/Cash [glossary]ISA[/glossary] account. Could you do better elsewhere?

6 – If you have any debt, what plan do you have to repay it? Work out your “debt freedom day” when will it be?

7 – Are you taking too much/too little risk with any investment you have? Work out your appetite for risk and your capacity for loss. Don’t invest any money until you have done this.

8 – Work out how much income you need at the date you want to retire. Then work out how much your existing pension, savings and investments will produce. If there is a gap work out how much you need to save to fill that gap

9 –  Calculate the net value (assets minus liabilities) of your estate. Deduct your nil rate band (£325,000) and the nil rate band of your spouse/civil partner (another £325,000) then apply an inheritance tax rate of 40% . How much IHT will your children have to pay? How do you feel about that?

10 – Buy a copy of Your Money Day – One day to take control of your finances, the book we wrote to help you get your finances sorted in just one day. £5.99 with all profits going to The Jigsaw Trust, a UK registered charity (Charity No. 1075464)

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