And so 2022 has come to an end. This year has been an incredibly tough year for many people. The UK has seen a financial crisis and a cost of living crisis, not experienced for years, and even the more financially stable people have had to look at their finances to ensure that they are still making the right decisions. 2023 has got to be a year of being savvy if you want to make the most of your money. Forget new years resolutions of cutting down on chocolate or learning a new musical instrument and make 2023 the year that you get financially organised with Oportfolio.
Review Your Mortgage
The top of the list for 2023 has to be getting your mortgage re-evaluated and looked at by our advisors. In 2022 we saw the biggest rate rise in years and thousands of mortgage owners saw their monthly payments increasing exponentially. And if your mortgage was still fixed in 2022, it is likely that you may need to secure a new deal within the next 12 to 18 months.
Make it your new years resolution to get ahead of the game and get a new competitive mortgage deal set up before your payments go through the roof. Even if you can afford to pay your mortgage on a higher rate, why would you when you can pay less and save money? The debate at the moment that our advisors are helping clients with is “Should I fix my mortgage or go onto a tracker mortgage?
Review Your Direct Debits
How many of you have direct debits set up that you have completely forgotten about? Chances are that most people either have a direct debit that could easily be cancelled to save money or could probably be re-assessed and re-calculated. Things like subscriptions to websites, magazines, podcasts that you could really do without in 2023. Perhaps you might even still have a subscription going out for an electronic that stopped working a year ago or an online shop that you haven’t bought from in months.
All of these little direct debits can add up and you might as well be throwing money away. By making it your new years resolution to look at your direct debits with a financial advisor, you could soon find yourself much better off per month. And if you are looking to get a new mortgage in 2023, this will only play in your favour as the fewer monthly credit commitments, the better your case will look to underwriters.
Review Your Will
This is not always something that people think about, especially if you are younger…but it should definitely be on your new years resolution list. A will is simple and fairly cheap to set up through Oportfolio and will make sure that the right people benefit, should anything happen to you. If you have a family and want to make sure that they are financially secure when you pass away, you must get a will in place otherwise you could risk them getting nothing.
If you already have a will in place, it was probably set up a while ago, and will need to be regularly updated. Things are constantly changing, people come in to our lives and go from our lives and your priorities change along with the economy. Something or someone that was important to you five years ago may not be as important anymore, so it is always good to speak to one of our financial advisors and take a look at how your will is structured.
Human nature unfortunately makes a lot of us feel invincible when really we aren’t. The best thing you can do is to make sure that you and your loved ones are financially organised by becoming a will guru with Oportfolio.
Review Your Insurance Policies
When was the last time that you looked at your insurance policies? Hopefully you will never have to use them, but you should be regularly reviewing your cover to make sure that it still meets your needs. Insurances are a huge part of making sure that you are financially organised and speaking to Oportfolio about your current deals, even if we didn’t originally set them up for you, should be a priority.
Reviewing your insurance policies can seem daunting, but with our help we can approach the providers for you and re-evaluate your cover and your monthly payments to ensure that everything makes sense for you in 2023 and beyond. We currently help with life insurances, critical illness covers, income protection and many other insurance types. We can also refer you to our trusted buildings and contents insurance partners who can help with insuring your property from damage, break ins, etc…
Make Your New Years Resolution With Oportfolio
Let us help you to get financially organised in 2023 and give us a call or send us an email if you need to re-assess your finances. We are here to help.