It is always the right time for a financial makeover

It is always a good idea to review your financial plans and change what needs to be changed.

16:00 14 March 2014

When is the best time to review your financial standing? Right now! This is a good time for a financial makeover; for people to look for ways to save, cut costs, look for deals and just about do everything that can be done to reduce spending.

Your financial plan needs to factor in a savings plan. There are a few things you can do to start a financial detox.

1.    Draw up a new budget

If you had a budget last year but did not get far with it, it is time to draw up a new one that will work. Learn from the mistakes you made before and start afresh. Be realistic, be disciplined, use every tool that is at your disposal.

2.    Deal with debt

Every good financial plan involves cutting out things you do not really need. Once that is dealt with, draw up spreadsheets and use every tool within your disposal to work out how to deal with the debt is real. Real debt includes things like loans and credit card debt. To give yourself some breathing space you could try consolidating your debt or getting an interest free loan to deal with financial matters that are immediate.

3.    Start planning for the future

Look at your pension plans and every other financial plan that has to do with the future or your children's future. Auto enrolment is a welcome step but it should not be the only thing you look at to secure your financial future. You should do your research carefully before buying something. Always look for a better deals on home insurance, car insurance and any other kind of insurance policy you might have. It is important to insure what is valuable to you but do not pay more than you have to.