35 articles Tag money

How to Start an Emergency Fund from Scratch

The future is full of unknowns and many things can happen to us that are beyond our control. That also extends to our finances, so it’s wise to have an emergency fund to help cover unexpected expenses.

Are you prepared if you lose your job or get sick? What would you do in a natural disaster? If your car or household appliances break down, can you fix or replace them?

An emergency fund is an answer to all of these questions. But how do you get started from scratch? Our four tips will help …

1) Prioritize

To successfully build your emergency fund you need to make it a priority. It’s all too easy to skip putting money aside one week because you tell yourself that the likelihood of an emergency is low, but it’s that mentality that will leave you stranded when one occurs.

Choose a set amount to put aside and treat it as a necessity like the electric bill or paying rent. You could even set up an automated bank transfer from your checking account to a savings account so you stay committed.

Another trick is to formulate a budget that excludes your emergency savings from income. If you pretend you never had $20 every week, you won’t miss it. And such a small sum will grow to over $1,000 in one year!

2) Budget

 You can’t save efficiently without having a firm understanding of your finances. That’s why it’s so important to budget, and it really isn’t that difficult to do. Whether you use an app or a good old-fashioned pen and pad, note down all the money you have coming in each month and all the expenses you have going out.

This should include your salary or wages and any other regular income, and all the regular expenses such as your mortgage, rent, utilities, car payments etc. It is also wise to estimate more sporadic income and expenses (you an average this out if you keep track over several months). For example, going out to the movies and buying new clothing.

With your budget clear, you now know exactly how much money you have left over each month and can choose a realistic amount to put aside for emergencies.

3) Set the size of your Fund

Ideally, your emergency fund should be able to cover your basic living expenses for three to six months. This gives you plenty of time to find a new job if you lose it, get your health in order if it takes you out of work, and re-settle in the case of a natural disaster.

The pot will also be big enough to cover other emergency expenses that don’t directly impact your income or home situation.

Of course, everyone’s situation is different and you may have a particularly high and stable income, home equity, and a great credit rating – all of which decrease your odds of a financial emergency. In that case, you may set a lower amount for your emergency fund.

On the flipside, if you’re renting, just starting out in your career or do not have stable work, and you have poor credit or are nearing your credit limits, then it’s wise to build a larger emergency fund to fall back on.

Note: Your fund should always be full, so if you tap into it, remember to start saving again. You might even choose to jump ahead of your savings schedule by using guides like ‘how to make 500 dollars fast,’ to give your fund a quick refill.
4) Make it Work for You

 Having some cash on hand is always a good idea for emergencies, but you don’t want the bulk of your fund under the mattress. The best option is a savings account that gives you full access at any time. This way you will earn some interest to make saving easier and you’ll still be able to withdraw as much as you need at any time during an emergency.

You may decide to put a percentage of your fund in a less liquid account, such as a mutual fund or even physical precious metals like gold and silver. Diversifying is always wise (bank collapses do happen), but you want the bulk of your fund accessible on the day you need it.

By following this simple advice, you will be able to create an accessible insurance policy to protect you and your family from any and all financial emergencies.

 

5 Ways to Boost Your Finances in 2018

No matter what happened in 2017, a new year has begun. For many people, organising theirfinances will be a new year’s resolution. After all, Christmas is an expensive time of year and we can end up spending huge amounts of money over the festive season.

January can be a tough month for finance, but it doesn’t have to be. PPI claims, gathering unwanted gifts and reviewing your current account is all part of the plan to have a healthy bank balance in 2018.

It’s important to have some extra money to pay for financial emergencies and events throughout the year. Thankfully, there are some great ways to boost your finances this year — and these five ideas can all be done right now! So, why put off getting that cash boost?

  • Try a New Way of Saving

The website Apartment Therapy came up with a new way of saving in small amounts. It’s a simple, yet effective way for people to save money from the very first day of the year to the very last. It’s not too late to start either! It’ll be incredibly easy to get on schedule quickly if you start soon.

The idea is simple: For each day of the week, you save some money. You increase the amount saved each day, but when the week restarts, you start all over again. The amounts below are the recommendations about how much to set aside every day:

Sunday £1

Monday £2

Tuesday £3

Wednesday £4

Thursday £5

Friday £6

Saturday £7

When Sunday arrives, you start back at £1. This way of savings means you will have £28 a week, equating to nearly £1500 by the end of the year. Find a big piggy bank or set up a direct debit to a savings account and add £28 a week. You’ll be so grateful by the end of the year and taking it out in small amounts every week can make the saving that much easier.

  • Make a PPI Claim Today

The PPI deadline is getting ever closer. While we’ve all seen and heard the adverts about payment protection insurance claims, the reality is that there are still thousands of people who haven’t claimed PPI. Many consumers were unaware that PPI was sold to them alongside a mortgage, credit card or loan. It’s so important to check old bank statements and find out if you’re due a refund. It could well be thousands of pounds; a substantial amount to boost your 2018 finances. Even if you no longer have the paperwork, you can still find out if PPI was added to your account.  Make your PPI claim today before it’s too late!

  • Sell Unwanted Christmas Gifts

Are there still some Christmas gifts at home which you know you won’t ever get around to using? Those bath salts from your secret Santa might be lovely, but you’re not really a bath person. Selling unwanted Christmas gifts is an excellent way to make some extra money and make sure the gift doesn’t go to waste. Using eBay or even Facebook to sell gifts can be a good boost of income and is very simple.

  • Cash in on Gift Cards

Instead of presents, you may have received some gift cards for Christmas. Some of these can be really useful, but, if you got a gift card for a shop you rarely use, you can cash it in online. Websites such as Zeek will show you various options about how to get cash for your gift cards. Although you’ll never receive the full price, the cash can sometimes be much more worthwhile than the card.

  • Switch Current Accounts

Years ago, the thought of switching current accounts was too much effort. Now, however, thanks to the Current Account switch guarantee, changing current accounts is swift and easy. Most banks are signed up to the switching guarantee, making it a painless experience.

The best part about switching bank accounts is the great rates that banks offer to entice you. Rates do change regularly and there are terms and conditions, so be sure to check on websites such as Money Saving Expert for the best deal.

So, why put off getting some extra cash in 2018? Whether you’re possibly due a huge refund from PPI claims or can sell £50 worth of unwanted Christmas gifts, making use of these finance-boosting tips can make a huge difference. Start making money today!

How to Save Money Faster: Three Quick Tips

Having some money saved up is undoubtedly the key to better financial security, and for many people, saving up is essential for making big purchases such as a new house, new car, or a dream vacation. Whether you’re saving up for something specific or simply want the added security of knowing that you have some cash stashed away for emergencies, saving money regularly is an excellent habit to develop.

However, putting money aside is not always the easiest, especially if you are struggling with high living costs. Thankfully, there are several smart things that you can do to help your savings grow faster. We’ve rounded up some top tips for faster and more effective saving.

Tip #1. Choose a High-Interest Savings Account

If you’re looking for a new account in which to put your hard-earned savings, then it’s a good idea to choose an option with the highest amount of interest available. As you pay money into your savings account, you’ll also be able to earn money on it. And, the longer that the money is in there, the more you’ll be able to earn. A higher interest rate means better earnings for you.

Some accounts, such as stocks and bonds accounts, will require you to lock the money away for a certain period of time, during which you’ll be unable to access it. However, you will be rewarded with a higher interest rate when your account reaches maturity. Follow the link for more information on choosing the best savings account.

Tip #2. Sell Your Old Stuff

One great way to make some extra cash to put into your savings account is to go through your old belongings and see what you can sell. Chances are, you have items in your home that you no longer have any use for, such as old clothes and shoes, DVDs, gadgets, video games, books, and even essential household items. If you’ve upgraded something such as your television or smartphone, then don’t just simply throw the old one away – you can earn some cash back for it on sites such as eBay or Craigslist that can then be put into your savings account.

Tip #3. Cut Your Monthly Expenses

If you’d like to be able to put more money away into your savings account each month, then the first place to start is by cutting down as many monthly expenses as you can and putting the extra money that you save away instead. There are many different ways in which you can ensure that you are spending less each month.

For example, you can actually save thousands of dollars per year by switching to taking a packed lunch to work, or preparing your own coffee instead of going to Starbucks. Check out comparison sites to see if switching could drive down your utility bills, and call up your cell phone network provider to ask about moving on to a cheaper plan if you feel that you could manage just as well with fewer minutes or data.

If you liked these tips, please let us know!

 

Get Your Bingo On This Christmas

If there’s one thing I love, it’s things which kill several birds with one stone. Take bingo, for example; as well as giving me a night to relax, a chance to see my friends, it also gives me a chance to win some money, which is even more attractive at the most expensive time of the year!

Bakers Dozen, Jump and Jive, Two Fat Ladies, what all these have in common? They’re bingo calls. They’re a vital part of a fun game of bingo, but some people have mastered the skill of knowing the call before the number… Do you?

The Bingo experts at bingo.paddypower.com have created a quiz to test your skills and see if you’re the one to watch at the next bingo game.

I must admit, the first time I tried bingo, I was AMAZED at how quickly the other people there were able to cross off their numbers. I started with one card and struggled to keep up, but there were ladies there who were able to scan ten cards at once and STILL keep up with the caller! I used to work in payroll and ticking numbers off is basically my main work-based skill, but doing a monthly NHS payroll of hundreds of nurses is NOTHING compared with how hardcore some of these ladies were. I swear, if they set up a date-input company, they’d be billionaires! I’m getting faster and more organised each time I go, but I don’t think I’ll ever be on par with some of the older ladies in there – unless I’m still going when I’m a pensioner, maybe!

I probably won’t have a chance to get to the bingo until the new year now, but I do sometimes play online – I set myself up with a glass of wine, my laptop, a roaring fire and I can have an amazing evening of fun and (hopefully!) winning without leaving my own home. What could be better than that?!

Do you play bingo? Do you prefer playing at home or does the atmosphere of a bingo hall do it for you? Do leave me a comment below as I’d love to hear from some fellow bingo lovers.

Having Great Adventures While Travelling On A Budget

A Strategic Approach

Even if you’re in debt, you’ve got to go on a vacation every now and then. If you’re clever about it, you can do so without seriously compromising your payback strategy. You may always have that dream vacation to Australia on the backburner, but just because you can’t go Down Under, doesn’t mean you can’t have the same kind of adventure on a budget vacation.

One of your best bets in this regard is going to involve getting assistance from professionals who understand your situation, who can give you the proper information to help you inform your travel plans.

According to Debt Academy, “When you are overwhelmed and consumed with worry about debt, you need answers. And more than answers, you need solutions. Debt Academy is committed to helping everyone struggling with crippling debt so that you can hold your head high and not avoid another call from the ‘unknown number’.”

Once you have the right answers, you can ask some additional questions. As in something to the tune of: “Now that I’ve managed to consolidate my debt into a single monthly payment of $1,200, after expenses, I have $200 a month left over! What kind of vacation can I put together with $200?”

Possibilities

Well, with $200, you might be able to finance a weekend trip somewhere. But with $2,400, you might be able to spend a month in a fine locale and really get your emotional and psychological well being back where it should be. How can you turn $200 into $2,400? Well, in a word, save.

It’s hard to save money when you’ve got debt, but it’s not impossible. Perhaps establish a secondary revenue stream through the internet. Provided your wages aren’t affected, and you’ve just got debt, it’s possible to pay all your bills and save a little, too. It just involves cutting on creature comforts.

Take coffee and food at a chic coffee shop, for example. If you buy something from such a place daily, you’ll spend three dollars per visit at least, which is $1,095 over the course of a year. Instead, spend $95 on a Sam’s Club-sized tin of your favorite coffee and a machine, and save $1,000 for a vacation!

Once you’ve managed to secure a vacation “nest-egg”, however small, now it’s time to determine where you’ll go. You want to find areas where you can get the best amenities for the lowest price. Well, in some scenarios. Sometimes you may be interested in camping somewhere exotic. But if you’re going the resort angle, you may find some decent options.

Affordable Vacation Packages

You can find some great, affordable vacation deals on this website which offers some low rates. This is certainly worth looking into. As you’re researching potential areas where you might want to travel, you might also want to look for options that have similar discounts. Think of it like vacation “Big Lots”.

Are you familiar with “Big Lots”? Well, this is a department store that sells overstocked items and those which have been discontinued, but yet must be moved. You can get great discounts.

Sometimes you’ll get something at a quarter of its initial selling value. Sometimes with vacations, if you go to a resort town in the off-season, you can get some excellent rates. Additionally, there are sometimes rolling promotional packages during the “in” season as well. Whatever your budget, there are ways you can have the vacation you need on the budget you’ve got.

5 Tips To Deal With Financial Emergency

Have you ever found yourself in the middle of a financial emergency?

You may even be experiencing one at this moment; what can you do?

You’re not alone, over 76 million Americans struggle each year according to a survey from the Federal Reserve Bank.

There are lots of reasons and causes of financial stress. Whether you’re in the middle of a crisis, or want to help plan for the future, there are options available to get you back on your feet.

Here’s five tips on how to deal with a financial emergency:

1. Create a Budget

How do you get control of your finances? Spending less money sounds easier than it really is. Creating a budget (and sticking to it) can be a great tool for spending less, and saving more. Here are some tips for creating a budget.

  • Track your weekly spending. If you use a debit or credit card, you can see where your money is going each week. Small purchases like a morning coffee or fast food can add up over time.

  • Divide expenses into categories. Some examples can be entertainment, eating out, groceries, bills etc.

  • Set money aside for an emergency fund. Even a small amount saved overtime will add up when you need extra funds for a crisis.

  • Gradually cut down expenses. Instead of cutting out restaurants entirely, limit yourself to once or twice a week.

If you need additional assistance in creating a budget, take a look at this article from US News.

2. Cut Expenses

Cutting expenses can be another option to take during a financial emergency.

Spending less money in just a few areas can provide relief.

Here’s some tips for reducing your monthly expenses:

  • Save money on transportation. One option can be to carpool to work with your friends. By alternating days with your coworkers, you can save on gas, reduce wear and tear on the car, and in some cities, make use of carpool lanes.

  • Reduce entertainment expenses. Do you have cable for watching your favorite shows? Switching to a streaming service like Hulu or Netflix can be a cheaper option. Some of the networks also stream episodes for free on their website as well.

  • Cancel unused memberships. How often do you go to the gym that you pay for each month? If you only go once a week, it may be a cheaper option to find a gym to pay per use.

For other tips on saving money by reducing expenses, Trent Hamm has written up 40 ways to save on monthly expenses.

3. Prioritize Your Expenses

Are your bills overwhelming you?

A financial crisis can make it hard to follow your budget. It’s important to be pay your monthly bills, but sometimes this is impossible.

Here are some tips on how you can prioritize your expenses and get through the crisis:

  • Make a list of all monthly expenses. Listing them out gives you a clear picture of how much money you’re spending each month.

  • Figure out which expenses you have to pay. Once you have your list, you can mark which ones have to be paid first. Groceries and your rent/mortgage should be at the top of your list. Most utility companies will give you extra time to pay bills so that you can prioritize the more urgent bills.

  • Contact your creditors. Late payments can damage your credit, and ignoring the problem will make it worse. Most creditors will let you set up a payment plan or allow an extension.

For additional tools on prioritizing your expenses, visit the United Way’s article.

4. Reduce Your Debt

How many of you want to get rid of your debt? Even if you’re on a tight budget you can follow these tips to be debt free over time.

  • Create a budget. Once you write down everything that you spend money on each month, subtract that amount from your monthly take-home pay amount. Look for areas where you can cut back on to free up more cash.

  • Separate your debts from the budget list. Arrange your debts from smallest to largest. You will want to know what the minimum payments are for each of these debts.

  • Use money that you’ve freed up to start paying off the smallest debt. For all other debts you will want to maintain the minimum payment. Once you pay off the small debt you can use that money on the next loan repeating the process.

For more tips on reducing debt, take a look at the Huffington Post article from Tiffany Allche.

5. Get Financial Help

What if you’ve exhausted all other options for managing a financial emergency?

Ideally you would have access to emergency funds that have been saved up over time for a situation like this, but if you’re currently experiencing a hardship, you need cash urgently.

An option would be to get a loan to help pay for bills, essentials for the household, and other needs during the emergency.

A traditional bank loan may not be an option. You may be asking, what can I do? A 30 day payday loan, like one from ElcLoans, can help you.

Used responsibly this can get you through an emergency until you’re back on your feet.

Conclusion

I hope that you found this information helpful.

Having a financial crisis can be a stressful time, but there are tools and resources available to help get you through the hard times.

Each of these tips are options that you can put into practice immediately.

Do you have any other tips that you would like to share?

If you found this article helpful, be sure to share it with your friends and family.

Ways To Save Money if You Run Your Own Business

Running a Small BusinessWith rising living and childcare costs, more people than ever seem to be looking at ways that they can work from home so that they can limit their expenditure and maximise their income. Starting a business and becoming self employed may seem daunting but there are a lot of advantages to flexible working and many people have huge success. Although it may seem like you’re spending more than you make when you first start, it’s all part of getting started, and we’ve got some tips on how you can save money as a small business owner.

Do Your Own Accounts

Unless your accounts are really complicated (which is unlikely in your first years as a small business) it’s actually really easy to do your accounts yourself online these days, which cuts the need for accountancy fees or an external payroll service. This could save you a lot of money in the long run and is also a great skill to have under your belt for the future.

Online Printing

If you need to use flyers or posters for promoting your business, using an online printing service like https://www.helloprint.co.uk/ could save you a small fortune. Their service is really easy to use, they offer free delivery on all products and they print on an incredibly diverse range of media – you could even print your company logo on a load of umbrellas!

Negotiate

Here in England, so many of us seem uncomfortable with the idea of bartering on prices but it’s common practice throughout almost the whole rest of the world! If you’re doing business with other people, never accept their first price as bartering could save you a lot of money. Many small businesses offer services as part payment for things too, so if you have a valuable skill you could offer this instead of cash.

Check Your Tarrifs

If you use your home as a place of business, check to see if there are better tariffs available for your energy costs, broadband supplier or telephone contract. Many companies offer special business rates, or even if there’s no money off, some companies will prioritise repairs if they’re for business users, so it could be worth a call to find out if it makes a difference.

Learn New Skills

If you’re looking to save money then taking a few courses could be an investment which saves you money in the long run and give you even more autonomy over how you want your business to run. Need to keep marketing costs low? Take a course in social media marketing and run your campaigns yourself. Need to save on accounting costs? Some companies like Sage offer day courses in small business accounts and payroll which will be a lot cheaper than years of services from an accountant or payroll person.

Luke from Caelum Communications said: “Having a quick and reliable internet connection is a basic essential for a running a business. Failover services and other installations are also great considerations for small and large businesses.”

Steps for Getting Your First Loan

Loan

The days of walking into a bank, asking to see the manager and walking out approved for a big loan have long been over. You won’t be getting any type of loan from a creditor until you fill out an application and then have it approved. Secondly, all approved loan borrowers must have a way to pay their loans back. Even if you are applying for a student loan and don’t currently have a job, consider the fact that one day, when you have started to work in your new career and the money is rolling in, you will have to start paying the loan back. Here are the most important steps to follow for getting approved for a traditional bank loan as well as other options you have for getting a loan when the usual way doesn’t work.

Getting Established Before Applying for a Loan

Although loan applications can be reconsidered and looked at a second time, it is better for applicants to have their applications go through the first time that they apply. In order to have a bank approve your loan application, there are some minimum criteria that you have to meet. First, you have to be a UK resident in good standing and have a valid bank account. Sure, you can open a bank account the same day that you apply for a loan, but it’s better to have some history with your bank. Next, you have to work somewhere and again be established at your workplace. Imagine if banks approved loans for people who had just gotten jobs and bank accounts all the time. Most of those loans would likely end up being defaulted on.

Looking at Your Credit Rating

Credit is really important when you’re applying for a traditional bank loan. A solid credit rating is necessary to get approved for loans products like mortgages, and a little less important if you are looking for a personal loan. Either way, banks and lenders have different rules for the minimum credit ratings they’ll accept from borrowers. In short, if you want a traditional bank loan of any kind you need to have established credit and possibly a co-borrower. This is how young adults get into brand new cars although they’ve only been working at their jobs for less than a year. You can create credit if you don’t have any by establishing a credit card or getting some type of mobile phone plan. If you’ve got existing credit but it’s down in the dumps, work hard at building it back up because it’s going to be hard getting a traditional bank loan without at least a fair credit rating.

Filling Out the Bank Loan Application

Every piece of data that you include on your loan application needs to be accurate and completely up to date. If you change jobs and your income is lowered, you need to be upfront about where you work, even if you think it’ll hurt your chances for a bank loan approval. Your loan application needs to detail where you currently live, work, and you might also be asked to provide references. Basically, your bank loan application is supposed to help creditors validate that you are who you say you are and that all of your pertinent details are accurately reflected. Lenders aren’t particularly impressed when they catch applicants in outright lies, so try to ask for clarification when you need it instead of just guessing or writing down answers that you believe sound good.

Applying for Secured and Payday Loans

Traditional bank loans aren’t for everybody and they don’t meet every purpose. For example, if you want a mortgage or a new car you should absolutely start the money borrowing process with a well-regarded lender. In the case of consumers who want personal loans for emergency expenses, there are payday loans and secured loans such as logbook loans. These types of loans can be better for those who don’t have great credit history, but they also come with higher interest rates. Secured loans are secured on an asset such as a car, so be aware that you could lose your asset if you default on the loan repayments.

You can get a loan all on your own, with the assistance of a co-borrower, or via an alternative method just by understanding how to get prepared and fill out an application. Give potential creditors all of the information that they ask for during the application process to determine if you’re a good match for their financial products. It can take as little as five minutes and up to several weeks to hear by from a potential lender, but getting your first loan can be a really good step toward having a more bountiful financial future.

Dead Set on Resetting Your Debt…

Image

For a lot of us, being debt free is a rarity. Most of us have difficult financial situations to get out of, such as a credit card or a mortgage to pay, as well as other debts like student loans. So how can we find ways to build up our wealth and focus on our financial goals without it impacting negatively on our overall debt which will leave us swimming in a continuous cycle of ill finances?

Prioritizing Your Debt

This will be the key to addressing every aspect of your outstanding balance. You need to evaluate each aspect of your debt to determine what type of debt you have, such as whether it is “good debt” or “bad debt.” Good debt could be something like a loan for starting up a business. So you need to ask yourself if the debt is good or bad by determining if the debt is temporary and if it is worth it.

Debt Consolidation

There are many ways for you to consolidate your debt now, and this includes things like getting a balance transfer to pay off your credit cards or a debt consolidation loan. But getting the right loan opens up a myriad of questions too. There are so many different options available from balance transfers to long term or short term loans, so which one is best for you? The way to answer this question is to calculate the interest rates for each option and compare this with the repayment terms. If you can get a 0% offer for a long period of time, this will be a good option as you will be paying so much less in the long run.

Paying Your Biggest Debts First

Every item of debt is difficult in one way, shape, or form, but one of the best ways to tackle this issue is to pay off the most pressing debts or the most painful ones. For a lot of us, it’s not necessarily the largest amount of debt that requires immediate payment, it could be a loan from a family member that has been weighing heavy on your mind for many years, so it may make a lot more sense to pay that off first before something like your credit card. A big motivating factor in paying off debt could be to personalize it, and it can be a big weight off your shoulders meaning you are approaching the rest of your debts with a fresh mind.

Don’t Add To Your Debt!

This is probably the biggest life lesson for all of us. You may feel a sense of accomplishment by paying off your credit cards and loans. But if you don’t change your spending habits then you will get back into the habit of accumulating debt, so you need to avoid the most common mistakes that will keep you in said debt, which includes your attitude towards money.

It is possible for us to live a good life without mounting debts. But as long as you have a plan in place for what you are going to do with the money you save once your debts have been paid off, like setting up standing orders for money to go into savings, you are beginning to readdress your whole attitude towards how you spend and how you tackle it.

Can Creating a Will Save You Money?

moneyDo you have a will? Discussing or even thinking about making plans for your assets post-mortem has developed a bad reputation.

People consider a scary topic, whether they think it’s a complex, expensive process or because they don’t want to think about their mortality.

It is one of those things people will seek out the most tedious tasks to avoid talking about. However, if you take the time to sit down and plan a will, you’ll actually find it’s not as time-consuming or draining as you might believe.

Creating a will won’t only save your family a lot of trauma once you have passed, it can also save your money and inheritance from being spent in a way you never intended.

If a will has been created your assets will be divided up according to your wishes. Without a will, splitting up your property can become much messier and can end up costing everyone involved quite a bit of money.

Leaving your loved ones without a will to use as a binding blueprint means you have no say in what happens to your assets. Even if you have verbally promised items of your estate to individuals or organisations, without a legally-binding will Intestacy law will overrule this and determine who is entitled to inherit what.

So, can sitting down and creating a will save you a bit of cash? Absolutely. Employing a solicitor to help draft your will is a relatively small expense in comparison to what your family could lose or spend in court trying to secure your assets after your death.

The peace of mind this provides will last until the day you’re no longer here, or at least until you chose to amend your will!

Giving it to a solicitor to look over also means they can advise on potential legal pitfalls. Issues such as not being born in the UK, or having residential ties in another country could end up costing your beneficiaries and family a significant sum of money to resolve, taking into consideration the tax and administration issues involved and there are a number of other things to consider which you solicitor will ensure you take into account.

Having your will validated by a professional can be the difference between your inheritance being spent on legal fees or used to benefit those who matter most to you.

So, you’ve made a will, you’re happy with who’s inheriting what, that’s it right? No, you need to revisit it from time to time. Crucially many people forget to update their wills throughout their life. Changes in your circumstances can invalidate a will, making it worthless.

You’ll need to update your will if you’re getting married, as this will overrule the contents of any previous will. Also in the opposite situation where you get divorced, you’ll need to decide if your former partner is removed, while welcoming a child into the world can also alter inheritance entitlement.

It’s also a good idea to amend your will each time you buy a new property or an asset with a lot of value. By doing this, you ensure that these items are not part of an expensive legal battle.

So, what are you waiting for? Create a will today and save your loved ones the risk of added stress and expense.