A proactive annual financial health check — working through the key areas of your financial life — is one of the most valuable things you can spend a few hours doing.
- 3. ISA allowance. Have you used your £20,000 allowance this tax year?
- 5. State Pension entitlement. Are there NI gaps you can fill cost-effectively?
- 6. Protection insurance. Is your life insurance and income protection still adequate?
- 7. Mortgage or rent. When does your current deal expire? Is remortgaging worth reviewing?
- 8. Will and lasting power of attorney. Are both in place and up to date?
1. Emergency fund. Do you have three to six months of essential expenses in an easy-access account?
2. Savings rates. Are your savings earning a competitive rate? Switch if significantly below market rate.
3. ISA allowance. Have you used your £20,000 allowance this tax year?
4. Pension contributions. Are you getting the full employer match? Have you checked your pot size?
5. State Pension entitlement. Are there NI gaps you can fill cost-effectively?
6. Protection insurance. Is your life insurance and income protection still adequate?
7. Mortgage or rent. When does your current deal expire? Is remortgaging worth reviewing?
8. Will and lasting power of attorney. Are both in place and up to date?
9. Credit report. Check all three agencies for errors annually.
10. Subscriptions and recurring costs. Review all direct debits. Cancel unused services. Compare insurance before renewing.
Bottom line
An annual financial health check takes two to three hours but can identify thousands of pounds of improvements. Block a morning in your calendar each April and work through these ten areas systematically.