Looking after your pennies

With inflation hitting 6.2% in February and outstripping wage growth, make sure you are paying attention to what’s happening to your money. We explore some ways to help keep your money where it belongs.

Tip 1: Make sure you have the right tax code

Now that the new tax year has started, it is worth checking your tax code if your earnings and/or pensions are taxed under PAYE. HMRC does not have an unblemished record of setting these correctly and, unless you complete a tax return, you could end up paying tax that you cannot reclaim. Go to www.gov.uk/check-income-tax-current-year to check your code.

Tip 2: Review what money is leaving your bank account

It is easy enough to set up a direct debit to meet regular expenditure, but it is equally easy to forget about the ones you have already set up. Have a look through your bank statement or, better still, your list of direct debits and standing orders.

Are they all still necessary or are you paying for a membership, subscription or service you no longer need or use now?

Tip 3: Consider salary sacrifice to pay your pension contributions

If you are a member of a workplace pension arrangement, you may have the opportunity to make your contributions via salary sacrifice arrangements.

In most – but not all – instances, this will be preferable to the more obvious method of having personal contributions deducted from your pay because of the savings on national insurance contributions that can be made. At best, your pension contribution cost could be reduced by over a quarter.

By their very nature, financial tips are general, not personal. Do seek appropriate advice for your specific situation. We can help with salary sacrifice calculations if you are working and wish to explore this option.

Interested in finding out more?

Seeking a second opinion on your financial future costs you nothing.

Simply call our friendly team on 00121 368 5624 or drop us an email to appointments@oaklandswealth.com to arrange a confidential chat.

Oaklands Wealth Management, founded by Helen Blackburn in 2004 advises clients around the Midlands on retirement planning, pensions & investments.

Her firm holds British Standard BS 8577 for client service & investment process.

Minimum investment is £500,000 (£650,000 for pension transfers).

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Looking after your pennies