Is now the time for you to get a tighter grip of your finances?

1) Consolidate and Manage Debt

Now is not the time to bury your head in the sand. Instead, by being proactive and reviewing your debts, you could actually save money and pay everything off over a shorter period of time.

Ask yourself:

  1. How much do I owe?
  2. What interests rate am I paying?
  3. How much can I realistically afford to repay each month?

Once you have all the answers, you can consider your options which may include consolidation (taking out a single low interest loan to repay everything), balance transfers to zero or low interest rate credit cards or a debt management plan.

There are also a number of specific options linked to the COVID-19 pandemic but they must be actioned by 31st October 2020. More information about these can be found in the TT Wealth complete guide to ‘Getting My Finance In Order’ which you can download by completing the form below:

Getting My Finances In Order

2) Track Your Spending

Not knowing where your money is going can leave you feeling financially out of control.

Taking the time to track your expenses gives you the ability to make better personal spending choices and, you are less likely to make costly spending mistakes.

Find out what happened when we recently sat down with a client to review their household bills:

3) Use Tax Allowances

For the 2020/21 tax year, there are a number of allowances to make use of.

These range from the usual personal tax allowance, to dividends, pensions contributions and ISA’s. For example:

  • You can earn £12,500 before you start paying Income Tax

  • The tax-free dividend allowance is £2,000

  • Pensions Contributions receive full Income tax relief

  • The Junior ISA allowance for 2020/21 tax year is £9,000

For a fuller explanation of tax allowances, please download the “Getting My Finances In Order” guide by completing the form below.

Getting My Finances In Order

4) Top Up Your Pension

When was the last time your reviewed your monthly pension contribution?

Pensions are one of the most tax efficient ways to save, however, you need to be aware that over time, inflation can steadily erode the value of your contributions.

Check and see if your plan already includes an annual increase – if not, consider topping it up, or increasing your monthly payment.

5) Focus On Your Goals

Financial planning is essentially about setting short, medium and long-term financial goals and putting together a plan to meet them.

It’s important to have a solid understanding of your finances and how to reach your goals. Setting goals helps trigger new behaviours, helps guide your focus, and helps you sustain that momentum in life.

  • How will your life be different in a year?

  • Do you have the security of knowing where you are heading financially?

  • Do you have a complete understanding of your financial position?

  • What is ‘your number’ to make your current and future lifestyle secure?

When you bring your focus to achieve something in life, you are much more likely to reach your goals.


These are just 5 things you can focus on. The latest TT Wealth special guide “Getting My Finances In Order” covers a further 5 areas for you to consider. To download the guide, simply complete the form below.

Remember, when it comes to making financial decisions, you don’t have to go it alone. To speak to an experienced Financial Advisor, contact Tony Thomas on 07585 592494 or

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Getting My Finances In Order