Liz is crossing her fingers that property prices will drop in the next few years so she can buy her first home
Whatever your age or financial status, you can benefit from taking an organised approach to money matters. The three essential steps are:
Figure out your current position
Decide on your key financial goals
Get expert advice on the products and services that will help you achieve them
First, figure out how healthy your finances are right now. The best way to do this is by tracking your earnings and expenses over a period of a few months. Record all the money that comes in (such as salary, bonuses and interest on savings) and all your outgoings, including mortgage or rent, regular savings and investment contributions, credit card payments, food and heating bills. Although this may seem an annoying administrative task, at the end of the period you'll be in a much stronger position to see where your money is actually going, and whether there are any areas where you can cut back. Even freeing up a small amount of cash to invest in a regular savings scheme, for example, can make an important difference to your financial health.
Next – your goals, both short and long-term. Jot down your financial priorities and how much you think they will cost. Perhaps you want to save for a short-term target such as a wedding, a holiday or a deposit for a house. Protection may be your priority, ensuring your family are looked after if you should die or suffer a serious illness. Whatever your age, you probably should be thinking about having enough money to live comfortably in retirement. You'll also want to make sure your mortgage and any other debt is affordable, especially if interest rates go up, and find savings accounts and investment products that deliver the best returns, while minimising the tax you have to pay.
Lastly, when your needs mean that you have to move into savings and investment options that you don't feel comfortable dealing with yourself, you should seek the advice of an expert. These days there are thousands of financial products on the market, and it can be hard to decide on the best ones for you.
Check if you qualify for advice
If you have £50,000 or more in savings and investments, you may be eligible for HSBC Premier Financial Advice. See the full eligibility criteria.
If you don't qualify for HSBC Premier Financial Advice or if you'd rather not pay for advice, see other ways we can help.
*Our opening hours are Monday to Friday 8am to 9pm and 9:30am to 7pm on Saturday. Calls may be monitored or recorded.
Eligibility requirements
HSBC Premier Financial Advice is available to UK residents who have £50,000 or more in Savings and Investments and who are at least 18 years old at the time of the initial consultation.
You'll also need to have an HSBC Current Account or Savings Account for us to be able to deduct your fee. We can accept payment from a first direct Current or Savings Account too.
To find out more:
- See our HSBC Premier Financial Advice pages or;
- Call us on 0800 328 1298 to book an initial no-obligation consultation with a Premier Client Manager. Lines are open Monday to Friday 8am to 9pm and 9:30am to 7pm on Saturday. (Textphone: 18001 0800 028 0126).
If you don’t qualify for HSBC Premier Financial Advice, or if you’d prefer not to pay for advice, see other ways we can help.
If you are not a UK resident, see our HSBC Expat service.
