Planning

Start organising your money matters

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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:

  1. Figure out your current position

  2. Decide on your key financial goals

  3. 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.

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Need financial advice?

We can help give you expert advice for your individual circumstances.

See how we can help

Need to talk to us?

To discuss options or book an appointment:

0800 032 4710

Our opening hours are Monday to Friday 9am to 6pm (excluding public holidays). Calls may be monitored or recorded.

Everyone's circumstances are different and what applies to one person may not be right for someone else. The suggestions above are based on a general assumption of each circumstance and they are not intended to provide advice or recommendation.