Annual financial review for your family

Do you do an annual financial review of your monthly outgoings?

An annual financial review of monthly outgoings is something many of us intend to do but rarely get round to. But there are probably more ways you can reduce your monthly expenditure and save on outgoing payments than you expect.

This is increasingly important for the older generation, who are not usually as familiar, or as comfortable, with shopping around online to change providers on an annual basis. They may also be less likely to check online bank statements and regular outgoings and to forget about irregular miscellaneous small amounts. Regular, larger outgoing payments for insurance and mortgages often get overlooked because we feel they are “a set price”.

Couple doing financial review of monthly outgoings

Large and small, there can be lots to check. From magazine subscriptions, unused supermarket delivery subscriptions, pet insurance that renewed automatically, roadside assistance that could be cheaper… the list goes on.

Set up alerts for any annual renewals in 2020

At Bower we want to encourage adult children to look out for their parents and any elderly relatives, to ensure they are not paying more than they need to, for any loans or insurance policies. With the ease of online comparison sites to check car, home and pet insurance premiums, it can be relatively quick and easy to swap to cheaper products with the same cover. However, it could still seem daunting if you generally only use the internet for emails and a bit of online browsing! Often, it is the thought of getting involved with complicated forms online that stop people from shopping around and doing a financial review. So, some help from family members who are competent internet users, would no doubt be appreciated!

review monthly outgoings

Discussing financial matters with senior family members is often perceived to be a difficult subject and children can shy away from raising such matters with their elderly parents. The benefits can outweigh the discomfort though: you could save more than you think, maybe take some stress or financial worries away and also spend some family time together.

This weekend, why not ask your parents or grandparents to:

  1. note any 2020 renewal dates for each insurance or loan product
  2. diarise for 4-6 weeks before the due date
  3. then arrange to see you, to do an online comparison and financial review of monthly outgoings together?

How you could save by shopping around online

Expert tip: MoneySavingExpert analysed over 50 million car insurance quotes from comparison sites between October 2018 to September 2019, and revealed buying 20 to 26 days before renewal is the new best time to buy, though 24 days was the absolute cheapest day for quotes. MSE say by doing this you could cut your costs by nearly 40%. https://www.moneysavingexpert.com/news/2019/12/car-insurance-optimum-time-to-buy/

Bower would be very happy if you could please share this article to someone who is likely to forget to shop around to reduce or review monthly outgoings…