Give your finances an April spring clean

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financial spring clean

financial spring cleanIf you're looking to give your finances a spring clean this April, the guidance offered by professional advisers could well come in handy.

Professional advice site Unbiased.co.uk has collected together the views of a number of experts regarding the new financial year and people's saving prospects.

For instance, Alistair Cunningham of Wingate Financial Planning believes people should use the new tax year as an opportunity to focus on their pension savings and investments.

He stated: "2012/13 will be a great year for making pension contributions, with up to £200,000 possible contributions to a pension in some cases."

Meanwhile, Jon Hill from Milford & Dormer Solicitors believes insurance is something people should consider in the coming weeks.

He said: "Think about protection - think about your life, health, earnings. Who will pay your mortgage if you are off work? Plan ahead and don't rely on future increases in property prices to repay your mortgage and provide funds for retirement."

And Karen Barrett, chief executive at Unbiased.co.uk itself, said now is the right time for us all to try and get our financial affairs in order.

She stated: "Review your financial goals and ask yourself whether you are on track in achieving these."

Joss Harwood of Eldon Financial Planning believes the key is to pretend like the tax year ends in the summer.

"Imagine that the tax year ends in the summer, not next March and resolve to consider the tax efficiency of your affairs by the end of September," he suggests. "That gives plenty of time to receive all the paperwork relating to the tax year just past, and clear up any queries.

"This also leaves you time to submit a self assessment return by the end of October if appropriate," he added.

Whilst all this advice is extremely useful, only you can ultimately make the final decisions on your financial plan for the year ahead. Why not check out this guide to 10 of the best savings accounts for 2012 to check out your options.

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