#5 Don't take your eye off the ball!

by Jane Baker on 12 June 2009  |  0 comments
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Jane Baker explains why getting to grips with your finances is only half the battle.

My next little piece of 'what not to do' advice is simple....

#5 Don't take your eye off the ball!

Getting your finances in great shape is a huge achievement, and one which you should genuinely be proud of. Unfortunately, this is only half the battle. The true path to financial success is keeping them that way too.

I'm afraid it will take a little effort from you from time to time, just to make sure everything is ticking over nicely. Put your finances on the back burner, and you'll be surprised how quickly triumph can turn to disaster.

There are lots of money tasks you should never forget, but here are my top 5:

1. Your credit card - If you've transferred your balance to a fantastic interest-free deal, well done you! But don't undo all your hard work by letting the expiry date slip your mind. If you allow the typical APR kick in, your remaining balance will cost you an arm and a leg.

2. Your mortgage - This is the real biggie. When your special rate deal comes to an end, don't let your remortgage slide. It's like pouring money down the drain. Get onto a mortgage broker ASAP, and track down a new home loan in good time.

3. Your savings - Watch out for attention-grabbing headline rates. Your best buy account may be impressive now, but do you really think it'll be quite so generous in a year's time? Unless you go for a fixed rate, you'll need to check the return every now and then, and vote with your feet if you have to.

4. Your bank account - Go over your online bank statement once a week, every week. This will help you do several things: keep track of your expenditure, prevent you from spending too much, avoid going into the red unwittingly, and stop any dodgy transactions slipping under the radar.

5. Your pension - It's so easy to open a pension and then never give it a second thought till you reach your 65th birthday. Big mistake. Pensions need regular reviews to make sure the value is on track for giving you the retirement you always dreamed of. (If that sounds a bit tricky, enlist the help of a professional!)