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"Is it time for a financial health check?"

By admin | January 9th, 2008 | Featured

You will find that many banks and financial institutions will try one of a range of elaborate tactics to try and sell you financial products these days, and even in this current climate where lenders are getting warier about lending money out due to the credit crunch, competition is still tough and lenders are still determined to get one over on the competition when it comes to monopolising the market. One of the ways in which you may find yourself enticed to the offices of a lender is through the offer of a ‘free financial health check‘.

A free financial health check is what many lenders and financial institutions offer to those that they are hoping to sell a loan, credit cards with a 0% balance transfer option or other form of finance to. What this free health check actually means in many cases is an opportunity for the lender to say ‘you have disposable money each month, we want it, so take out a loan!’.

In fact, you do need to be careful because many of the banks and lenders offering this type of service really do make it sound as though they are doing you a huge favour, and it can be all too tempting to trop off trustingly to their offices and find yourself walking out with a loan that you did not want and do not need.

Carrying out a financial health check is actually not that difficult a task, and if you put your mind to it you can carry out your own financial health check and see what the status of your finances actually is. You can even look at possible solutions to save you money or help you to get out of debt quicker once you have carried out this health check – rather than finding yourself in even more debt, as you might if you go to a lender to have this financial health check carried out.

Carrying out a health check on your finances involves a number of things. Firstly, you need to go through your income and outgoings carefully and consider whether everything is accurate and up to date. Wherever possible look at cutting back on non-essentials so that you have more money to either save or put towards repayment of debts.

Another area you need to look at when conducting a financial health check is whether you can save money in other ways, such as by switching certain products and services. For example, you may find that switching insurance providers or consolidating debts could save you money each month.

You also need to look at other areas of your finances such as savings. If you have savings you need to ensure that you have the best bank account available based on your needs and circumstances so that you can make your money work all the harder for you. Look at all of the different areas of your finances will enable you to look at the bigger picture with regards to the future of your finances.

Tags: financial health check, bank accounts, loans, Credit Cards

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