4 Things To Check-In With Your Personal Finances In August

1. Check Up on Unused Gift Cards and Vouchers

Do you have any unused gift cards or vouchers lying around? If so, it's time to take a check-in on them.

Gift cards issued after December 2019 cannot have an expiry date less than five years from the day they are bought. However, not all gift vouchers fall under the scope of the regulations. Here are some examples of gift vouchers that are not covered:

• Vouchers from a specified trader(s) that are redeemable at a discounted price for specific goods and services for either.
• a specified date, or
• a specified period of no more than three months
• Vouchers that are given as a refund for goods returned to a trader.
• Vouchers that are deemed electronic money, within the meaning of the European Communities (Electronic Money) Regulations 2011 (S.I. No. 183 of 2011)

Why take a check-in on them?

• Some food businesses have gone out of business lately due to increased costs due to inflation, so your voucher is no good if the businesses is gone. Make sure to use these or gift them to someone else.
• Not all gift vouchers fall under the scope of the regulations, so it's important to check to see if your vouchers fall under any of these categories.
• Some cards that are deemed electronic money have monthly maintenance fees after a certain period, which can erode the balance on the card.

2. Check in on your Insurance Policies

Insurance is an important part of financial planning, but it's easy to let your policies lapse or become outdated. That's why it's important to take a check-in on your insurance policies every year.

Here are a few things to check:

• Are your policies still in force? Policies can lapse if you forget to pay the premiums, or if you move and don't update your address with your insurance company.
• Are your policies still meeting your needs? Your needs may have changed since you first took out your policies. For example, you may have had a child, or you may have retired.
• Are your premiums still affordable? Insurance premiums can go up over time, so it's important to make sure you can still afford your policies.

If you find that your policies need to be updated, don't delay. Contact your insurance company and get started on the process today.

Keep track of your policies. Make a list of all of your insurance policies and the contact information for your insurance companies, as well as the renewal date and how much you are paying. This will help you keep track of your policies and make it easier to update and look for the best deal when needed.

By taking a check-in on your insurance policies, you can protect yourself financially and make sure you're getting the coverage you need.

3. Check In on Your Pension or Investments

Your pension or investments are an important part of your financial future. That's why it's important to take a check-in on them regularly.

Here are a few things to check:

• How much have you saved? This is the first step to understanding how well your pension or investments are doing. If you're not sure how much you've saved, you can contact your pension provider or investment manager.
• How are your investments performing? Your investments may have gone up or down in value since you last checked. It's important to keep track of your investment performance so that you can make sure your investments are on track to meet your goals and that you are getting the best return.
• Are your investments still meeting your needs? Your needs may have changed since you first started saving for your pension or investing. For example, you may have had a child, or you may have retired. Make sure your investments are still meeting your needs.
• Are your fees reasonable? Pension providers and investment managers often charge fees. Make sure the fees you're paying are reasonable.

If you find that your pension or investments need to be updated, don't delay. Contact your pension provider or investment manager and get started on the process today.

Here are some additional tips for checking up on your pension or investments:

• Keep track of your statements. Make sure you receive your pension or investment statements regularly and review them carefully.
• Talk to your pension provider or investment manager. If you have any questions about your pension or investments, don't hesitate to ask your provider or manager for help.
• Get professional advice. If you're not sure how to check up on your pension or investments, or if you need help updating them, you can get professional advice from a financial advisor.

By taking a check-in on your pension or investments, you can protect your financial future and make sure you're getting the most out of your savings.

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4. Check in on your loan interest rates.

Loan interest rates can change over time, so it's important to check in on them regularly to make sure you're getting the best deal. The ECB’s key loan interest rate has been increasing very quickly, so it's more important than ever to make sure you're not overpaying on your loans.

Here are a few things to check:

• What is your current interest rate? You can find this information in your loan agreement or by contacting your lender.
• What are the current interest rates for similar loans? You can compare interest rates by using online comparison tools or by talking to a financial advisor.
• Are there any discounts or incentives available? Some lenders offer discounts for things like good credit or making on-time payments.
• Are there any other fees associated with your loan? These fees can include things like origination fees, late payment fees, and prepayment penalties.

If you find that you're paying a higher interest rate than you need to, don't be afraid to shop around for a better deal. You may be able to refinance your loan or switch to a different lender.

By taking a check-in on your pension or investments and your loan interest rates, you can make sure you're on track to reach your financial goals.

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Disclaimer:
The content provided in this blog is for informational purposes only and is not intended as financial advice. While we strive to offer accurate and up-to-date information, Synergy Credit Union and the author are not financial advisors, and the insights shared here should not be construed as professional advice. We recommend consulting with a qualified financial advisor or pension specialist before making any financial decisions or changes to your pension plan. Synergy Credit Union assumes no responsibility for actions taken based on the information provided in this blog.