Make sure your savings plan is correct

Always check with an Independent Financial Advisor if you have questions about your plan.

08:26 11 June 2013

When it comes to shares, Mr. Mills has come under the spotlight recently.

In regards to the topic of shares, it pays to develop a savings plan and ways to manage it.

 

• Investments-If you are considering investments of any type, you should seek assistance from an independent party when developing a related savings plan. An ethical, knowledgeable person can be an invaluable resource and help guide you towards the right decisions.

 

• Savings-luckily for most of us, trying to get the best deals to enact a savings plan is common, and even expected if you want to be sensible with your money. The types of things this involves though are keeping money local and choosing popular options such as Stocks and Shares ISAs.

 

Unless you are purchasing property in other countries, any funds going to accounts outside your own country tend to make authorities sit up and pay more attention.

 

• Record keeping-it is perfectly legal to give gifts, but there are limitations and you should keep very good records about dates, amounts, and recipients for the time when someone has to worry about paying inheritance tax.

 

The same can be said of other investments and your savings plan. Keeping detailed records of what occurred and when, and if possible for what purpose, can help clear up any potential questions or concerns. 

 

If you are ever in doubt about specifics in your savings plan always consult an Independent Financial Advisor, and worst-case scenario just play it safe.