Many people reach for the headache pills when they start thinking about planning their finances. Now you can forget the aspirin. New web pages to help consumers take control of their money are now available from the financial watchdog, the Financial Services Authority (FSA) on the following web address http://www.fsa.gov.uk/consumer
So whether you want to sort out your borrowing, build up an emergency fund or are perhaps thinking of buying a house or expecting a baby, the new web pages can help you.
An interactive quiz helps you identify your financial goals and gives clear and impartial information about suitable products to help you achieve them. There is also a calculator to help you work out your personal budget so you can immediately see where savings can be made.
FSA Head of Consumer Education, Deborah Arnott said, “People are reluctant to plan their finances because they think it’s going to be complicated and time-consuming. As a result, they may not be getting the best deal when they buy a financial product, and may even end up with a totally unsuitable product for their circumstances.
“Yet research in the US shows that a family on average income could easily save about 5% of their net income by managing their finances more effectively.
“Our new web pages will help consumers avoid the pitfalls and disappointments by helping them to ask the right questions at the right time – and because we’re the watchdog, we’re not trying to sell them anything.”
Financial goals covered by the financial planning pages include:
- Managing your borrowing
- Buying your own home
- Building an emergency fund
- Investing a lump sum
- Protecting your income
- Saving for retirement