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This article is for general guidance only and is not financial or professional advice. Any links are for your own information, and do not constitute any form of recommendation by Saga. You should not solely rely on this information to make any decisions, and consider seeking independent professional advice. All figures and information in this article are correct at the time of publishing, but laws, entitlements, tax treatments and allowances may change in the future.
With the weather getting colder and Christmas getting closer, now’s a good time to get prepared for the upcoming festivities and put yourself in a strong position financially for the year ahead.
Put the kettle on, grab your notebook or laptop and read on to check you’re following our recommendations for financial tasks to do in November.
Your spending will likely increase as we get closer to Christmas – not only on presents but also on food, entertainment and perhaps charity donations.
You may be tempted to take advantage of the Black Friday sales – happening, this year, on Friday 29th November. This is the time when retailers will start pushing out large, brash discounts, and will actually often start the promotions far earlier in the month.
But by remembering the golden rule of ‘only buying what you plan to’, you can avoid getting swept up in the promise of discounts, especially with the sales tactics employed.
Harry Rose, Editor of Which? magazine, says the strategies of the retailers may pressure you into buying things you either don’t need or haven’t budgeted for.
He recommends checking price comparison sites to help work out whether promotions are genuinely a good deal.
Websites such as PriceRunner or CamelCamelCamel (which is Amazon only) not only shows current prices but also reveals a product’s pricing history. Or you can try other comparison websites, such as Pricechecker and Pricespy, if you want to get the full picture.
Rose also advises only buying the big-ticket items that you’ve already identified as necessary and want to take advantage of the yearly discount period – but even the hardiest of savers can be swayed by the thought of ‘rare’ savings on the latest tech.
“Big tech companies will do their best to tempt you into buying their latest release, whether it’s a smartphone, TV or tablet, but a forgotten device which has been out for 12 months could still be more than adequate and it's also far more likely to be on sale at a bargain price,” he adds.
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Black Friday, and the run up to Christmas, are also dangerous times when it comes to purchase scams, where fake goods are promised but never turn up.
Helen Dewdney, founder of consumer website The Complaining Cow, says it's important to do your research – don’t just assume it’s a fantastic deal. “Search the retailer’s return address and verify its company number on Companies House.
‘Check for a choice of contact methods and that they have a genuine postal address and real landline telephone number,” she advises.
And if you’re making a big purchase, remember that credit cards also come with added protection thanks to Section 75 of the Consumer Credit Act.
This means that your credit card provider is jointly liable - with the retailer or business in question - to refund you in the case of potential fraud or an item not arriving, as long as the item cost between £100 and £30,000.
It’s easy to stuff receipts in a drawer or throw them away when you’ve bought something in-store, but keeping hold of purchase proof is important if you want to protect your rights for returning the item if you change your mind or it’s not suitable.
One way to solve this is to create a receipts folder – not only physically, but digitally too.
Kim Uzzell, a financial coach, recommends creating a folder on your smartphone using an app such as Dropbox or Google Drive, as they can be accessed on your laptop or tablet with ease.
“If you're like me and have your mobile phone with you everywhere you go, it makes sense to keep receipts on your phone.
“Simply get into the habit of snapping from your phone camera and moving it into the folder either instantly or at a certain point each week or month.”
If you like to buy online and receive receipts by email, she suggests having a folder in your inbox that you can immediately ‘drag and drop’ into. This’ll save you having to search potentially hundreds of emails to find the relevant receipt.
If you like to keep the paper versions, have 12 envelopes marked with the months of the year. Keep the current month easily accessible - perhaps on your kitchen worktop or desk - and simply get into the routine of emptying your purse or wallet daily into it.
At the end of the month, seal the envelope and store somewhere safe (but memorable) so you can easily return to it – this is especially important in the case of items that are not of satisfactory quality, and you want to exercise your right to a refund.
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Around 1.6 million homeowners are coming off a cheap fixed-rate mortgage deal this year, says industry body UK Finance – particularly those coming to the end of a three- or five-year fix.
The Bank of England interest rate is currently 5% and economists are expecting further reductions before the end of the year, following a surprise drop in inflation to 1.7% in September.
But are you getting the best mortgage interest rate? And how can you find it? Holly Tomlinson, Financial Planner at Quilter, recommends securing a rate as soon as possible if you’re coming to the end of a fixed deal.
“You can typically lock in a new deal up to six months before your current deal ends and can change to a better rate if one becomes available in the meantime,” she says.
Tomlinson says many people in their 50s are focused on clearing their mortgage before they reach their preferred retirement age, but that’s not the case for everyone: the number of over-50s looking to extend their deals past retirement has rocketed in recent years.
If you do want to become mortgage free, overpaying can get you there quicker (if you can afford it). So, if you are remortgaging, check the terms for overpayments in any new deals.
While some will let you overpay as much as you want, some will limit you, often to 10% of your outstanding loan.
"With so much uncertainty around rates and potential changes from the budget, it’s really important to seek professional advice when it comes to your remortgaging options, especially as there are some really great deals available at the moment, but rates are changing daily,” says Richard Dana, CEO of mortgage broker Tembo.
“To prepare for that, make sure you have your income details ready, and it’s also useful to have a good idea of your property value, because if you do end up changing lender as part of your remortgage they’ll need to undertake a new valuation."
Talking to others about money is important. While opening up can sometimes feel difficult, especially around finances, having these conversations can prevent a build-up of worry or pressure.
It’s particularly key that you understand the finances of your spouse or partner, says Eleanor Gadd, Tax and Estate Specialist at legal services Knights.
This means knowing the assets and sources of income your partner has, where they’re held and how to access them.
“We often find that when illness or death occurs, one partner may be completely in the dark about their finances and how to manage them, which is usually because the other partner has always managed these affairs for them both. This increases stress at an already difficult time,” she adds.
You should also ensure you have set up a lasting power of attorney – which involves appointing a trusted person to act on your behalf should you lose capacity.
There are two type of LPA: one that covers your property and financial affairs and another for your health and welfare.
Even a spouse or civil partner cannot act on your behalf if this is not in place and your finances could then be frozen and inaccessible, should temporary or permanent mental incapacity strike.
If you don’t know how to start, Talk Money Week, offering tips on what to discuss when it comes to money, takes place on 4th to 8th November this year.
If you’re providing over 35 hours’ worth of care each week - perhaps for a partner, older child or parent - it’s worth checking whether you should be claiming for Carer’s Allowance.
Carer’s Allowance is currently £81.90 a week. However, you must earn below £151 a week, after tax and other allowed expenses, to qualify for the benefit – this has been the subject of intense media coverage in recent months, due to many carers accidentally breaching the limit and being hit with large bills if they’re deemed to have been overpaid the benefit.
So, even though the Government has launched a review into the overpayments, it’s still important to make sure you’re not accidentally being overpaid in the future if you’re eligible for the allowance.
You might also be able to get Attendance Allowance, which is a benefit available to anyone of State Pension age who needs extra help with everyday tasks because of a disability or illness.
There are two rates available: the lower rate of £72.65, if you need help either during the day or the night, and the higher rate of £108.55 that applies if you require assistance around the clock.
With potentially billions going unclaimed in Attendance Allowance, it’s worth checking if you’re eligible and able to get financial help to support you in daily life.
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