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This Guest Post was submitted by Sharon Hurley Hall from Piggy Bank Pie Writing Services.

Everyone knows that January is the time that gym membership is highest. That’s when we feel guilty about seasonal overindulgence and sign up so that we can free ourselves of flab. But it’s not only our bodies that need to get some exercise after the holidays. Our finances could use a workout as well - and they’re not getting it.

A recent study of financial fitness released by the UK’s Abbey Bank shows that getting our finances in trim is a low priority for 99 per cent of us. Scary, isn’t it? So how do you assess whether you need to put your financial life on a strict regime? Consider these three points.

Financial Advice From Motown

First, what financial products do you have and how did you get them? Take two steps back if you just took whatever your bank offered you. Whether it’s a bank account, loan, mortgage, credit card or insurance policy, an old Motown classic provides the only advice you need: you’d better shop around. What happens if you don’t? Read on.

The Weight Of Rates

If you don’t shop around you could pay a high interest rate on your mortgage. Even if you can afford it now, what if rates go up? You might find that you’re maxing out your credit cards just to make ends meet. That could be a mistake as well, especially if you forgot to check your credit card rate. It may look like a couple of percentage points, but that can cost you hundreds in interest. You really don’t want to go there.

Where’s Your Cushion?

There’s still a chance for you to save your finances - if you have savings. But the study showed that most of us would be up the creek if we lost our income, because 70 per cent of us don’t have enough savings to keep going at our present standard of living for three months.

Taking Action

So what can you do? Don’t worry - all is not lost. There’s still time to wake up and smell the interest rates. Check up on rates on all your financial products now. Be ruthless and cut out the ones that don’t work for you. Shop around for products that will help you get your finances fighting fit and stick to your financial plan.

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Steve

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