UFO Info Week-End

He should search on the internet and then haggle with the dealers

He should search on the internet and then haggle with the dealers. There may be some 0-per-cent or low-interest deals on new cars, but he must watch the small print. He should also look at a small, economical vehicle to save costs.If you would like to be given a financial health check-up, write to: Wealth Check, ‘The Independent’, 191 Marsh Wall, London E14 9RS, or e-mail cash independent.co.uk.. Also, if he moves on to a new employer at any point his pension fund should not be subject to transfer penalties.

Solution 4: New car Ms Bowes says because Mr Fitzgerald rarely uses his car and buying a new one is not massively important, he should try to save up for it rather than borrow to buy it. He must bear in mind that any loan he takes out will be taken into consideration when he is trying to get a mortgage.Mr Yearsley says Mr Fitzgerald has the ability to save considerable amounts but he needs to prioritise and decide whether he wants a car or house first. He should also make use of any other benefits available at work such as health insurance.Being single, he has no real need for life cover. Benefits such as personal health insurance or medical insurance would be more suitable.Mr Wills says Mr Fitzgerald must remember there is some exposure to risk involved in managed pension funds. Solution 3: Pension Mr Yearsley says the younger Mr Fitzgerald starts a pension, the better, especially if his company will be putting in additional money. Mr Fitzgerald’s employer will contribute 5 per cent of salary as long as he invests 2.5 per cent.

By the time he adds the tax relief on top he will be getting almost 10 per cent of gross salary invested in his pension.The amount he puts in depends on when he would like to retire; the earlier this is, the more he should put in now. He should also talk to estate agents about potential falls in property prices and how they view the present market. It would also be worthwhile to apply for a mortgage-in-principle decision, so when a suitable property comes up he can act swiftly. Some lenders will offer enhanced mortgage terms for young professionals including solicitors or doctors.