5 reasons why now is an ideal time to check in with your investments
By Mike Narouei, Content Producer at Boring Money
5 May, 2020
The stock market's cheap right now, you've got a fresh ISA allowance, and it's easier than ever to compare providers...
There’s a bit of an art to balancing how often you check your investments. Checking too often tends to mean watching your account’s value rise and fall daily with the stock market, which can be stressful. While not checking often enough sometimes means missing out on an opportunity or catching a problem later than you’d have liked to.
While striking the right balance is personal to you, there are some times when it’s a good idea for every investor to double-check their portfolio and approach. This is one of them, and here are 5 reasons why.
1. Financial health check after market volatility
It’s a good idea to check that your investments and pensions are still working effectively every now and then. This is especially true following a stock market crash, when you may find you have to adjust your goals and approach, so check if a new investment platform or robo adviser would better suit the investments you intend to make from now on.
2. Share prices are cheaper than they’ve been in ages
There’s a flip side to a stock market crash potentially damaging the value of your investments. While investments you had before the crash fell in value along with the markets, investments you make after the crash will have already fallen and may benefit from the markets starting to recover. Of course, nobody knows what the stock markets will do in the future. But history tells us that they usually bounce back over time.
3. New tax year, new ISA accounts available
You can open a new stocks and shares ISA with a new provider each tax year from 6 April, in addition to a new cash ISA if you so choose, so check your options with different providers. If you were thinking of opening a new account with the same provider, why not find out if their fees are still competitive.
4. Refreshed £20,000 tax-free ISA allowance
If you do open a new ISA, you can deposit up to £20,000 and protect any gains from the taxman’s sticky fingers.
5. A way to spend your time in isolation wisely!
Whether you’re WFH in your PJs, playing teacher with the kids, or going mad in quarantine with nothing to do, why not spend some of this extra time with yourself on figuring out your finances? Not much fun, maybe, but you can always treat yourself after with a livestream workout or Netflix binge. The joys of solitude…
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