How to keep your plan up to date

How to keep your plan up to date

MoneyVista projects your financial future by looking at your current financial position and what you plan to do in the future. The more up to date the information and valuations in your plan are, the more accurately it can assess your financial future.

Written by Abigail Montrose on 17 June 2013

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Keeping your plan up to date

To keep your plan up to date you need to regularly check the information in it is correct. This not only includes your personal details and goals but also keeping an accurate record of the value of your assets (property, savings, pensions and investments), income, expenditure (budget) and debts.

To do this you can amend, add or delete information in your plan. For example, if you change your regular contributions to a pension scheme you will need to amend the information already in your plan. If you buy a property this will need to be added to your plan and any savings or investments you use to pay for this will need to be deleted from your plan.

If you contribute or withdraw money from an investment or savings scheme or pay off some debt, you should update your plan to reflect this. And any interest or income you earn on your savings and investments should be added to your plan to keep the values up to date.

Changing information already in your plan

To amend any details already in your plan, go to 'My MoneyVista' and select the appropriate option from the menu. The options are My financial future, People (this covers the personal details of everyone in your plan), My income (earnings), My savings, My investments, My pensions,  My property (any mortgages) and My borrowing (any unsecured loans, credit cards, overdrafts).

To edit details click on the option you wish to amend, select the product you wish to amend and change the details by selecting the pen icon.

To delete an entry select the X (delete option) in the right hand column of the entry.

Adding new information to your plan

You can add new information to your plan in the 'My MoneyVista' section. This might be details of a new savings account, investment or property you have bought. You can also add a second person to your plan if you haven't already.

To enter this new information in your plan select the area you want to add information to and choose the 'Add' option in the top left hand corner.

Updating the value of savings, investments and pensions

To ensure the valuations in your plan are up to date it's a good idea to regularly review them. You can update the value of any of your assets (savings, investments, pensions and property) in the 'My MoneyVista' section.

For example, if you contribute £100 a month to a savings scheme, you should regularly go into the 'Savings' section in 'My MoneyVista' and update the value of your savings product to reflect these new contributions. You should do the same for withdrawals.

Any interest paid on your savings should also be added to the value of your savings. You could do this every time you receive an interest payment or statement.

The value of any shares, investment or pension fund holdings you have entered in your plan will be regularly updated provided the MoneyVista database has these prices. However, if you add to your holding, such as by making regular contributions or a lump sum investment, you will need to add these new shares or units to your plan. The value of your holding will be based on the number of shares or units you have entered in your plan.

If you automatically reinvest any dividends or income earned on your investments, the new shares or units these buy should be added to your plan. An easy way to do this is to update your holding every time you receive a statement from your product provider which is typically every six months.

Similarly, you should regularly review any pension fund holdings you have. A good time to update these is when you receive a pension statement from your provider.

Updating the value of property

The value of property constantly fluctuates so you may want to annually review the value you have entered for any property you own. Once you've done this you can then amend the value in your plan if necessary. To do this go to the 'Property' section in 'My MoneyVista' select the property and change the valuation.

There are a number of websites that can help you estimate the current value of your property. The Land Registry House Prices Index lists average house prices by region in England and Wales. The Nationwide House Price Index may help by giving you an idea of how the value of property in your region has changed. Average house prices for properties in Scotland are available at The Zoopla website can calculate property values by postcode and online estate agents such as Rightmove and Primelocation can tell you how much properties are on sale for in your area.

Repaying debts

If you repay all or part of a debt such as a mortgage, loan or credit card, it's a good idea to enter this in your plan. For example, if you pay off a loan or store card debt you could delete this from your plan.

If you make monthly mortgage or loan repayments, it's a good idea every so often to update the outstanding balance in your plan. To do this go into 'My MoneyVista' and select 'My Borrowing'. Then select the mortgage or loan entry you wish to edit. A good time to do this is when you receive a statement from your mortgage or loan provider or, if you can, by going online and checking your outstanding balance.

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