A personal review is a free, informal visit to your bank to talk about your finances and the way you use your bank. With our personal review service you’ll meet a Lloyds Bank Personal Account Manager who will have reviewed your financial situation before you arrive. Their aim is to make sure you’re getting the best value for money out of banking with us.
To book an appointment for a personal review at your local branch, call
If you have a good grasp of your regular incomings and outgoings it’s much easier to plan for the future and see where your money could be working harder for you. A personal financial review will help you put a budget together.
Start with a list of all your regular expenses: food shopping, utility bills, council tax, mortgage or rent payments, and so on. Your bank statements can help with this – make sure you’re looking at a complete month so you don’t miss anything out.
If you find you have some money to spare each month, look at how you can put that money to work by paying off some debt or paying regularly into a savings account.
Then add occasional expenses like holidays, car insurance (if you pay this all at once), Christmas, dentists’ bills. You might have to do some estimating here but it it’s important to have at least a rough figure in your calculations.
Add all these figures together over a year and then divide by 12 to get a monthly total for your spending.
Next, work out how much money you have coming in each month. Check your payslip to make sure that you’re looking at the figure after income tax and National Insurance have been taken off.
The moment of truth comes when you compare the two figures. If you find you have less money coming in than you need, it’s time to prioritise your spending and see if you can cut costs anywhere – a good place to start is by shopping around for better deals on things like telephone, gas and electricity services.
Payments on borrowing can eat into your income and offset the benefit from any savings you have. In your personal financial review, you’ll look at your debt as a whole – things like credit cards, a mortgage, an overdraft or a student loan – and see if there’s a better way to organise it to suit you.
For example, some people who only pay the minimum on a small credit card balance each month might be able to save money by using a personal loan to pay it off in one go. The right solution for you will depend on the interest rates and outstanding balance on each sum you’ve borrowed.
Find out more about keeping control of your cash.
Tips for managing on a student budget.
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Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No.2065. Telephone: 020 7626 1500. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Lloyds Bank plc Registered Office: 25 Gresham Street, London EC2V 7HN. Registered in England and Wales No. 2065.
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Money Manager is provided to help you manage your personal finances and is not intended to provide legal, tax or financial advice. Personal Internet Banking customers only. Terms and conditions apply. Mobile Banking services may be affected by phone signal and functionality. Must be registered for Internet Banking. Terms and conditions apply.