Let’s get right into it, the start of the year is a chance to get yourself organised and write down that list of life admin tasks you keep putting off and finally complete, one by one – I am no different to anyone else – and how good does it feel when you tick each one off!
Top financial tips – Spain February 2025
By Chris Burke
This article is published on: 13th February 2025
I must admit, I keep a list of ‘tasks’ on my phone, but each day I write these down in front of me which seems much more effective – maybe because I am constantly looking at them? Then I ‘tick’ them off as I go – it’s so satisfying!
Anyway, from a finance perspective this month I remind you of those important admin tasks that you really need to make sure you are on top of and which, if you don’t address, could end up costing you and/or your loved one’s money:
Wills
Make sure, particularly if you have children, that you have a Will and that it is up to date/correct. Many people are astounded to find out that even today there are still archaic rules in place in Spain regarding your children and how inheritance rules apply – make sure you understand this and are comfortable with what could happen.
Mortgages
2025 has a strong forecast for interest rates to continue falling, predicting to around 2% by the end of the year. It could be a good time to review that mortgage and make sure you are not over-paying or to secure a better rate moving forward which, over the lifetime of the mortgage, could save you tens of thousands of euros.
Savings/Investments
With interest rates predicted to continue to fall, although possibly not enough to change inflation, it’s important any savings you have are working hard for you – obtaining a 7% return over 10 years doubles your money. With careful planning and investment advice you can preserve/grow your wealth as per your needs.
Inheritance/Gift planning
Depending on where you live in Spain, it can be very important (and valuable) to know and understand how inheritance tax works versus receiving a gift from someone – in many cases it can be beneficial to do the latter, potentially avoiding much larger, future taxes.
I am here to help you get organised and take those financial worries away. If you would like to discuss any of the above topics in more detail, or you would like to have an initial consultation to explore your personal situation, you can do so here.
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