Financial admin is easy to put off. Tasks like checking an old pension or updating your will might not feel urgent, but staying on top of them can make managing your money easier in the future.
For women, some of these jobs can be even more important. Time out of work, caring responsibilities and part-time hours can affect income, pensions and long-term savings.
Major life changes, like having children, getting divorced or changing jobs can also leave financial details out of date.
The good news is that many of these tasks don't take long. Here are nine, small financial admin jobs that could help protect your finances now and in the future.
1. Track down old pension pots
Changing jobs can leave you with several pension pots from different employers. This can make it harder to see how much you've saved overall. Women who take career breaks or move between full-time and part-time work may have even more to keep track of.
What you can do
Use the government's Pension Tracing Service to find the contact details for pension schemes you've lost track of. You could also consider combining your pension pots into one easy-to-manage online plan. This means everything is in one place, and you could potentially save on fees you’re paying across several providers. Not sure where to start? Read our four steps to finding a missing pension.
2. Check your pension contributions
Women often face gaps in pension saving due to lower average pay, parental leave and time away from work to provide care. Checking how much you're paying into your pension can give you a clearer picture of how your retirement savings are building.
What you can do
Check your latest pension statement or online account to see your current contribution rate. If your budget allows, you could explore increasing it. It’s also worth checking whether your employer will match extra contributions. If you’re a PensionBee customer, you can see your live balance, check on pension transfer progress and manage contributions from your online account (your ‘BeeHive’).
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3. Review your pension beneficiaries
Your pension beneficiaries are the people you'd like to receive your pension savings when you die. Keeping these details up to date can help your provider understand your wishes and help make things much simpler for your family when you pass away.
What you can do
Check who you've nominated, especially if you've recently married, divorced, separated or welcomed a child. PensionBee customers can review and update their beneficiaries easily through their BeeHive. Simply log in, go to the ‘Account’ tab and select ‘Beneficiaries’.
4. Review your emergency savings
An emergency fund is money set aside for unexpected costs or a loss of income. As your life changes, the amount you need may change too. Having children, becoming self-employed or taking on a mortgage can all have an impact.
What you can do
Check how much you currently have set aside and whether it still suits your circumstances. Many people aim for enough to cover three-to-six months of essential living costs, although you may need more if you have people depending on you or if you’ve already retired.
5. Add important dates to your calendar
It can be tricky to remember all the important dates for you, your family and your finances. While you might be on top of your social events and the school holidays, it can help to note down key financial dates throughout the year too. For example, Self-Assessment deadlines, when your ISA allowances renew and other things like applying for tax-free childcare.
What you can do
Use PensionBee’s Financial Calendar to save important financial dates to your diary. You can pick which details apply to you. For example if you work for yourself, if you’re eligible for tax-free childcare or, if you’re already retired. You can then create your bespoke calendar and add it to your existing Apple or Google apps.
6. Check your National Insurance record
Your National Insurance (NI) record helps determine how much State Pension you may receive. Time away from paid work or periods of low earnings can sometimes leave gaps, so it’s useful to check this if you've taken time out to care for family.
What you can do
Check your NI record online through GOV.UK. If you find gaps, you can see whether you're able to fill them through NI credits or voluntary contributions.
7. Update or make a will
A will sets out what you'd like to happen to your money, property and possessions after you die. Marriage, divorce, having children or buying a home can all be useful prompts to revisit it.
What you can do
If you already have a will, check whether it still reflects your wishes. If you don't have a will, you could use a will-writing service or get help from a solicitor. Always check that the firm is verified when using a will-writing service.
8. Organise your financial documents
Bank accounts, pensions, and insurance policies can become difficult to keep track of. Having your information organised can save time later and make things easier for loved ones if they ever need to find it.
What you can do
Consider keeping a simple list of your important accounts and where documents are stored. Keep passwords and sensitive information secure rather than writing them alongside account details.
9. Review your financial protection
Life insurance, income protection and workplace benefits can provide financial support if your circumstances change. This may become more important if you take on a mortgage or have people that depend on you financially.
What you can do
Check what cover you already have and whether it still suits your needs. You could also look at benefits offered through your employer, such as life insurance, sick pay or income protection.
Small jobs can make future finances easier
Financial admin doesn't need to be tackled all at once. Working through one or two jobs at a time can help you stay organised and keep important details up to date.
A little time spent on your finances today could also make things easier to manage if your circumstances change in the future.
Katie Sims is a Freelance Journalist and has been writing since 2021. She has a keen interest in financial wellness for women, and hopes to make money topics simple and accessible. Holding an MA in Media and Journalism, her work has been featured in Marie Claire, Woman & Home, Liz Earle Wellbeing, Tom’s Guide, and many more.
Risk warning
As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. Past performance isn't a guide to future performance. This information should not be regarded as financial advice.
Period | Market Event | FTSE World TR GBP (%) | 4Plus Plan (%) |
|---|---|---|---|
4Plus Plan’s inception – 6 Sept 2013 | QE Tapering, China Interbank Crisis and its aftermath | -5.44 | -2.41 |
3 Oct 2014 – 15 May 2015 | Oil price drop, Eurozone deflation fears & Greek election outcome | -5.87 | -1.77 |
7 Jan 2016 – 14 Mar 2016 | China’s currency policy turmoil, collapse in oil prices and weak US activity | -7.26 | -1.54 |
15 June 2016 – 30 June 2016 | BREXIT referendum | -2.05 | -1.07 |
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