I’m a bit of a political geek!

I never miss a Question Time. I watch “The daily politics” on demand, stay up late on election night to wait for the results to come in and even during my trip to Edinburgh Festival this year one of my festival show choices was @Mattforde ‘s brilliant show (where as well as all parties receiving their fair share of good natured stick he shares why, for a ‘normal bloke’, he gets really excited about the political process…a bit of an obsession I share!)

As I write this we’re in the middle of the UK political party conference season. The Liberal Democrats and the Labour Party have had their say and the Conservatives are due to have their say over the next few days.

It’s not unusual that the parties use this platform to  announce new policy and it’s even less unusual to find that the main proposals from each party include (at the very least) one general theme…

They have the potential to put more (or less) money in your pocket.

Usually, and for obvious reasons, the proposals designed to put money in your pocket receive more prominence during conference season.

This year the Labour party pledged to freeze gas and electricity bills if they get elected. The Liberal Democrats made a commitment to extend free school meals to all infant school pupils regardless of their parents income and I’m pretty sure (and I don’t think I’m going out on too much of a limb here) that among the conservative political proposals there will be something announced designed to improve some of our bank balances.

The conference proposals are currently far from Law. However there are plenty of changes which come from Westminster which has an impact to our finances.

Budget announcements can impact our “take home” pay (through national insurance and income changes), the tax we pay on goods and services (through changes in VAT and duties on alcohol and tobacco) and also impact our businesses (through corporation tax changes).

Many laws also have an impact to our pockets and businesses. Arguably one of the biggest changes we’ve seen over the last few years is the laws introduced in the pensions act 2008 (the rules which introduced auto enrolment and a wide range of employer duties relating to pensions).

Many of us haven’t felt how these rules have affected us yet (due to the rules being phased in over a number of years) but it’s likely you will!

So, it’s obvious that politicians and the laws they pass have an impact on how you are going to achieve your financial goals…..but this raises a question?

* What can I do to ensure that a change in law impacts me as positively as possible?

Luckily the answer is simple. Be active instead of passive….

….Review your finances regularly.

“Things” change which will have an impact on your financial goals. Legislation. The cost of living. Your personal circumstances…..and much much more.

By taking into account these changes you can ensure that, if required, the route to your financial aspirations can be changed to take into account these ‘bumps’ in the road or alternatively fast tracked if these changes work to your benefit!

I can understand why people aren’t engaged in the political process. With the ‘noise’ of infighting, speculation and partisan politics it seems that the politics is more ‘the thick of it’ instead of ‘the west wing’.

However let’s not forget that the laws made in the “Big House” in Westminster impact our lives, our families and our pockets and like any change which impacts our goals…

We should review, understand how the change will impact us and then take action to get back on track.