With millions of people having been affected financially by the pandemic, it’s possible that your finances no longer match your lifestyle and needs, so take some time to review your situation to keep on track.
Budget and debt planning
Regularly review your income and outgoings, particularly if your circumstances have changed; also make sure you prioritise clearing any debt you have, including credit card balances.
Build a financial safety net
Start saving asap. If you have been fortunate enough to save in lockdown, channel some into a savings account, considerable peace of mind can be gained from having a minimum of three to six months’ income as a buffer.
Strengthen your finances with a safety net
For you and your family, protection policies such as income protection and life insurance should be considered. If you already have policies in place, review them to ensure they still offer the most suitable cover.
Look to the future and plan your finances
Don’t let short term events divert you from plans for the future. Investing into a pension, no matter what age you are, is imperative. If you have any questions, talk to us. We can help you see the bigger picture, weigh up all your options and make a balanced plan for your individual needs.
It is important to take professional advice before making any decision relating to your personal finances. The value of investments can go down as well as up and you may not get back the full amount you invested. The past is not a guide to future performance and past performance may not necessarily be repeated. If you withdraw from an investment in the early years, you may not get back the full amount you invested. Changes in the rates of exchange may have an adverse effect on the value or price of an investment in sterling terms if it is denominated in a foreign currency. Taxation depends on individual circumstances as well as tax law and HMRC practice which can change.
