Getting financially fit for a new way of life
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 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 – 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.
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.