Many of us are facing money worries at the moment. A cost of living that won’t stop rising, mortgage repayments that may have doubled, and job and financial security fears thanks to the prospect of recession.
Things get worse if you have a family to provide for.
If the sight of a final reminder on your doormat is starting to fill you with dread it is time to get on top of your finances, and at Continuum we have some advice – and practical help.
1. Track your spending, and set a budget
You are all too aware of the big regular bills you face, your mortgage, council tax, energy bills and car payments. But what about the little things, the daily coffee, the odd bottle of wine? These can add up surprisingly quickly.
You need to see where the money is really going.
Decide what you can do without, shop around, take advantage of special offers, and cut out the things you pay for but never use – gym subscriptions are the perfect example.
Setting a budget and sticking to it takes a little willpower, but it is surprising how effective it can be – or the relief that comes when you start to see your money worries might be solvable after all.
Of course, don’t forget to download our free budget planner here.
2. Look at cutting the big bills.
The big regular bills might be a little harder to deal with – but there are solutions.
Your mortgage. Mortgage rates have shot up, meaning real problems for many homebuyers who stretched themselves when the bank rate was just 0.1%. Getting the most suitable deal on your mortgage is essential. At Continuum we can search the entire market and help you remortgage to reduce your monthly outgoings.
Your insurance protection. Having adequate life insurance along with other cover is vital – even when cash is short. A call to the Continuum team could find ways to cut the cost of the protection you and your family must have.
3. Deal with debt
If money is tight, it is always tempting to put the extras on your credit card. It is something to avoid if you possibly can, because a credit card balance costs you money month after month – money which should be working for you.
Switch all your outstanding balances to a card with a 0% balance transfer offer and set aside as much as you can to paying it off before the offer runs out. If you still find yourself reaching for your credit cards, you might want to cut them up, and use a debit card instead.
4. Prepare an emergency fund
Having some cash put by can be a big help if a financial crisis threatens. It might seem impossible when cash is tight, but if you can find some spare money, you need to make it work hard.
At Continuum we can help you find the most appropiate home for your savings with accounts that offer the best prospects for growth.
5. Have a plan for the future
Living from month to month and hoping things will work out is not the solution. To defeat the money worries for good, you need a plan to get your finances in order. It means setting targets for the short, medium and long term – and finding the strategies that will help you achieve them. Developing a plan can be much easier if you can call on a financial expert who understands how to make the most of savings, pensions and investments to build the kind of security and prosperity your need.
6. Get some expert help
Of course, everyone’s needs are different, and getting professional help to understand your financial objectives and the best ways to reach them is essential. At Continuum, we can provide the expertise to make your money work go further now and for your future. If you are having financial worries, the best way to deal with them may be to call us today.
The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable Protection products or investment strategy, you should seek independent financial advice before embarking on any course of action.
Your home may be repossessed if you do not keep up the repayments on your mortgage.
You may have to pay an Early Repayment Charge if you remortgage.
A pension is a long term investment. The fund value may fluctuate and can go down, which would have an impact on the level of pension benefits available. Pension income could also be affected by interest rates at the time benefits are taken.
The value of investments can fall as well as rise and you may get back less than you invested.