Time for a change?

The coronavirus pandemic, and the phenomenon of lockdown has changed everyone’s priorities. Everything we thought we had to do, from the daily commute to the office and popping to the shops, and from the school run to an evening out is now somewhat restricted.

If we are lucky, we can work from home, get the shopping delivered, hope that any job and money worries will be short lived – and realise that health is the most precious asset of all.

But what about the future? As the coronavirus crisis has shown, none of us know what is around the corner, and with social distancing showing us alternative ways to live, work, spend, and communicate some of us are asking whether we really should go back to the ways things were.

At Continuum, we are looking at whether it could be time for a change.

Change how you work

Work gives us a direction for our lives as well as money. But commuting to the office to stare at a screen when we can see it perfectly well at home is starting to make less sense. Those first few virtual conference calls were probably awkward, with participants talking over each other. Now that we’ve all learned how to use Zoom and Skype, those meetings are becoming much more productive.

Employer or employee, remote working could save time, mean a better work life balance and be more productive, and even save on costly office space.

Changing how you work could mean some changes to your finances. You might have less coming in – or you might find that your costs have been reduced.

Change how you spend

Whether you’ve economised simply by staying at home or been forced to look hard at your spending because your income has shrunk, lockdown has probably had a profound effect on how you use your money. You may have found that you are setting a monthly budget and sticking to it.

Having a domestic budget is vital in normal times, and even more important now. Working out what you need to spend and what you don’t could leave you better off.

Social distancing might have made you look at some of your non-essential spending in a different light. You may have extra cash right now because you’re not buying that daily train ticket or filling your tank every other day or popping into coffee shops for an indulgent snack. Money spent at the pub or the restaurant is now money saved, and things like gym memberships can be cancelled too. It all adds up to extra cash.

Of course, you might want to make sure you have enough money stashed where you can get it quickly in an emergency savings account. But once you have a safety net, it could be worth using what you have saved to increase contributions to your pension pot. You might also want to think about investing. The markets are depressed at the present, but with some expert advice you might be able to take advantage of low prices to start building your portfolio.

Naturally, at Continuum, we will be happy to help you with the advice you need on making the money you are saving work for your future.

Change how you live

Some of us can’t wait to get back into our old routines, but some of us will want to make the changes part of a new direction for life.

Spending more time with family may have changed your priorities, and the effects of the virus might have made you think about the future.  Life insurance and financial protection for your loved ones may have taken on a new importance.

Protecting your family may cost less than you think but has a huge importance on your family’s future.

Getting help with building the financial protection plan you need now can be simple, with expert support from the Continuum team.

A bigger commuter belt could mean new opportunities for property investment in the medium to long term.

Start your changes today

A full financial review could be the best way to make change work for you.

Even though we can’t do our usual face to face meetings, at Continuum we can still give you the individual help advice and support you need. We are using video links and a call to us now will get one of our team working with you to review all your financial arrangements.

Why not start making the changes you want right now?

The information contained in this article is based on the opinion of Continuum and does not constitute financial advice or a recommendation to suitable investment or Protection product, you should seek independent financial advice before embarking on any course of action.

The value of investments can fall as well as rise and you may get back less than you invested.

The Financial Conduct Authority does not regulate deposit accounts.