Managing Your Money

Debt Management. Number one on your action list is to sort out to whom you owe money and prioritise your debts in order or the importance and also the rates of interest you are being charged. REMEMBER, just because a company is chasing you hard and shouting loudly for their money DOESN’T mean you should pay them first. It normally means the debt is not secured against any of your assets and they stand to lose most by you not paying.

High Priority Debts
Mortgage or Rent Payments
Payments to HMRC (Tax)
Council Tax
Utility Bills

Lower Priority Debts
Credit Cards
Store Card
Other non secured borrowing

Your mortgage. If you have a policy that covers redundancy, start the claim process. If you are likely to struggle to keep up the payments, DON’T panic (there are now minimum periods before you could lose your home), but DO contact your lender at the earliest opportunity as there are often ways in which changes can be made to your mortgage that may ease the situation.

Budgeting. When family income drops, you need to review your spending and try and cut out all the non essentials. Ask yourself “Is this purchase really necessary?” every time. You should compare your actual spend to your budget at the end of each month.

Look for ways to save money by actively shopping around whether it be for gas and electricity or insurance costs for your home or your family’s protection. We can help you with all your insurance needs.

Getting the most from your savings. Whether you are looking at how best to manage your existing savings or what to do with any redundancy money, with interest rates so low at the moment and the world’s stock markets experiencing such turbulence it is very hard for most people to know where to begin. Yet with some careful planning you can take steps that will help you weather the storm better. Each person’s situation and needs are different which is why there is no single solution for all. An important step in the right direction is to talk to an Independent Financial Adviser. Our advisers will look at your own unique situation and come up with a plan to help. A big advantage is that professional advisers may be able to spot areas that can help that may not be immediately apparent to the “man on the street”.

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