Maintaining your financial wellbeing

28th May 2020

We all know what a strain the last few weeks have put us through, emotionally and financially so in this article we explore maintaining your financial wellbeing.

New research from Cushon (formerly Smarterly) this month states that ‘Two in three individuals in the UK say that worrying about finances has a significant impact on their mental health’.*

With last week being Mental Health Awareness Week and some form of ‘normal’ finally returning in the UK, now is a great time to review your finances and help to bring you and your family some peace of mind and future focus.

Here’s a few financial wellbeing tips to support you:

Household budgeting

Compare utility prices – changing provider is easy and could reduce your monthly outgoings.
Can you get cheaper car insurance if you drive fewer miles this year because of the UK lockdown?
Are you getting the best rate of interest on your cash savings? The Bank of England base rate is currently at 0.1% so it is worth looking to see if there are other savings plans that can give you a better return.
Review your budget – where can you reduce outgoings to fund a new savings plan? Consider your usual petrol/diesel spend and how you could maintain a low level over the coming months by choosing walking or cycling and minimising car journeys.

Financial plans

Consider consolidating your loans and credit cards to help reduce interest payments.
Obtain a State Pension forecast on the HMRC website https://www.gov.uk/check-state-pension and assess whether you should make voluntary National Insurance Contributions (NICs).
Do you have old pensions you need to track down? Use the Pension Tracing service at https://www.gov.uk/find-pension-contact-details.
Review your financial goals. Are you on track? What do you need to do to get back on track
Review your retirement objectives. What date might this be? How much will you need in your pension pot to live your desired lifestyle?
Find your Will in the drawer and see if it still meets your requirements. Do you need to set up a Power of Attorney or make any changes?

Download our free Budget Planner to help you:
> Free Budget Planner

Maintaining your financial wellbeing – If you would like a consultation with one of our Independent Financial Advisers about recent changes in your finances to help your financial wellbeing, do not hesitate to contact us by email: info@innesreid.co.uk or on our normal number: 01244 347 583 during office hours.

For further business updates regarding coronavirus, please visit our designated webpage at: www.innesreid.co.uk/coronavirus/

*Source: Moneyage website