That’s another cold January out of the way! Well done if you managed to stick to those New Years’ resolutions (and don’t worry if you didn’t!). Our TVs and social pages have been filled with adverts for gym memberships, dry January, healthy eating ideas and photos of our friends out running in the rain! But have we considered our financial health? Financial stability and resilience are extremely important, and poor financial wellbeing links to stress, which then impact our mental and physical health.
So, what can we do to keep on top of our finances without becoming overwhelmed?
Budget
Easier said than done, but banking apps make life easier. Monitor what you are spending on average. Be aware of one-off larger expenses due such as a holiday coming up, keep track of when any annual payments are due e.g. if you pay your car or home insurance annually, and prepare for this. It can be easy to monitor your monthly payments and forget about others. If you’re a First Time Buyer or moving to a larger home/different area, research the new costs you’re likely to incur and plan ahead.
Be Prepared
Make sure you know when your payments are due, and when any initial periods or free trials are coming to an end, so you don’t get caught out. This goes for music or magazine subscriptions, all the way up to your mortgage deal. Set reminders in advance or use a calendar if you need to.
Ensure you’re Insured
You can’t possibly be prepared for everything, as we found during the Pandemic. That’s where insurance comes in, to make sure you’re protected for the worst scenarios, such as death, critical illness or being out of work through accident or illness. Make sure your home and belongings are covered too. Could you really afford to replace them?
If you have savings, great! However, not everyone has that luxury, and savings can quickly be depleted if something goes wrong, such as car trouble!
How can Ingard help you?
Speaking to a qualified mortgage adviser is more important than ever. Your mortgage is likely to be your biggest commitment, so making sure you end up with the most suitable deal with affordable payments is key. If your current rate is coming to an end (which could be relatively low if taken out pre-Autumn 2022), you’re looking to purchase your first property or move and are unsure of your affordability or deposit needed, or are looking to build or increase a property portfolio, we can help. We can also compare different options to raise funds on your existing property, through remortgaging, a second charge or further advance. This could be for a number of purposes such as home improvements or debt consolidation.
Juggling costly unsecured borrowing (on store or credit cards for example), can be stressful and difficult to keep track of. You may be paying significantly more interest, and therefore higher monthly payments than if you were to consolidate your borrowing into one loan.
Consolidating debt, can reduce your monthly outgoings and stress, leaving you with more disposable income monthly. You do need to bear in mind, that debts would then be secured against your property, and it may mean paying more interest in the long run, over the term of the mortgage.
We can also review your protection, to make sure you, your family and your home are protected should the worst happen.