Autumn Budget
Jeremy Hunt says the government has taken difficult decisions to put the economy back on track and halve inflation, but “the work is not done”. His priorities are to avoid big government spending and high tax, and instead cut taxes and reward those working hard. He set out 110 “growth measures” in the Autumn Budget. The main 12% rate of employee national insurance that we currently pay is going…
Are you confident about repaying your mortgage?
Are you confident about repaying your mortgage? Your mortgage is one of your biggest financial commitments, and as such, you do not want to have sleepless nights worrying about repaying this debt. It is more important than ever to be on top of your repayment plan given that many households are seeing their monthly mortgage bills going up. According to analysis by Nous, the average monthly mortgage bill has…
Have Interest Rates Peaked?
The Bank of England surprised us this month by holding interest rates at 5.25%, bringing to an end a run of 14 consecutive interest rate hikes. So what does this mean for you and your money? Can we cautiously hope that interest rates have peaked? The Bank of England started hiking rates in December 2021 in an effort to tackle inflation. However, these figures have been starting to move…
How Taking Control of Your Finances is Good for Your Mental Health
Worries about money can have a very real impact on your wider health and wellbeing, particularly when so many factors, such as soaring inflation, rising interest rates and climbing mortgage rates are beyond your control. Unsurprisingly, high living costs are a huge cause of stress and anxiety across the UK right now, with the Mental Health Foundation noting that 35- to 64-year-olds are more anxious than any other group…
What do rising interest rates mean for you?
The Bank of England has increased interest rates for the 14th time since December 2021, in an effort to bring down inflation. There is still an expectation that we are yet to reach the peak and there could be at least another two hikes this year. This means that the cost of borrowing money continues to increase. For most people their main form of borrowing is their mortgage which…
Should Young Adults Consider Financial Advice?
Starting financial planning at an early age is key to developing good monetary habits – which can make all the difference in achieving future financial success. For people in their early thirties, this is the time to learn about finance and start saving for the future. Not only can seeking advice from a regulated professional improve your financial situation, but there are other benefits alongside that too. Many young…
Should I make overpayments on my mortgage?
When you are setting your financial and lifestyle goals, paying off your mortgage is likely to be at or near the top of the list. So, it’s reasonable to start thinking about whether you could overpay slightly every month in order to pay it off more quickly. But there are many variables to consider beforehand to be sure it’s the right decision for you. Firstly, does this approach help…
Cash vs Stocks & Shares ISAs
It can be difficult to decipher what the best options are for you to save and invest your money. With interest rates now higher than they have been for the past 10 years, more people are considering placing their savings into Cash, rather than an invested option, such as a Stocks & Shares ISA. So what do you need to know about these options? If you look at this…
How to set a household budget
To work out a household budget, it is important to know exactly how much money you have coming in. Calculate what you have left from your salary once you factor in tax deductions, National Insurance and pension contributions, alongside other possible sources of income, such as investments that generate returns. You should do this for at least the previous three months, as your income may vary slightly from month…
How interest rates affect us
This year inflation has hit a 40 year high, with lots of our everyday essentials now costing more than ever before. Inflation is the measure that is used to compare the prices of goods and services with how much they cost at the same time last year. Inflation highs like we currently have were last seen in the late 1970s. In order to curb the continual uplift of prices,…
