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…
Considering retiring abroad?
Retiring abroad is becoming a more common ambition for many people. You have worked hard for many years and feel you deserve your time in the sun – quite literally. But moving overseas in later life is not quite as simple as just packing your suitcase and jetting off. There are plenty of things you should think about beforehand, so you can be confident you will get to enjoy…
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…
Lasting Power of Attorney
Aging is not often a pleasant thing to think about but, it is a topic it would be foolish to ignore. The average life expectancy in the UK is continuing to increase, which means many more of us might struggle to manage our own affairs and remain independent in the future. Steps should be taken now to make sure the right decisions are made on our behalf in later…
Are you getting caught by the Inheritance Tax threshold?
Average house prices in the UK rose by 5.5% in the year to February 2023, according to the latest official figures, taking the average price of a property to £288,000 across the UK. That is £16,000 higher than it had been a year earlier – and this surge in house prices has had wide-ranging consequences, most notably, pricing many people out of buying a property. This is even more…
The Importance of Writing a Will
If you have not arranged a Will, you will not have control over what happens to your assets and property after you pass away. That could mean that what you leave behind may not go to your chosen beneficiaries and could cause lengthy and costly legal issues for the loved ones you leave behind. This can become contentious and even cause family disputes. If you die without a valid…
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…
Teach your children good financial habits
Wanting to look after your family is one of the most natural impulses in the world, and that is one reason why you will want to make sure your finances are in order, so you can provide for them after you are gone. But another way to help your loved ones is to instill good financial habits into them early on in life, so they are in a stronger…
