Set financial new year’s resolutions for 2023
The new year is almost upon us and we will all be setting our resolutions for the next 12 months. Perhaps you want to improve your diet, quit smoking, learn a new skill, or pick up an old hobby that you have let slide over the years. But have you thought about improving your financial habits too? The new year could be a perfect time to get to grips…
Why it is good to talk about money this Christmas
With inflation at its highest level in more than 40 years, and energy and food bills continuing to head upwards, many are feeling the pinch – but perhaps even more so now that Christmas is fast approaching. According to a recent poll by PayPal, 58 percent of Brits are anxious about the cost-of-living crisis, and 44 percent are worried about financial pressure over the festive period. But significantly, 75 percent…
Are you saving enough money?
How much money do you have in your savings account? How long would your head stay above water if you lost your main source of income? These are important questions, particularly as the cost-of-living crisis bites, but several new studies have revealed that many people have a worryingly small amount of money saved up. According to the Money and Pensions Service (MaPS), nine per cent of UK adults only…
Can you get tax relief on pension contributions?
Paying into a pension is a great way of making your personal situation more tax efficient whilst simultaneously saving for your retirement. By paying into a pension, you can receive significant tax relief on your contributions, with money that would otherwise be partly lost in tax. This can make a big difference when you are saving for the future and working to reach a certain level of lifestyle in…
Could professional financial advice help you through the cost-of-living crisis?
With soaring inflation and rising interest rates, many people are feeling justifiably anxious about making ends meet. That is partly because the key triggers of the cost-of-living crisis are beyond our control. It is easy to start feeling completely helpless. But there is something you can do that may ease any anxiety you have. Speaking to a regulated, professional financial adviser like ourselves could make the difference. According to…
What is the difference between an ISA and a Pension?
There are a number of crucial differences between pensions and ISAs, which are important to be aware of as you’re building a financial plan. Firstly, you can only get tax relief on pensions. But you can’t access your pension savings until you’re aged 55, whereas with a cash or stocks and shares ISA, you can access the funds any time you like. Let’s look at what this means when…
Set specific financial targets to achieve lifestyle goals
If you’re creating a financial plan, with a view to achieving certain ambitions in life, you need to make sure that it is clear and detailed. For instance, if you want to travel more in later life, you can’t simply say you will put money aside for holidays. Or if you want to retire early, simply putting money into a pension isn’t enough. In the first example, you need…
How are interest rates and inflation linked?
The Bank of England’s aim is for the country to have low and stable inflation – and it works to a target of two percent. Changing interest rates are the Bank of England’s mechanism for achieving its inflation target, and in the current climate of high inflation, it believes raising rates is the right approach. Otherwise, they believe that the problem will continue to get worse and interest rates…
Get control of your old pensions
Very few of us have a job for life these days, with many of us moving through numerous roles and businesses as our careers progress. That means you’ll probably have several workplace pensions throughout your working life, and as time passes, it can be easy to lose track of them. You might have moved house since leaving a previous job, and your pension provider doesn’t have your new address.…
Don’t panic over mortgages amid market turbulence
Since the Chancellor, Kwasi Kwarteng, delivered the recent Mini-Budget, we’ve seen the pound crashing to its lowest level against the dollar in 37 years, the Bank of England buying £65 billion of government debt to stop some pension funds collapsing and the International Monetary Fund openly criticising the government and urging it to re-evaluate its policies. We’ve also seen many lenders stop offering mortgages. In fact, a record 935…
