Keep calm and organise your finances
Protect your finances
At the present time, it’s hardly surprising that many of us are feeling stressed about our financial wellbeing. A good way of reducing stress is to take stock of your finances, so why not embark on a spring clean? A survey3 found that 45% of people cite money as their main cause of stress (rising to 66% of those with no savings or investments). Improving your financial outlook could therefore help to lessen your anxiety.
Remortgaging could pay
The Bank of England (BoE) has slashed its base rate to an all-time low of 0.1%. Although those on tracker rate or variable rate mortgages will see their payments reduce, those on fixed rate deals won’t see any benefit. Since the base rate cut, lenders have withdrawn over 2,000 mortgage products from the market, due to the risk of lending in the current climate. However, there are still deals to be found and with rates this low, remortgaging could save you money.
Do you have adequate protection cover?
It’s also a good time to consider how you and your family would cope if you were to suffer illness, loss of income or unemployment. First, you should check whether your existing cover remains adequate for your needs. You could also ask yourself whether there is any other protection cover you might need, for example life insurance, critical illness cover, income protection or professionally advised payment protection insurance (PPI).
Talk to experts
It’s particularly important to take financial advice at the moment because things are constantly changing. Talk to us for up-to-date guidance on the best options for you.