As the UK gets used to life under lockdown, many of us are striving to readjust, reprioritise and just stay on top of things.
We’re living our lives in an entirely different way and we’re doing business in ways that we’d not even considered a month ago. As we adjust to our new normal, it’s prime time to get on top of our #LifeAdmin. Catching up on all our outstanding to-do’s that we never seem to find time for when at work.
Today we wanted to share with you our five favourite finance to-do’s:
1. Build a financial buffer or emergency funds. Where you can cut back to start saving? For many of us, our discretionary spending has decreased. Can that money be put away into a rainy day fund? 3 – 6 months of your essential expenditure saved in an instant access account is an achievable aim. Or, can you make your existing savings work harder?
2. Mortgage Repayment holiday. In accordance to Chancellor’s pledge on mortgage support for households affected by coronavirus banks have implemented mortgage holidays. There will be a fast-track system for approval, but not everyone will be granted a payment holiday. The unpaid interest will still be recovered later, but individual credit ratings will not be affected. Payment holidays increase the amount you owe. Each bank will decide and asses the eligibility for their existing borrowers.*
3. Make sure your will is in place and up to date. Royal London research shows that 60% of parents do not have a valid will, meaning parents either don’t have one in place at all or that it is out of date and therefore invalid. Don’t forget to fill out an Expression of Wishes for any insurance or pension policies to make sure the money reaches your desired destination. **
4. Pension admin is essential. Mission: find those historic pension details! Pension money is your money so find out where it is sitting – make sure you include your pension schemes from previous employers, it’s going to allow you to retire one day!
5. If you have kids at home, consider adding fun educational resources to your home-schooling timetable. We love RedStart, the children’s education charity and they have a ton of resources available on their website that teach children about the value of money with their lively and interactive games, videos and printable resources. Click here to find out more about RedStart.
We hope this helps. Let us know via LinkedIn & Twitter pages which you’ll be adding to your #LockdownList o our LinkedIn page here.
We’re here to help. Click the button below to book your complimentary one-to-one consultation to discuss your finances.
*Your home may be repossessed if you do not keep up repayments on your mortgage. The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested. An investment in equities will not provide the security of capital associated with a deposit account with a bank or building society.
**Please note that advice relating to a Will involves the referral to a service that is separate and distinct to those offered by St. James’s Place.
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