The rapid increase in monthly outgoings many people are facing is a cause for concern. If you are in this position, we are here to help you and have many ways we can assist to seek to limit or even stop your overall bills, your total monthly expenditure, from going up.
It is stressful when you receive a new utility bill, or a letter from your mortgage lender, telling you of a new and higher amount that you are going to have to pay, as you may feel there is not a lot you can do.
But, in many cases, there are things you can do, such as looking at your complete financial picture, your incomings and outgoings, to see how you can to the same place as before, by making some adjustments. Maybe you can reorganise how your mortgage is structured? Maybe you can consolidate some debt? Or negotiate a better deal, on anything you are paying. You may be able to rearrange your tax position or get higher income, from your business or employment.
Then, there is the exercise of reviewing your spending, all of it – even the smallest items – as we often find that there are savings to be made when this is assessed fully.
This might lead to cutting out some inefficient or, even, unnecessary spending.
There is, though, one monthly bill you should not stop paying and that is with your life assurance, or other significant insurances, that protect you from losing your income.
Any insurance which protects your family finances from those unexpected events, such as death or major illness, are crucial, and should be maintained.
If you stopped them, you would be unprotected, your family vulnerable, and even if you thought of restarting when things have settled or improved, you might not be able to, as you might become uninsurable or the cost of replacing what you have lost is intolerably high.
So, if you stopped and then had a health scare, you might be scrambling around to get some cover or financial protection in place, but be unable to do so.
Cancelling Life Assurance Cover or Critical Illness Cover or an Income Protection Insurance is never going to be a good idea. If your finances are getting tight or difficult, then find others ways to manage, and we are here to help and have plenty of ideas to support you.