Breaking down the Chancellor's March announcement | Financial Advice Cardiff

Breaking down the Chancellor’s March announcement

25 Mar 2020 | News |

In March 2020 the Chancellor announced some major changes to help the public battle the current pandemic that is taking hold across the globe. With these changes announced we decided that we would break each major announcement down for those who are currently worried or concerned about their financial position.

 

MORTGAGES

With the base rate now at a historic low, it is the perfect time to re-evaluate your debt position to find out if you can consolidate any of your existing outgoings.

 

 

OVER 55

You can access your Pension if you are over the age of 55. This could be the perfect financial relief for those who have recently been made redundant or had their hours cut. There are efficient ways to do this and you should contact a financial specialist like Penguin to find out more.

 

 

PROTECT YOUR WEALTH

Now is the perfect time to look at ring-fencing your wealth and safeguarding it. If you haven’t yet, then speak to your Financial Planner or your Solicitor about taking a Will instruction or putting your Lasting Power of Attorney in place.

 

 

REVIEW YOUR SPENDING

If you are currently self-isolating then now would be a good time to take a look at your expenditure. Work out how much you’re spending per month and look to see where you could be saving money. You can download a copy of our Expenditure ¬†form that’ll work out the maths for you.

 

 

DON’T PANIC¬†

The key thing is to not panic at the moment, don’t make any emotionally lead decisions because you think they might be the right idea, and don’t make any ‘knee jerk’ reactions. Speak to a professional about the help available, read our guides, watch our videos and contact us to begin your Self-Audit.

 

 

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