How to become more financially stable

When it comes to our futures, nothing is more important than our finances. Whilst many of us would like to believe we are in control financially, the reality is there are often many other avenues which could be explored to increase our financial security now and going forward. With the recent Brexit result still looming over us, many markets have experienced changes in performance and are currently still in a settling period. This has meant a whole host of different things for consumers predominately focused around the fact that there is a high level of uncertainty for what the future holds. Whether this is in reference to savings rates, the housing market or even the stock market itself. As consumers existing in these times and with little option but to await the next steps of the Government, it is important to understand the measures which can be taken to feel financially secure. Today we will be exploring these options in detail and the simple steps which can be adopted right now to increase personal financial security.

Interestingly one of the best things we can do as consumers in the aftermath of Brexit is nothing. This means not making any sizable financial decisions whilst a level of uncertainty remains. Given the changes in the housing market immediately following the Brexit result last year, it is clear consumers in general are weary. Whilst experts may argue both positive and negative possibilities, the behaviour of the housing market in 2017 remains to be seen. With this in mind, it may be sensible to delay any decisions concerning selling your home or making a new property purchase. The same could also be said for new borrowing in terms of credit based agreements. Whilst doing nothing in the context we have touched upon here may not be possible for all, applying a level of caution to any large scale financial based commitments will undoubtedly result in peace of mind in the early part of 2017. On the other hand, and whilst many banks are offering their lowest interest rates for savings accounts in modern times, many consumers are currently left wondering where in best to invest their spare income. In may be advisable given the current economic climate to seek independent advice concerning your finances, if you are in a position where financial invest is a possible route. Whether you wish to consider shares, bonds, ISA’s or other money investment opportunities, as discussed in the Daily Mail today, there are several different routes available depending on your own unique circumstances.    

Whilst many of us will for some time adopt a cautious approach to our finances, whilst 2017 begins to play out, there are day to day steps which can be followed to provide a little extra peace of mind. Being the beginning of the new year, this is always an excellent opportunity to reassess your existing financial circumstances and in doing so attempt to understand if and where they could be improved. Many consumers continue to make repayments towards existing direct debits month in and month out for example, without being fully aware of their purpose. Whether this is a gym membership, multi-media subscription or other such small payments, these are an ideal starting point when it comes to reducing your current costs. In instances where regular gym usage is not taking place or a film subscription is no-longer used, this may be the perfect time to end the direct debit and in doing so increase your monthly disposable income. Similarly now may be the perfect time to consider where reductions could be made to direct debits which remain in place on a continuous basis, such as payments for electricity bills, gas, water and your internet provider. All of these suppliers operate in fiercely competitive sectors and as such there is often plenty of opportunity to save money where time is committed to research. This means taking the time to shop around and see if lower prices for the same service with a different provider can be obtained.

The key point being made here today is that whilst the impact of Brexit remains to be seen, there are opportunities for consumers to act responsibly and manage financial concerns sensibly. Whilst it may be advisable to postpone any new large scale financial commitments this does not mean there are not avenues to explore for saving money, investing your spare income and generally achieving a more solid financial future.

 

Warning: Late repayment can cause you serious money problems - For help, go to moneyadviceservice.org.uk

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Author: Internal Customer Services Agent