Uncertainty and anxiety seem to be an integral part of the Pandemic and this touches all aspects of our life. At some point in the last year and a half the disruption to our daily lives will have had an impact on our finances and many of us have found ourselves in uncharted territory. Whether that be changes to our spending patterns, a fall in income or making amendments to existing arrangements. It has not been easy for most of us but with the easing of lockdown and the roll out of the vaccine this is an ideal opportunity to get back on track and take control of our financial arrangements.
Recent events may even have highlighted areas that have caused concern such as the provision of an emergency fund or sufficient protection in place for loved ones. A way to identify and address these areas is to carry out a review of your existing arrangements and determine whether money can be saved or redirected to address these concerns and provide confidence and security.
We are often paying for services and policies that no longer meet our requirements but it takes a significant event to shine a spotlight on our finances and can provide the catalyst for change. Taking control of our financial arrangements, or simply establishing that we have everything in place or are working through a plan to achieve that, not only provides peace of mind but allows future financial goals and objectives to be achieved.
A good starting point is looking through our monthly bank statement and establishing what all our payments are for and what they provide. Do we shop around for the best deals on insurance? Have we reviewed our mortgage deal lately? Is our life cover sufficient to meet our current needs? Have we looked at the rate we receive on any savings? What are our short, medium and long term financial goals? Are we making sufficient retirement provision?
Those are just a few questions that can start the review process. If we don’t know where we are going it doesn’t matter what path we take we will never get to our destination. Dealing with our finances doesn’t need to be difficult or complicated. It can be achieved step by step and is often better completed in stages rather than as a complete overhaul.
There are others who find themselves at the start of their financial journey. They may be saving for a deposit for their first property. Trying to secure a mortgage for the first time or simply looking for advice on how to position themselves to apply for a mortgage in the future.
McSherry Halliday are Independent Financial Advisers with a wealth of knowledge and experience of helping clients at all stages of their lives. We are able to provide impartial advice and the first step is a no obligation discussion to let us determine how we can help you achieve your goals and that elusive peace of mind.