How To Get Your Finances Back On Track With Saxton Associates

Money is currently at the forefront of all of our minds during this lockdown situation. On Tuesday my husband will be returning to work for the first time in seven weeks. He does not want to, but as a self employed builder he has not been paid since March 27th and we are worried about our finances.

It can certainly be said that the lockdown situation has been unreal when it comes to finances. We are not currently paying our mortgage or our full Sky TV bill, we are spending little in petrol, entertainment, eating out and general shopping not related to food, so we are managing to survive on savings and the little I earn, but this is a unreal, almost surreal situation. However, it is one that we can learn from once the lockdown is over in order to keep our budgets and finances manageable.

Here are a few of the things we will be looking at post lockdown.

Our Credit Cards

When shopping out and about we have used our debit card, but when we have shopped online, we have called on the credit card to ensure there is some protection if items haven’t arrived (a case in point was my husband’s present from Debenhams which was lost in transit.). When this is over, we are going to look at changing all our cards for one low interest credit card like the one offered by Saxton Associates so the bills will be as low as possible each month, with a view to paying them off.

Handling the Mortgage

When this 3 month period is over at the end of June, we will have to begin paying the mortgage again. The extra months missed may be split over your mortgage term which could mean the mortgage monthly payments could go up. An alternative suggested to me was that the extra months could be added onto the end of the term, hence avoiding that extra expense at a time when you are just getting back on your feet. I will be finding out about this.

Food

We are a family who not only eat out a lot, we also enjoy far too many takeaways. My food shopping bill has gone up during this period, but that has been balanced by not buying lots of takeaways. This is something I want to continue after lockdown, we have finally discovered the joy of a home cooked roast dinner, that a fakeaway costs half the price of a traditional takeaway and yet tastes wonderful with a film and a craft ale on a Saturday night. These have been positive ways that save money and I want to continue to embrace them.

Making Use of your home and local space

Every weekend pre lockdown, we would spend lots of money on entertainment, from cinema tickets to entrance to theme parks and attractions. We would rarely stay in and enjoy our own garden, and certainly hadn’t made must use of the many local beauty spots that exist in our area. This is something else that will change. Sure we can’t wait to get to the cinema and theatre again, but this has made us appreciate what we have got already.

Protecting Your Young Family Financially

I genuinely believe that people’s thoughts and feelings on their finances become far more important after the birth of their first child. Before then, particularly if you are single, it seems like it is fine to live today and save tomorrow, and all those ideas of putting something aside for a rainy day are just that, ideas of something that you can put off until tomorrow. But when you have a child, your outlook changes, because now there is someone else who is reliant on you for everything, and this can often have you looking towards the future, and, without being morbid, looking at what might happen if you were no longer there.

Family Income Benefit is an insurance product that is offered by Lifesearch, one of of UK’s leading insurance brokers. It is actually one of their most popular and searched for products because it is an insurance product with a difference. Whilst many forms of insurance are based around receiving a lump sum at the end of the term, or if payment ceases due to a death, Family Income Benefit is set up so you receive a regular, tax free payment that can be organised to come each month, or on a quarterly basis.

If you are interested in Family Income Benefit, there are some more key points to consider. The first is that you have to decide the length of the term that you want to pay. Many people take out this policy based on a period of 20-25 years, and do this when their children are young, paying each month, and knowing that if tragedy was to strike, their children would be supported until they were of an age to be financially independent. The payment works on a sliding scale, so if you took out a 25 year policy, and died four years in, your family would continue to receive payments for the next 21 years, if you died 6 years in the payments would be made for the following 19 years, and so on.

For many families, the idea of regular income, rather than a very quickly wasted lump sum, is a perfect way to feel that their family has some security financial security, even if the very worst was to happen, particularly in regards to household and living expenses, knowing that there is an income available can make budgeting easier, at a time when life is already difficult enough.

Sorting Your Finances During The Corona Crisis With Polk Partners

The Corona Crisis is very troubling for us all. As well as trying to protect ourselves, our families and others from contracting the virus, we also have to face the realities of what lockdown mean to us financially. Many people are currently on furlough, which means that our wages and earning capacity has been cut, whilst others have found themselves working reduced hours, made redundant, or in a very precarious situation of being self employed, unable to work, but not being guaranteed any money until June. This can make or day to day existence one of constant worry.

If you are worrying about paying your bills, here are a few things you should be doing to ease those worries.

Credit Card Help With Polk Partners

If you have crippling credit card bills each month, you should phone your credit card company to see if there is anything they can do to lower the bills or even suspend payment at the current time, most companies are being very accommodating at the moment. If this is not possible, switching to a low interest card could be another option. Talk to Polk Partners about the possibility of a low interest credit card which would allow you to make just one monthly payment at a much lower interest rate. This could cut your current payments dramatically.

Contact Your Mortgage Company

Your mortgage is probably your biggest monthly and the one that worries you most – it is the roof over your head after all. You can now take a three month mortgage holiday without questions being asked about your future finance and most companies are being very proactive in their response, some even allowing you to do it online. Other companies have very long waits on their phone lines but it is definitely worth hanging on as you will be able to get the holiday, and there are many different ways of paying this back at the end of the holiday by adding extra months to your mortgage, or splitting the payment over the term time you have left.

Your Council Tax

Another large expense per month is your council tax. Check your local council website, many have added contact forms which allow you to look at suspending your payment during the current climate. Contact them using this, explaining your own current situation and then wait for a reply, this could then help during the current time.

Look At Any Membership Fees

In the course of your normal life, there can be many things you pay monthly fees for which you are not currently able to use due to the lock down and their closure. I’m talking about sports subscriptions like gym memberships, dating site fees when you can’t actually meet someone, or team memberships that you may pay for your children (my own son plays football for a team that has subs of £25 per month, but with no training or matches, this is pretty redundant at the moment, and will be until the season is able to resume.)

All these fees may be small amounts, but when you are not earning, they mount up, so see if you can indefinitely put them on hold.