Stay Calm and Financially Resilient
Your Money, Your Safety Net
Life can be unpredictable. Whether it's a sudden job loss, an illness, or a big, unexpected expense, being financially resilient means you're ready to weather the storm.
The best part? A lot of these you can ‘set and forget’, meaning with a budget in place, you can enjoy your holiday or drinks in the beer garden. But also know when to ‘call it’ to ensure your financial resilience.
Here's how you can start building that resilience today in practical, achievable steps.
- Start an Emergency Fund: Aim to save 3–6 months’ worth of essential expenses (like rent, bills, and food). Begin with small weekly amounts and keep it in an easy-access savings account. Some banking apps let you round up purchases to build savings effortlessly.
- Review your spending. Cancel unused subscriptions, compare utility prices, and switch providers to save. Use cashback and voucher websites for everyday purchases.
- Deal with Debt: Pay off high-interest debts first, such as credit cards. Look into 0% balance transfer deals. If you're overwhelmed, free advice is available from organisations like StepChange and Citizens Advice.
- Income Protection Insurance can replace part of your income if you’re unable to work due to illness or injury. Critical Illness Cover pays a lump sum for certain serious conditions. Some employers include these in benefit packages.
- You might be eligible for benefits. Use Turn2us or Entitledto to check on your Universal Credit, Council Tax Reduction, or Cost of Living Payments. Many people miss out on money they could claim.
- Could you explore extra income? Side hustles, freelance gigs, or renting out a spare room (via the Rent a Room Scheme) can supplement your income. Small, consistent boosts can make a big difference.
- Put money into an ISA or pension regularly. If you’re under 40, a Lifetime ISA could help you save for a home or retirement with a 25% government bonus.
- Insure What Matters: Life, home, and health insurance all help protect your financial wellbeing in the face of unexpected events.
Financial resilience isn’t about being wealthy. It’s about planning, protecting, and preparing for the unexpected, one step at a time.
Ready to take the first step? Start with just one change today. Give us a call and let’s see how we can help.
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