Happy new year

January is not all doom and gloom. In fact, it’s a perfect time to consider what new resolutions you want to apply this year.

Now while we’re not experts in advising on resolutions like ‘travelling’ or ‘new skills or hobbies’, we can offer some ideas in the form of *drum roll* in your financial resolutions!

Here are some ideas of what you can add to your new year financial resolutions:

Invest in life cover

Many of us choose to ignore what could happen without the proper protection, but life insurance can help the lives of the ones you love if taken out.

  • It can help family pay off any debts
  • It can help provide for your children
  • It can cover your funeral
  • And most importantly it can provide peace of mind to those you leave behind

It’s certainly something to think about.

Eliminate debt

A way you could do this? By using a secured loan, which is something we can offer further details around.
There are many ways to clear off debt, and most people immediately think of debt consolidation. So what is debt consolidation?

It really relates to taking a number of debts, and moving them to a single debt instead. The theory is that by consolidating your debt, you could end up paying less each month, and therefore take the pressure off paying a variety of monthly payments by just paying one.

Your home may be repossessed if you do not keep up repayments on your mortgage or another debt secured on it.

Reassess your current situation

***According to The Office For National Statistics, real household disposable income per head is up 1.6% from last year. So what are you spending that extra disposable income on?

One area to look at, for future peace of mind, could be making sure your spend is on the long term, rather than the short term.

Perhaps that’s related to purchasing life insurance, or maybe, looking into whether you want to look into Private Medical Insurance (PMI).

Prepare for anything and everything

There is no ‘perfect’ time to write a will, but it is something that will benefit you, and your family in the long run.

Your will tells everyone what should happen to your money, possessions and property after you die (all these things together are called your ‘estate’).

It’s easy to make a will – and it will save your family unnecessary distress at an already difficult time.

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