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Private Finance, the independent mortgage broker, has recently conducted a survey revealing that 58% of British holidaymakers will worry about money on their Summer break this year. The survey further revealed that 18-35 year olds and those living in London and York and Humber will worry the most about their personal finances during their holiday.
Consequently, Private Finance has today issued a ‘Post Holiday Financial Checklist’ in order to help alleviate some of these concerns. The checklist offers practical tips for homeowners who may be concerned about mortgage payments, life insurance or credit cards and outgoings when they return from their break.
Figures from myhomemove have shown that mortgages alone are of significant concern for a third of people under the age of 65. Therefore, the Private Finance checklist focusses primarily on advice for homeowners who may be considering moving home or remortgaging when Autumn arrives.
Simon Checkley; Managing Director of Private Finance says:
‘The last thing anyone wants to be worrying about on holiday is personal finances. Holiday time is precious for all of us and it should really be spent relaxing with friends and family rather than fretting about credit cards and mortgages on your sun lounger!’
‘We hope our mini checklist will give you at least one less thing to worry about when you step off the plane and take part of the sting out of coming back to reality again!’
Figure 1: The Private Finance Post-Holiday Financial Checklist
|1. Consolidate your debts
✓ Many people owe money on multiple credit cards or credit agreements and it can become a bit of a headache to keep track of them all. It can also cost you dearly if you mix up your payments or miss a payment deadline which is why you might look at consolidating your debts where possible into one manageable payment on more favourable terms. There are many providers who can help, however we would suggest seeking expert advice before taking action.
| 2. Shop around for mortgage deals while rates stay low
✓ The mortgage market is very competitive and interest rates have never been lower. Consequently, and while interest rates still remain favourable, it might be a great time to see whether you can save money by reviewing your mortgage. Shop around or, better still, seek expert advice on suitable products for your particular circumstances.
| 3. Review your direct debits
✓ Most of us live busy and hectic lives filled with a constant stream of demands so it is easy to let certain details fall off the radar where finances are concerned. A thorough check of your ongoing direct debits may surprise you as you may discover some payments leaving your account that are out of date or that you may not even recognise. Cut anything that is non-essential and you might find yourself making a considerable saving each month.
| 4. Review your insurance products
✓ Whether it be buildings, contents, life or critical illness cover, the majority of us don’t want to spend a lot of time thinking about what might happen to our finances should the worst happen. As a result, a staggering number of people find themselves either under or even over insured for their particular circumstances. A simple consultation with an expert adviser could make all the difference to your monthly outgoings so it is well worth taking the time to make an enquiry.
| 5. Make small lifestyle changes
✓ Saving money can be easier than you think. You might start by looking at regular outgoings such as: your phone bill, grocery shop or gym membership and consider how you might cut these costs by making changes to your contract. Cycling or walking to work, giving up/cutting down on unhealthy habits such as smoking or reducing the amount you go out to eat are all other options to might want to consider to help cut monthly costs.