Mortgage Costs
Cut Costs
So what else can we do to prepare? I advise all my clients to make a simple spreadsheet or table on a piece of paper outlining all monthly income and outgoings. Start with the high ticket items like mortgage / rent, cars, travel expenses, etc and work down to the smallest expenses. Now you have listed these expenditure items, investigate where you can cut costs item by item. While companies struggle with the economic downturn, they offer excellent incentives to new customers and this means cost savings to you. It goes without saying that in the finance markets, mortgages are significantly cheaper now than a year ago so it may be worth looking at this. The biggest area we have seen consistent drops in price is life insurance. With people living longer and competition increasing in the market we have seen a 30 – 40% drop in premiums over the last 18 months. Only last week, a client of mine reviewed their life policy and reduced her premium from £67 per month to just £33 and saved over £400 per year. Lastly, 2008 – 2009 has been disastrous for those of us with frozen pensions and many have shown significant negative growth. If this is a subject you want to look at, our sister company DPM Shepherds offer a free impartial pension review to ensure your pension performs as well as it can before retirement. If you need help with any of these subjects, don’t hesitate to call.