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Navigating the current financial landscape befallen by the COVID-19 pandemic hasn’t been an easy feat for businesses and individuals alike. Coming to grips with financial circumstances has increased the demand for financial advice in Bristol and other locations in the U.K. The key to managing savings, pension, and investments is to vet accredited financial advisers and carefully study reliable resources. 

Money-Saving Ideas 

Despite a drop in gas and electric prices, homeowners are better off consulting technology to do their groceries and essential shopping. Keep in mind not to spend any money needlessly, which means avoiding falling victim to the wrath of lockdown sales on frivolous purchases. 

Additionally, if you can chase a refund on services you don’t need, such as a gym membership or loyalty program with a retailer, consider doing so. In most areas, non-essential establishments such as those mentioned above remain closed. 

When possible, prioritise clearing credit cards that don’t require a hefty payment. Doing so will help you avoid having to shoulder high-interest rates that you can’t afford in the meantime. Especially now, high-street banks are offering credit card payment holidays. 

With the closure of all your favorite restaurants, the allure of ordering in can be a powerful one. However, daily deliveries tend to mount up, no matter how convenient a role they play in your kitchen. Opt to purchase versatile ingredients instead—you never know, you might master the recipe to a meal you used to order elsewhere. 

Lastly, refrain from hoarding household items. They might seem to come in handy in the future, but if you’re purchasing perishables, you may be creating more waste than you should. Not to mention, you put your bank account at risk of funding items you think you need but don’t. 

Savings and Investments—To Shell Out or Not?

If you’re already collecting pensions, now is the best time to review and protect them. Exposed to the stock market, pension pots across the U.K. see a drop in value. While younger investors can leverage the amount of time they have to recover from an impacted stock market, older investors may have to take a smaller annuity. In some cases, they may have to wait longer to be able to draw down at all. If you’re adhering to a lower-risk pension, however, they may carry less risk and a fixed rate of return. 

If you’ve recently shifted careers, you may have overlooked your previous existing pension. If so, take the time to sort it to get behind your long-term financial returns. Until you note its implications, you may find that you’re enlisting a pension that may not satisfy your future needs. 

Conclusion

As the current pandemic impacts the economy, it also changes our ways of life. From operating businesses entirely in-home and not being able to pay distant friends and family members a visit, the most apparent changes exist in our financial structure. Hence, it’s essential to hold onto the cash you have and invest only in long-lasting or necessary assets.

To consult with a pension adviser in Cardiff, shoot us an email at Harry Robinson Wealth Management. We believe that your life isn’t dictated by how much you’re earning or saving—but that it can keep your financial goals within reach. 

*Will writing and Powers of Attorney involve the referral to a service that is separate and distinct to those offered by St. James's Place and along with Trusts are not regulated by the Financial Conduct Authority.