Life after Brexit: Game-Changing Tips to Help You Save More

Life after Brexit: Game-Changing Tips to Help You Save More

After decades of seemingly unbeatable economic expansion for the Brits, things took a drastic turn after the UK voted to leave the European Union. Although it was mostly fueled by a desire for change, the Brits were certainly unprepared for Brexit’s inevitable impact on the economy.  There have been predictions of imminent projection in price hikes for food, housing, and student debts. In fact, based on YouGov’s latest poll, there has been a notable and immediate decline in economic momentum and consumer confidence rates for reliable insurance packages and money saving practices that will cover livelihood costs and job security.

Experts claim that consumers should concentrate on organizing their finances while opting for more cost-effective dining and purchasing options to help make cost-cutting less daunting in the long run.

  • Debts— If you are burdened by unsettled credit card debts, you are most likely to face its financial aftereffects this year. The best route to put an end to this vicious cycle is to transfer large interest payments to credit card deals with 0% transfer balance deal. While a deal like this will usually run for a specific promotional period, it eliminates extra costs and lets consumers concentrate on paying their debts fully before the said promo expires.
  • Insurance—Insurance companies left and right offer varying indemnity plans, from life insurance and income protection to accident, funeral and mortgage insurance. The key is to carefully compare and choose the most suitable type of plan that will cater to your financial needs and goals. Choose companies that boast exceptional financial backing, while evaluating the policies of each. On the other hand, you can plan your expenses in advance by paying car insurance premiums and gym membership fees annually instead of monthly, you may choose to compare insurance cover and change insurer to reduce your premiums.
  • Taxes—to help lower tax bills, make it a habit to annually check your tax code. The tax code can be found on the letters and numbers indicated on the payslip. Doing so prevents paying taxes in excess due to the wrong code. Tax reliefs or those that range from Potentially Exempt Transfers (PET), Annual Investment Allowance (AIA), and Rent-a-Room Relief are also instrumental in aiding the reduction of taxes being paid.
  • Daily Finances— Signing up for restaurant, supermarket, and retailer loyalty cards enable consumers to accumulate points and convert it into money-off voucher codes. Buying in bulk and maintaining the freshness of biodegradable food help save more time and money, just as much as booking reservations online for outdoor dining does. Some restaurants in London, such as Wild Honey and Dinner by Heston and Blumenthal and Alain Ducasse at The Dorchester, offer huge discounts on their lunchtime meals. Save enough money every year to pay your bills off and try planning big-time purchases so that paying periods would coincide with discounting seasons.

Many possibilities await the UK market in the years to come; but no matter how accurate or bleak the future may seem, bear in mind that there are smarter ways to effectively deal with financial roadblocks. Ultimately, compare and contrast the options mentioned above but don’t forget to ensure that your budgeting tactics must significantly highlight your needs over your luxuries.

 

Categories: Business

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