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REVIEW YOUR FINANCES

This is a very difficult time for everybody both personally and financially. The saying that ‘health is wealth’ has never been more apt. It is vital we really look after ourselves, and others, in the midst of this pandemic.  While you focus on what is important, the current “lockdown” measures might present an opportune time to review your finances.

  • Review your Monthly Budget –  If your income has been affected in any way you should immediately review your monthly budget to fit your revised income. Also, assess what are the most important financial commitments you have:
    • Utilities – Review all of these to ensure you are not overpaying for items you may not need.
    • Pension – Do you need to suspend your premiums? You will also need your review your current pension funds and possibly your investment strategy.
    • Investment – Review your investments and your portfolio. Do you have a lump sum to invest? Now may be a good time as fund prices are heavily discounted at the moment. If you have money on a current account earning zero interest you may look at other alternatives that will still allow you instant access.
    • Protection Cover – If you are self-employed have you the correct level of income protection in place and is this good value for money?
    • Life cover – This is a very important cover to have but make sure that you are not overpaying or are over insured?
    • Savings – Some banks are allowing customers to access savings without penalties. Can you continue to make regular savings and if so, are these working for you?
    • Mortgage – A lot of people are on the incorrect interest rate. Put a call into your bank to ensure you have the correct rate. Do you need to apply for a repayment break?

We are here to help you so please contact us and we can go through this with you in more detail. We can also provide you with a template to help you take the first steps here.  .

MARKET UPDATE – (The good news)

Markets have been very volatile over the last few weeks. We have seen large falls on the markets but the good news is that now is in fact a very good time to invest. Stocks and shares are now hugely discounted. If you are looking to invest now you will be buying these at a much cheaper price, which will lead to greater returns when markets return. History shows us that markets will bounce back. It is only a matter of when, and no-one can answer this. Investing is about ‘time in the markets’ and ‘not timing the markets’.

The most efficient way of investing is through your pension. When you consider the substantial tax relief of up to 40%. This is in effect a 40% uplift straightway on your money, while you save for your retirement and tax free cash lump sum.

You should have received our regular market updates which provide a basic insight to what is happening each week during this crisis. We will forward another market update next week. This is also available on our website.

MORTGAGE NEWS

Banks have introduced an initiative which will allow customers whose employment circumstances have changed to take a break from paying their mortgage. This varies from three to six months depending on the bank. Once the break period has past, interest and capital payments will be spread out over the remaining term of the loan. Customers with business loans can also apply for a repayment break. According to the Banking and Payment Federation Ireland nearly 10,000 payment breaks for SMEs have been granted or are in the process of being approved.

CONTACT US

In line with Government guidelines our office will remained closed. Our phone lines are currently unattended. Please email us at info@olliemornanfs.com and we will arrange for you to be contacted as soon as possible.

SAVE LIVES –  STAY AT HOME!