Have you checked your National Insurance (NI) record lately? This summer, a key “window” will be closing for a little-known rule about State Pensions. After 31 July the chance will be gone to fill more “gaps” in certain individuals’ NI records. Missing the opportunity may lead some people to lose out on hundreds…
A “mid-life crisis” is experienced by as many as 20% of UK adults between 40 and 60 years old, often triggered by events like divorce, death in the family and boredom. At its core, it is caused by a change in identity (e.g. maturation of children) and can manifest in excessive spending. As such, a mid-life crisis…
Even the best-laid plans can flounder upon unforeseen events. Having a backup financial plan – or a financial “Plan B” – can help provide a crucial safety net if the future does not transpire as we hope. This has become even more apparent since 2020 when COVID-19, the cost of living crisis and other economic challenges…
Did you know that UK households spend an average of £2,500 in a month, but this rises by £740 in December (a 29% increase)? The main areas where we spend more include clothing, textiles and footwear, furniture, specialist foods and electronic devices (e.g. computers and phones). In January, however, the result…
At the end of September 2022, the British pound (GBP) hit its lowest value in 50 years. It stood at $1.03 on Monday 26th September. The last time it traded at this level was in February 1985, when the GBP fell to $1.052 (a record low that lasted 37 years). With news still pouring in about our currency and how…
When people retire, they typically live off their savings and investment (e.g. in pensions) over many years. It requires a lot of preparation. Costly mistakes can – and do – happen, often due to failure to understand how pensions work. In this guide, our team at Elmfield Financial Planning in Padiham, Burnley…
Managing money is often a challenge for young people at university. Before age 18, a child’s financial needs are typically more limited due to living at home. Once they reach their halls of residence or student house, however, they suddenly need to contend with bills, cooking and budgeting for social spending…
The rising cost of living is giving many households much pause for thought in 2022. More than 50% of UK homes have reduced their gas and electricity consumption as energy costs spiral, and 1.66m video streaming subscriptions have been cancelled (mostly by young people) in the second quarter…
Households are facing increasing pressure from the rising cost of gas and electricity. In 2021, the average annual gas bill was £575 (£47.92 per month) and electricity was £764 per year (consumption of 3,600 kWh/year) – bringing the total to £1,339. At the time of writing in June 2022, however, the energy price…
The UK’s specialist police unit for tackling fraud has warned that the rise in living costs in 2022 may encourage more scammers to target people’s finances. DCI Gary Robinson, head of the Dedicated Card and Payment Crime Unit (DCPCU), has said that criminals are likely to “use the cost of living crisis…
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