Are you prepared for a rainy day?

Harold Wilson once said: “I’m an optimist, but an optimist that carries a raincoat.” Planning for a financial rainy day is important for a number of reasons. Unexpected costs, as the name suggests, don’t give you a great deal of warning, and have a nasty habit of arriving at the most inconvenient of times. It doesn’t just apply to money that needs to be paid out, it can also come in the form of an illness or injury that causes a loss of income. The Office for National Statistics (ONS) reported in ...

6 financial resolutions for the New Year

6 financial resolutions for 2012After you've gorged on turkey, Christmas pudding and mince pies, opened your presents and watched the inevitable reruns of perennial Christmas favorites on TV, your thoughts might drift to 2013 and what the New Year has in store. Why not take some time over the break to plan your finances for 2013? Our six financial resolutions should give you some inspiration. 1. Set your goals This doesn’t have to be as grand as it sounds, but as we start the New Year, think back to ...

Talking ’bout my generation? Financial tips for thirtysomethings

In the latest part of our regular series, we offer our top tips to each generation for dealing with the financial crisis, this month we look at the problems facing thirtysomethings. Your 30’s traditionally the decade of your life when you raise a family, move on from your starter home, and start thinking about pensions, life insurance and other ‘sensible’ financial planning. Has the credit crunch and subsequent financial crisis changed that? Probably not, if you were already on the housing ladder when the full effects of the financial crisis struck. But definitely if you are still looking to buy your first ...

Protection: Single parents take risk with life insurance

A new survey has shown that single parents are less likely to have protection in the event of their death, or serious illness. The survey, by Sainsbury’s Life Insurance, found that less than a third of single parent families had Life Insurance. The same was true for households with unmarried parents, where only 31% had Life Insurance, and also for sex parents where the figure falls to 23%. In contrast, 50% of married couples have some form of Life Insurance or Critical Illness Cover. Whilst single parents may find it harder to find the spare income to pay for these types of ...