Page 58 • The HERALD • 4th August 2022 v THE NEXT HERALD IS OUT ON 25TH AUGUST v ASK A PROFESSIONAL up with in ation. Here are 3 ways to help you: REVIEW SPENDING - Going through your spending with the nest tooth comb can help you nd areas where you may be able to cut back. Keep an eye on your budget and make adjustments as necessary to ensure that you are aware of your outgoing costs and can adapt your spending accordingly. Ask yourself: What’s coming in and going out? Can I get something for cheaper? And (o en the hardest of all): Do I really need that? EMERGENCY SAVINGS - When it comes to nancial security an emergency fund is a must. One method is to create a dedicated savings account that you only use for this purpose. is way, you can easily access the funds when you need them. Aim to build up enough to cover between three to six months’ expenses if possible. Make building this pot part of your outgoings so the fund does grow to what you need. PENSIONS AND INVESTMENTS – Where possible resist the temptation to dip into these. It’s better to go without some niceties than impact your future prosperity. Drawing down on your pension or selling investments could leave you worse o in the long run especially if your investments have fallen in value as well so it’s important to consider all of your options e rising cost of living is one of the most pressing issues facing many families today. e price of food, energy, fuel and other necessities has risen signi cantly in recent months. is has made it di cult to make ends meet and has put a strain on many household budgets. Planning for the rising cost of living can be a challenge, especially if your income isn’t keeping RISING COST OF LIVING CRISIS by Michael Osman, Oyster Financial Planning Michael Osman, Oyster Financial Planning before making any decisions. To discuss anything related to the current in ation crisis please go and see Michael at Oyster in Hythe village.
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