Preparation in a slowing economy
Perhaps the most important mind set to have in these difficult is to remain positive.The downturn has happened so quickly that it has taken many of us by surprise.It may take a couple if years to swing back but things will improve.
1.Prepare a personal/household budget budget_calculator. See where you can make savings and if you wish you can start straight away by logging onto our budget calculator.
2.If you are on 'an expensive mortgage' switch and start saving.
3.Avoid taking on personal loans unless absolutely necessary.
4.We are all going to have to work harder and smarter.One of the legacies of the boom years was degree of inefficiency in many areas of business.
All employers are looking closely at costs and whether we like it or not they will make decisions based on the merits of one employee over another.
6.If you can manage to save ,consider investing small amounts in shares that have obvious potential in a more buoyant economy.
7.Look seriously at up-skilling. This is a time where the more strings to your bow the better!
8. If you are a mortgage holder and are concerned about the prospect of redundancy have a look at our Redundancy Protection Plan.
If we can be of any help please feel free to call and talk to one of our consultants!