Whether you may be used to maintaining a certain level of lifestyle or thinking to reduce some of your monthly expenses until you find another job, below are some things that serve as a checklist to help better manage your monthly expenses:Contact your bank
If you have a mortgage, you may consider asking whether you can defer your mortgage payments for a couple of months until your income resumes. If you are renting your property, dig up your lease and see when you may be allowed to renegotiate the rental amount with your landlord.
Most banks offer the option to defer payment if you have paid over and above your required mortgage amount leading up to this point. Speak to a financial adviser and review your portfolio now that your income is interrupted. All it takes if your time to make an appointment to see them and ensure your finances are at tip top shape for this transition period.
Review your health policy
Some firms offer private health schemes during your employment and some even offer the option to carry on as an individual policy holder even if you leave the company.
Some insurance companies offer the same level of coverage at a monthly premium that normally is cheaper than if you were to go out and buy a new insurance health policy. Do your research. Ask your HR department prior to your termination date information or contact numbers, and get in touch with BUPA, AXA or whichever health care provider you currently have. There may be a time window where you are allowed to carry-on with the health scheme before that option expires.
Review or renegotiate your mobile phone plan
You can review your current phone plan and switch to a more suitable one for you. Visit impartial information websites such as onecompare.com and find a plan that's best for you. There is no reason to be paying more than you need, especially when your income is interrupted.
Review all your Direct Debits
This is a great way to trim the excess spending that are 'wants' instead of 'needs'. Check your monthly bank statements and see if you can trim some of that spending down. Items such as magazine or newspaper subscriptions. Maybe you could adjust your gym membership now that you can hit the gym during the day instead of in the evenings. Most gym memberships are cheaper if you go between 9am-5pm but always read the fine print before signing any amendments to any contracts.
Useful links
No comments:
Post a Comment