Archive for August, 2021

The different types of protection plan

Posted by Sam Binstead

When it comes to protection plans, there are many different offerings available to you. While variety is always a good thing, it can be difficult to figure out exactly what kind of protection plan is right for you.

The most important type of protection cover you’ll need will usually be life insurance. Of course, this doesn’t benefit you directly, but instead is put in place to help your loved ones financially once you’re gone. A life insurance policy can help pay the cost of your funeral, but also provide for those that you have left behind. This can go towards rent or mortgage payments, outstanding loads and debt, taxes, and any other day to day expenses that you normally pay towards.

According to a study by the Life Insurance and Market Research Association, or LIRMA, 1 in 3 families may be unable to meet their expenses on a day-to-day basis without a life insurance policy. Therefore, while we may not like to think about our death, or what will happen once we’re gone, it’s incredibly important to set it up while you can.

The earlier you take out cover, and the healthier you are when you do so, you are more likely to get a better deal. This is another reason to do it as early as possible, as you could end up saving yourself a lot of money in the process, while still getting the same cover once you pass away.

While you’re still living, you will also want to look into health insurance. This is similar to life insurance, but pays out in the event of you falling seriously ill, or getting severely injured. Most people wouldn’t be able to work in this situation, therefore losing out on money which you may not be able to live without.

A health insurance policy may end up being the safety net you need, should you fall ill and not be able to work, so it is incredibly important you set this up when you don’t need it, just in case you ever do. There are a lot of different insurance policies, so make sure to shop around to find the right cover for you.

If you’re putting off taking out insurance because you’re unsure of the right options for you, then you can always talk to a professional. Here at Chilvester Financial, we have staff with decades of experience dealing with insurance policies. Our team of experts will be able to give you just the advice you need to ensure you get the insurance policies that are right for you.

Your initial consultation is completely free of charge. We will take the time to sit with you and go through exactly what it is you’re wanting to achieve, and we can then create a plan of action that’s tailored specifically to your needs. Get in touch with us today, and let us help you get protected financially.

The pros and cons of self-employment.

Posted by Sam Binstead

Many of us have jobs. It’s something we have in common. However, exactly what “work” is, can be vastly different from person to person. Of course, there are many sectors of work in today’s world, from retail and hospitality, all the way to tech support, farming, or running a business. The majority of people in the UK follow the same sort of structure though, we go to work, (whether that be to an office, business, or simply your desk at home), we stay there for 8 or so hours, and then we come back home. We get paid at the end of the month, and the cycle continues.

While that is the reality for a huge amount of us in work, there are other ways of working, with the most prominent being self-employed work.

It can seem like a dream to some people, with the idea of “being your own boss” and “working the hours you want to” being a tempting motivator to take that leap. There are some downsides to being self-employed though, and today we’ll be going over these, and how best to prepare, should you be thinking about going self-employed.

Of course, in order to be self-employed in the first place, you need a business or service to provide. If you don’t have that, you won’t have any work to self-employ. There are many different outlets for self-employed work, from tradesmen to website design, even content creation on websites such as YouTube, if you can find the right audience. So, what exactly do you need to keep in mind?

Most importantly, you need to be able to afford to work. At an office, for example, you have all of your equipment, such as your computer and stationery, the building and subsequent bills for it, and even things like tea and coffee facilities paid for by your employer. Not only that, but your employer will also be the one paying your wage. As a self-employed worker, the money you earn from the job or service you provide is your wage. You’ll also have to pay for any equipment that you need to do your job, as well as any travel expenses required to get to wherever you’re working that day.

There are a few options available to help reduce this cost, however. Certain things, such as travel expenses, and even the purchase of some equipment can be filed as a work expense in your tax return. This means you won’t need to pay as much, or even at all for things that considered essential for you to work.

Speaking of tax, you will need to fill in and send off your own tax return each year; therefore, it is important to keep track of your expenses for when that time of the year comes around. It may be worth hiring an accountant or speaking to a professional.

The reality of being self-employed is that you need to be on top of your finances at all times. It can be a difficult thing to get into, and it doesn’t always get easier right away. It’s always a risk to go self-employed, but if you’re looking to take the leap, then why not get in touch with us at Chilvester Financial? Our team of professionals will be able to assist and guide you through the entire process of becoming self-employed. We can help ensure you tick all the boxes required to become self-employed, so get in touch today for your free consultation, and let us give you just the advice you need.

Let’s talk money, just the advice you need.

Posted by Sam Binstead

When it comes to our finances, many of us just don’t want to talk about it. It can be seen as a very private matter, and something that you don’t feel the desire to talk about with friends or family; let alone a professional.

For decades there has been a stigma surrounding conversations of how much you make, how much you save, and how much you spend. This doesn’t have to be the case though. By actively talking about our finances, we can gain a better understanding of how others manage their money, which could potentially be very useful if you’re struggling and need a few tips.

It can also be very beneficial to talk to our children about how money works. Many adults went their entire childhoods without learning anything about money, how to spend it wisely and how to save it. This puts them at a disadvantage in their adult years as they’re suddenly expected to pay for food, rent, bills and utilities. Talking to our children early about the proper way to handle money can set them up for the future.

Of course, talking to your friends and family can only get you so far. Sometimes the advice of a friend or relative just won’t do, and in such a case, your best bet is to seek the help of a professional.

According to a Royal London study, almost 3 in 4 adults in the UK don’t seek financial guidance from a professional financial adviser. There can be many reasons behind this. Some people may be scared or embarrassed to talk about their finances, while others simply don’t think they need it.

The FCA have suggested though that anyone who has £10,000 or more in assets may benefit from the support of a financial adviser, who can assist in managing their finances and ensuring they’re getting the most out of their money.

Of course, some people who actually do want financial advice are often turned away. A lot of financial advisers will not see clients who don’t have a large sum of money saved, as they don’t see it as economical to their business. Here at Chilvester Financial though, we see things differently.

We treat all our clients the same, regardless of income. There is no job too big or too small. Not only that, but we have a team of professionals with decades of experience. It is our goal not only to give you just the advice you need, but to also make you feel comfortable and at ease. We believe that talking about our money shouldn’t be a scary prospect, so we will talk you through every step of the way.

We deal with a huge range of financial matters, from managing your finances, buying your first home and taking out a mortgage or helping you plan for your retirement. So, if you’re in need of financial advice, or just want to talk to a professional about your situation, then book a free, no obligation consultation with one of our qualified advisers today!

 

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