A cost-of-living check in that makes a difference

The rising costs of life can quietly erode your monthly budget and long-term plans. However, by taking the time to review your finances and assess key areas of your day to day spending, you can begin to restore control and build your confidence.

We’ve put together five practical areas to review, focusing on simple, everyday actions rather than complex, drastic changes.

1. Review subscriptions and direct debits
   These days, it feels as though almost everything comes with a subscription – whether it’s music, TV streaming, or even essentials like dishwasher tablets. With so many monthly outgoings, it’s all too easy to lose sight of exactly where your money is going.

   
   That’s why it’s crucial to keep track of your spending. Try to set aside some time to make a list of every subscription and direct debit you’re paying for each month. For each one, ask yourself, ‘Do I really need this?’ and see if there are any that you can cancel. Or check if you can downgrade certain subscriptions, allowing you to continue enjoying a service while spending less.

2. Check utility and insurance providers
   When did you last check your utility bills? Are you fully aware of what you’re paying for each service every month? It’s all too easy to overlook a bill, whether it arrives by post or email, and to lose track of your spending.

   
   To ensure you’re getting the best value, it may be worth regularly reviewing your utility and insurance plans. Don’t assume that longstanding loyalty guarantees the best rates – often, newer customers benefit from better deals. Try to make a habit of comparing offers from other providers and consider contacting your current supplier to renegotiate your contract.

3. Assess your emergency fund
   Many people mistakenly believe that once you begin investing, all your money should be tied up. However, life has a habit of throwing unexpected challenges your way, and at times you may urgently need access to extra funds. That’s where an emergency fund proves invaluable. It allows you to cover unforeseen expenses, such as unexpected car repairs or a burst pipe.

   
   Many people aim to build an emergency fund covering at least a few months’ worth of expenses, but what’s right will depend on your circumstances and what you can afford. It’s best kept in a high-yield savings account with easy access, so you can quickly withdraw money if needed. There’s no need to save the full amount all at once. Adding a contribution to your emergency fund in your monthly budget allows you to gradually build it up over time.

   Having an emergency fund offers real peace of mind, reassuring you that you’re prepared for life’s unpredictable challenges.

4. Review monthly spending to identify pressure spots
   It can be helpful to spend a little time looking over your latest bank statements and identify which spending categories have increased the most. This can help you determine whether it’s your weekly grocery shopping, petrol, childcare costs, or perhaps a mix of different expenses that’s making your budget feel stretched.

   
   Think about your monthly outgoings. How many are genuine needs, and how many are simply nice to have? See if you can scale back on a few non-essential purchases to give yourself a bit more breathing room.

   Understanding exactly where your money goes each month enables you to make smart decisions, so you can stay in control without having to cut out everything you enjoy.

5. Consider a financial review
   If you are feeling pressure due to the ongoing rising cost of living, consider getting in touch with your financial planning manager. They can help you to reassess your priorities, adjust your plans and identify any opportunities for improvement.

   
   Seeking help with your finances is a proactive step that helps you to build a comfortable future and removes unnecessary stress and worry.

   Taking the time to assess your emergency fund, review your monthly spending, and seek financial advice can make all the difference when it comes to managing your finances effectively. Remember, small changes today can lay the groundwork for a more secure and stress-free future.

We’re here to help

If you’d like some help with your retirement planning, or to chat through the investments you hold with Aegon Financial Planning, contact your Financial Planning Manager, call us on 0800 464 3079*, or request an appointment using the button below.

* Call charges vary. Lines are open Monday to Friday between 8.30am and 5.30pm. All calls are recorded for business purposes.

Afp268. Exp 04/2027