The rising costs of rent, energy bills, and food – combined with stagnant wages – are leaving millions of people struggling to make ends meet. There’s no question that it’s been difficult for many people, but there are ways to survive, even if you’re on a low income. Before foregoing your pension and life insurance payments, you should think about how you can leverage some opportunities or even speak to a professional.
In today’s episode, Tari Okoye, Business Development and Proposition Manager at Morrison Wealth Wellbeing – a leading provider of financial education to employees across the UK joins Elizabeth Willetts, Founder of Investing in Women, to offer practical advice on how to make your money go further.
Tari shares some insightful tips on how to navigate the current cost-of-living crisis and avoid making bad financial decisions that could cost you dearly.
Key Highlights
[01:10] What is the cost of living crisis?
[01:43] What led to the cost of living crisis
[06:16] A little background on what Tari does.
[08:50] What is the government doing at the moment?
[11:35] What can you do as an individual?
[17:50] Is this the right time to save, invest, or pay debts?
[21:07] Should you stop paying your pensions and life insurance?
[28:41] How financial advisors can help you make the right decisions
[31:40] Automating payments and paying yourself first
[35:01] Look at your savings in three ways
[37:50] How to connect with Tari
Notable Quotes
- I always do a large shop beginning of the month and then the top-up. And typically, I could get away with about £140 or £150. Yesterday, I paid £186.
- If you’re employed, you will have an employee benefits platform that you can access.
- I know we’re in this era of Instagram and going to eat in very fanciful places. And trust me, I love that too. But to ensure we thrive, not just survive, we need to prioritise.
- I would definitely, in every sense and in every way, encourage people to leverage these free things right now.
- If you know what your end goal is, and you know that you’ve got a clear plan, then those perceptions won’t bother you as much.
- At the moment, personally, with small spare cash at hand, I am choosing to invest.
- There’s no better time than now to just sit down with someone to review your finances. Because if they can help you do better right now. You need it.
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