BEING PREPARED BEFORE, AFTER & DURING A PANDEMIC

Noah Laguda –  Insurance & Finance Expert.

Coming out of the pandemic and lockdown, I feel it’s imperative not to get carried away with our finances and still take careful measures as to what we are spending our money on, remain disciplined with our savings and look to invest some of it as well.

During the lockdown, we were forced to be more comprehensive with our finances as we couldn’t physically do some of the things we do now in regards to spending. As much as it’s great to have a good time and make up for lost time during the lockdown, it’s essential for us not to forget the lessons learnt during what was a challenging period for all.

Many people were furloughed, which reduced salaries, made redundant, and many businesses went down during that period. What we take from this is that we should ensure we have robust backup plans in place to mitigate not only unexpected times like these but to naturally be on top of our finances by taking stock of the relevant things that are needed in our arsenal before a pandemic, during a pandemic and after one as well.

The list is as follows:

1. A strict budget plan, ideally in excel format. 

2. A life insurance policy and critical illness policy.

3. A savings account that is not easily accessible.

4. An investment portfolio that reflects your long-term goals.

5. A private medical insurance policy, which helps you skip past NHS waiting lists.

6. An income protection policy that provides extended sick pay if you cannot work due to illness.

7. A Junior ISA for your children or any legal dependant that you have guardianship over.

8. A hobby or something you do in your spare time that you enjoy to generate additional income.

9. A family income benefit insurance to protect your income for the family on death. 

Please feel free to contact me if you have any questions in relation to these topics.

Noah Laguda

Insurance and finance expert

07766 355234 

noahlaguda@noahsure.co.uk

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