Well, its official, the Bank of England announced that the UK is in a deep recession with the prospects of the economy contracting in size over the next twelve months.

The doom and gloom we all see on the TV each day is enough to make us reach for the happy pills, but there are things we can do personally to help combat the recession.

With any form of financial planning, it might help by going back to basics.

Analysing your income versus spending and producing a cash flow projection is a good starting point. This will focus your mind and help you to look at your income and expenditure in more detail.

There may be ways of reducing your expenditure (such as looking to review any life cover) to see if you can save money. Also comparing your gas, electricity, car insurance to other providers may save a few pounds here and there.

It’s also important to make sure your money is working for you effectively. Make the most of any tax breaks you are entitled to. Ensure your investments meet your needs, and if you are saving for retirement your pension is up to the job.

If you want to discuss your personal financial planning in more depth why not contact us via our contact form.