Question: Inflation is still high at 3.4 per cent and interest rates have not budged. How can I protect my money?
At the same time, tensions between Iran and Israel have raised fears of another spike in fuel costs that could feed back into inflation and hit household budgets. The combination of sticky domestic inflation and geopolitical uncertainty is keeping markets on edge and making proactive financial planning more important than ever.
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If you have got cash sitting in a low-paying account, now is the time to switch. It is also worth considering money market funds within ISAs and pensions, which aim to provide better returns on your cash without tying it up for years.
It is worth speaking to a broker early or checking whether overpaying your mortgage makes sense, particularly if your savings are earning less interest than you are being charged.
Reviewing your budget can make a big difference. Start by checking whether you are still paying for subscriptions you no longer use, whether your insurance and utility bills are competitive, or whether changing your supermarket habits could free up a bit more each month. Small savings really do stack up over time – especially when costs are creeping higher in the background.
But unless you are planning to access your investments in the short term, reacting emotionally can do more harm than good. Staying invested, keeping diversified, and sticking to a long-term strategy are still the most reliable ways to beat inflation over time.
Ultimately, while none of us can control interest rates or global tensions, we can control how we respond.
This is not an easy moment for household finances. But with a few smart moves, it is possible to steady the ship even when the headlines feel anything but calm.
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