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Financial Wellbeing VS the Cost of Living
Interview with Alistair Clamp
Join IMI's intrepid reporting team as they interview Alistair Clamp, a financial expert, about the rising cost of living and what steps you could take to ensure your financial wellbeing is maintained.
It's a trying time for our bank accounts. Inflation has hit 7%, and the costs of everyday essentials - food, households bills, rent, and more - is increasing dramatically.
But it isn't all doom and gloom.
Alistair Clamp shares his thoughts on how we can balance essential spending with things that make us happy.
In short: how to tend to your financial wellbeing in a time of economic uncertainty.
Don't have 10 minutes to watch the News?
Alistair summarises what financial wellbeing means:
- To use your money to unlock happiness in your lifestyle.
- To balance "essential spending" with "discretionary spending" as the prices of essentials increase.
Alistair shares his tips to achieve financial wellbeing during inflation (use the timestamps for the video if you want to know more):
- Have an audit of your bank account (02:45).
- Consider what subscriptions you actually need, and whether you could cancel those you don't use (03:15).
- Are you over-insured?
- Choose your supermarkets carefully, and consider what kinds of foods you need.
- Can you reduce your consumption of energy?
- As borrowing become more expensive, could you re-jig your mortgage interest rate? (05:20).
- If you're going into debt, find the right type of debt to take out, such as low-interest credit cards (06:20).
- Contact your energy company, or any company you pay bills to, and talk about your financial situation. It could lead to a payment plan.
- Check out www.entitledto.co.uk, a free service that calculates what benefits you're entitled to claim (7:50).