Creating a budget
Posted by JSCFinancial on Thursday 23rd of February 2023
5 Steps to Create a Budget
The average British family used to be 2.4 children, these days it’s 1.7 children (and half a dog). Whether your idea of a family is two adults and two children or just you and a dog creating a family budget is an essential step towards managing your finances effectively.
By gathering information about your income and expenses, categorizing your expenses, setting financial goals, determining your disposable income, and creating a budget plan, you can take control of your finances and achieve your financial g...
Why your mortgage term matters
Posted by JSCFinancial on Tuesday 31st of January 2023
With increases in the cost of living impacting on many household budgets, the cost of your monthly mortgage payment continues to be important.
On a capital repayment mortgage, the quicker you pay off your balance, the bigger your monthly payments will be. By having a longer term, you may benefit from a lower monthly payment, but you will also pay more interest.
Whether you’re taking out a new mortgage to buy your first home or have had a mortgage for several years and want to remortgage, it’s important to consider how soon you want to be ‘...
Home Insurance Explained
Posted by JSCFinancial on Thursday 26th of January 2023
Home Insurance Explained
One wet and windy evening, Alex and Megan decided to take advantage of their newborn, Ellie, falling asleep in her moses basket by getting an early night. Picking up the basket from its regular spot in front of the fireplace, they crept upstairs. No sooner had they settled in bed when they heard a massive crash from the living room. They ran back downstairs to find a pile of rubble in the exact spot Ellie had been sleeping just minutes earlier.
Aware the incident could have been much worse, the couple were st...
Junior ISAs
Posted by JSCFinancial on Thursday 26th of January 2023
In the 2022 Autumn Budget, it was revealed that the Junior ISA (JISA) spending limits would remain at £9,000 for the 2023/2024 tax year. The JISA limit was last changed in early 2020, when it was doubled from £4,500 to its current level.
JISA and CTFs both benefit
JISAs replaced Child Trust Funds (CTF) in 2011, but those who still hold CTF will continue to benefit from the increased allowance. Both JISA and CTF are a tax efficient way to build up savings for a child. It is not possible to have both a JISA and a CTF.
Savings for children
...Market Update: Inflation begins to cool as rates continue to rise
Posted by JSCFinancial on Thursday 5th of January 2023
Central banks continued to increase interest rates although there were encouraging signs that inflation may have reached its peak.
US markets rebounded when the Federal Reserve (Fed) hinted that it may not have to increase interest rates in 2023 by as much as expected. However, they fell back after employment numbers were released, which show the jobs market remains strong. A strong jobs market could mean a more resilient economy, which could keep inflation elevated.
The US central bank raised its benchmark interest rate by half a percenta...
Key Dates For Your Finances 2023
Posted by JSCFinancial on Thursday 5th of January 2023
As we say goodbye to 2022 and welcome 2023, now’s the perfect time to make sure you’re fully prepared for the financial year ahead. To make it easy, we’ve summarised the key financial dates to put in your diaries:
January
- 31st – Self-Assessment Tax Deadline – You need to pay and submit your self-assessment tax return for the tax year ending 5th April 2022.
March
- Potential Spring Statement
- 31st – End of the Help to Buy Scheme – Buyers who applied for the loan have until this date to complete the purchase of the property.
April
...Are you making the most of your ISAs?
Posted by JSCFinancial on Wednesday 4th of January 2023
Are you making the most of your ISAs?
You are unable to carry any unused allowances over into the 2023-2024 tax year. If you are unsure on what ISAs are available to you and what they could do for you and your money, here’s how you can make the most of them.
ISA
An ISA is an individual savings account that allows you to save money tax-free in a cash or investment account, so you could end up getting more for your money. An ISA is a medium to long term investment, which aims to increase the value of the money you invest for growth, i...
The benefits of making overpayments on your mortgage
Posted by JSCFinancial on Tuesday 20th of December 2022
The benefits of making overpayments on your mortgage
Hardly a day goes by without the cost of living hitting the headlines. For many homeowners the increasing costs of owning and running a home is having a huge impact on household budgets. For those borrowers with a fixed rate mortgage, the recent increase in mortgage interest rates may not have an immediate impact. However, as mortgages are more expensive now than they were two years ago, you may see your mortgage payments rise when you next come to remortgage.
Overpaying on your mo...
It's not all fixed rates
Posted by JSCFinancial on Tuesday 20th of December 2022
It's not all fixed rates
With over 10 years of record low interest rates, fixed rate mortgages offer borrowers the stability of knowing what the mortgage payment will be for a set period, which helps with budgeting.
Because of the way many lenders decide what rates to offer, we’re currently seeing tracker products priced a lot more competitively than fixed rate products.
Unlike a fixed rate, the monthly payment of a tracker mortgage fluctuates and the rate charged on the mortgage ‘tracks’ the Bank Rate usually for a set period. Whil...
Autumn statement 2022: what it means for you
Posted by JSCFinancial on Tuesday 22nd of November 2022
After several months of economic and political uncertainty the new chancellor, Jeremy Hunt, has delivered his autumn statement.
With announcements relating to energy bills, Income Tax, the State Pension, tax allowances, and Stamp Duty, there are plenty of ways your finances could be affected in 2023 and beyond.
Here are the key points of the autumn statement and what they mean for you.
You may pay more Income Tax in 2023/4 The chancellor’s announcements mean many millions of workers are likely to pay more Income Tax over the next few year...
