Cost of living rise – time for self help!

In this very unsettling period where the increases in cost of living are having an impact on most people, it would be wise to just take a look at your own finances. The best course of action is to be kind to yourself. All the most worthwhile things in life are achieved through consistent, small actions – actions that can be turned into habits and gradually give form to our, as yet, unachieved goals. Practice a little every day and mountains can be moved; so why should personal finance be any different and what are the best habits to adopt?

Learn how to budget

There’s a great deal of power and security in knowing exactly how much is coming in and going out of your personal account on a monthly basis. It’s so much easier to stick to a budget when you have a tight grasp on your outgoings. This doesn’t have to be a complicated affair; no need for spreadsheets or hundreds of graphs. Simply knowing how much you are spending on basics like food, accommodation, transport and utilities will give you a good idea of how much you have left over to play with when the essentials are covered. That will allow you to allocate funds to those areas that might otherwise get neglected.


One of the most powerful habits you can get into, saving monthly from as early on in your career as possible, is the best way to build up your nest egg for the future. Once you have budgeted for all other outgoings, a direct debit into a savings account is a great way to ensure you’re not tempted to spend what might otherwise be put away for the future.

Check-in with your financial advisor

If you are already working with a professional advisor, then it’s worth scheduling a regular appointment to see how things are going and to update them with any changes in your circumstances. It may be that you have a little extra that you can allocate to your investment strategy, or you’re just curious how your investments are performing and if there is anything you should be doing to maximise your returns. Working with an IFA is a relationship that can last for years; the better they know you and what your goals are, the better they will serve you in the long run. If you are not already working with an advisor, now is the time to set up a meeting to start building your financial strategy and habits for the future.

If you have a Financial Advisor based in the UK, you should check that they now have all the permitted authorities to continue dealing with you.  It would be best practice to have an IFA based in Spain with knowledge of the local tax regimes and products.

Emergency fund

Putting aside some money for a rainy day is something we should all be doing. A good rule of thumb is to have enough put by to tide you over for 2-3 months should anything unexpected happen. This means having a fund you can access at pretty short notice, not something that’s tied up in a limited access savings account, or involves selling assets. It may only be an unexpected garage bill, but that could blow a large hole in your outgoings for the month. The trick is to replenish the fund once you’ve used it. Think of it as a financial buffer between you and the unknown.

Check your bank and mobile phone statements

Many of us now only receive statements electronically and unless you log in to your online bank regularly, you may even miss these – and do you check them? Something about those old paper statements made it much more likely that we would spend a couple of minutes scanning the columns for anything untoward. It may only be that old gym membership, or streaming service that you thought you had cancelled – subscriptions have a habit of auto-renewing these days, so it’s well worth a regular monthly check.  I also put phone statements on here as in this electronic ‘APP’ age it is very easy to subscribe and be paying something each month and be completely unaware of it.

In today’s financial climate it is essential you do everything you can to make sure your money is safe, should you want a no obligation appointment, your only initial investment is a small amount of time.


120 Avenida Dr. Artero Guirao 2C

San Pedro Del Pinatar

30740, Murcia, Spain.

Our office suite is on the main N332 through road of San Pedro del Pinatar with easy parking.

If you want more information or wish to make an appointment to discuss your own situation please call 657 684 094 or email  

This communication is not intended to constitute and should not be construed as investment advice, investment recommendations or investment research. You should seek advice from a professional regulated adviser before embarking on any financial planning activity.

Blacktower Insurance Agents and Advisors Limited is authorised and regulated by the Cyprus Insurance Companies Control Service (ICCS) under Licence number 5101. Blacktower Financial Management (Cyprus) Limited is licensed and regulated by the Cyprus Securities &Exchange Commission (CySEC) with Licence number 386/20.