11 minute read
Financial Matters
from SE23 May 2020
by SE Magazines
With Akwasi Duodu | akwasi@sterlingandlaw.com | www.sterlingandlaw.com
With so many people dying every day, the biggest priority for anyone living in the UK should be keeping themselves and their families safe. As I write, we still haven’t reached the peak and the daily deaths being reported is sad, alarming and depressing. Britons are also looking for help with their finances in record numbers as the coronavirus pandemic and the lockdown of the country sees huge numbers of people furloughed or made redundant, and 1.4 million people turning to Universal Credit. These certainly are worrying times and people are looking for answers to their burning questions. We looked at five of the most commonly asked financial questions, and our answers to them.
1) Should I move my stocks and shares investments onto Cash?
Unfortunately, this is never a simple yes or no answer but dependent on your time horizon and attitude to risk. What is certain is that moving your money into cash after a market fall would crystallise your losses and give you little or no chance of getting your money back when the market returned. Only cash in your investments if you have no other choice. We all know that the stock market is no place for short term savings. If, however your investment is for the long term, such as retirement, the wisdom would be to stay invested until the world returned to normal and the market recovered.
2) Is this a good time to invest in the stock market?
The FTSE, the UK’s market of stocks and shares is the lowest it has been for five years. This presents an opportunity for anyone lucky enough to have cash to invest for the long term. I’ll add the caveat that the market is extremely volatile – we have seen market swings up or down of up to 5% in a day! With such volatility, only the very bravest risk takers should consider investing short term funds. Assuming this pandemic doesn’t last forever, those looking to set aside money for the long term would be taking advantage of depressed stock prices and could see long term rewards as a result. Just be prepared for a very bumpy ride at the start of your journey.
3) Will taking a break from my mortgage or credit card repayments affect my credit?
Credit reference agencies have confirmed that taking a repayment break should not affect your credit file if a) the payment break was pre-arranged with your lender or credit card company and b) if you were up to date with your repayments on your mortgage or loan at the time of applying for the break. The key is in arranging facilities before getting into trouble. If the payment break was for three months for example, and you needed more time, ensure you contact your lender before the three months break period was over. As with all credit, breaking whatever had been agreed would have negative consequences.
4) I’m struggling to pay my utility bills & council tax. Is there help available?
If you're struggling to pay your council tax, contact your council and discuss your options with them. With payments for a gas, electric or water bill, contact your supplier to let them know before you get into serious arrears. They'll discuss your options with you. There are also other sources of help available such as grants and financial assistance schemes that could help you if you're struggling to pay your energy bills. It's important to contact your suppliers if you're struggling, as gas, electricity and water bills are priority payments and your provider could cut your supply off.
5) What lessons can we learn from this?
As a financial adviser, the first and most important lesson I have learned from this crisis is how important it is to have a rainy-day fund available. Rainy day money would mean a sum of money that could keep you and your family going for six months. Our “rainy day” is here. Let’s just hope it doesn’t last too long.
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VE Day - Stay at Home Victory Party Ideas
When VE Day dawns on 8th May 2020 it will be 75 years since the guns fell silent at the
end of the war in Europe. Years of carnage and destruction had come to an end and millions of people took to the streets and pubs to celebrate peace, mourn their loved-ones and to hope for the future, but not forgetting those still in conflict until 15th August when it was announced that Japan had surrendered unconditionally to the Allies, effectively ending World War II.
The 75th anniversary will provide our nation, and our friends around the world, with an opportunity to reflect on the enormous sacrifice, courage and determination of people from all walks of life who saw us through this dark and terrifying period.
To commemorate this important time a three-day international celebration had been organised to take place from 8th May to 10th May 2020. Unfortunately, due to the terrible Coronavirus emergency and consequent Government guidance the majority of these celebrations have either had to be cancelled or postponed. It is hoped that events can be moved to the weekend of 15th – 16th August when we will be able to celebrate VE Day and VJ Day, both momentous points in our history, but this has yet to be confirmed.
However, in true British spirit, the current lockdown situation does not stop us from making our own victory party celebrations at home to mark this momentous occasion. The following pages will help you put together your own celebrations to mark the 75th anniversary of VE Day.
To help you prepare your day, we’ve collated a party pack and sourced resources to get you started while you #StayHomeSaveLives
Venue
Be sure to stay home this weekend and mark the occasion while complying with social distancing rules. Enjoy a picnic or BBQ in your garden.
Decoration
Decorate your house and garden in red, white and blue.
Party food
What’s a party without a buffet? We’ve sourced tasty 1940’s recipes to serve on the day.
Party playlist
A party isn’t complete without a playlist. The 1940’s was known for big band and jazz, so we have complied a playlist for you to sing along to.
Friday May 8th Timetable of Events
3pm Raise a glass (or a cuppa) with the rest of Britain to toast all those men and women who played a part in the conflict. 9pm Join the UK-wide singalong of Dame Vera Lynn’s ‘We’ll Meet Again’
Resources
The following websites have downloadable packs to help you prepare your party at home, including recipes, tips for dancing, 1940’s playlists and VE Day posters and bunting to download make with the children to decorate your home.
English Heritage: www.english-heritage.org.uk/ve-day
Official Government VE Day website: www.ve-vjday75.gov.uk/plan-your-ve-day-party
Decorate your home
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PLAYLIST 1940’S DOWNLOAD PARTY
Singalong
WE'LL MEET AGAIN
We'll meet again Don't know where Don't know when But I know we'll meet again Some sunny day
Keep smiling through Just like you always do 'Till the blue skies chase Those dark clouds far away And I will just say hello To the folks that you know Tell them you won't be long They'll be happy to know That, as I saw you go You were singing this song We'll meet again Don't know where Don't know when But I know we'll meet again Some sunny day And I will just say hello To the folks that you know Tell them you won't be long They'll be happy to know That, as I saw you go You were singing this song We'll meet again Don't know where Don't know when But I know we'll meet again Some sunny day THAT LOVELY WEEKEND Geraldo & His Orchestra, Dorothy Carless • Greats British Dance Bands - Vol. 8 - Geraldo & His Orchestra with Singers RUM AND COCA-COLA The Andrews Sisters, Vic Schoen & His Orchestra • My Greatest Songs SHOO-SHOO BABY The Andrews Sisters, Vic Schoen & His Orchestra • My Greatest Songs I'VE GOT A GAL IN KALAMAZOO George Evans, Geraldo & His Orchestra • Original Hits - Wartime
IN THE MOOD Glenn Miller • Greatest Hits YES, MY DARLING DAUGHTER Dinah Shore • The Very Best Of Dinah Shore YOU'D BE SO NICE TO COME HOME TO Leslie A. Hutchinson • Living on the Edge, Dancing in the Dark
NIGHT AND DAY Frank Sinatra • Sinatra Sings His Greatest Hits PAPER DOLL The Mills Brothers • The Mills Brothers Retrospective, Vol. 1 THE TROLLEY SONG Judy Garland, MGM Studio Chorus • Meet Me In St. Louis (Original Motion Picture Soundtrack)
SENTIMENTAL JOURNEY Doris Day • Sentimental Journey WE'LL MEET AGAIN Vera Lynn • Vera Lynn YOURS Vera Lynn • Gold: 100 Songs From A Life In Music I'M FOREVER BLOWING BUBBLES Nat Gonella, Stella Moya • Blow That Horn
VE Day - Stay at Home Victory Party Ideas
