Sunshine and rainbows are beautiful, but the sunshine will be broken with clouds, and we cannot have the rainbows without the rain. The best Christmas present for your family this year may well be a review of your financial position, and preparations for 2023. In recessions and tough times some will fall, some will thrive. Which camp would you prefer to fall into?
As the COVID-induced medical emergency has waned, economic storms are replacing it. Interest rate rises are biting, but not yet hurting too much. Strong employment, savings, and many still enjoying having fixed lending at rates as low as 2% are assisting in that. However, your savings are limited, and that low fixed rate will expire. Have you budgeted for the known repayment increase to come?
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