Should I be worried about Brexit and my finances?
Written by Robert Bester, Consumer Finance Expert Robert has been a writer for six years, specialising in consumer finance and the UK lending market. Concentrating on consumer credit products, Robert writes informative articles that help customers manage their personal finances efficiently.
30th November 2020
3 minute read
It can be alarming to listen to the news at the best of times, but recently it has been difficult to make sense of the back and forth surrounding Brexit news. It has dominated headlines since the vote was announced in June 2016, and the heightened news coverage is set to continue up until the new extended deadline of the 31st October.
At the time of writing, European leaders have agreed to a six-month extension to Brexit, granting a new deadline of the 31st October for politicians to come to an agreement as to how we leave the EU. If a motion is agreed upon we could still leave before this deadline, but it is up to the government to find a majority in parliament.
While the general public are used to having clear options to vote for in terms of parties and policies, Brexit has created a confusing new dimension where politicians are disagreeing with their own party. It can be worrying to say the least, no matter what side of the fence you happen to sit on.
As much as these are troubling times for politicians and the economic future of the UK, what does it mean for you and your financial future?
The Guru’s catchphrase is “Be Enlightened”, but what does that really mean?
We would ordinarily apply the first definition to your relationship with financial products such as credit cards, loans and mortgages. But showing a rational, modern, and well-informed outlook can put you in a good position for most things in life.
Understanding what is going on and keeping a rational state of mind will help when it comes to all things Brexit. It might seem very uncertain now, but in time the future of our country will become clearer and subsequently, as will your own financial future.
Whilst we aren’t currently being given much confidence on what is going to happen post-Brexit, it’s important to remain calm. The current political turmoil is born out of a lot of disagreement over the way we should leave the EU and can be worrying to watch unfold, but that doesn’t mean we should let it affect our own important decisions.
It can be hard to make predictions at this juncture, but if you need to make decisions about your financial future now, it’s no good waiting for Brexit to materialise.
We’ve asked our resident guru, Channel Manager Deb Vickers, her opinion on predicting the financial future post-Brexit:
“The Brexit drums continue to get louder as the deadline draws nearer, but the tune has remained largely the same and many questions remain unanswered.
Despite so much uncertainty around Brexit, now more than ever it’s important to remain certain about your personal finances. Effective money management will make sure you have one less thing to worry about as we approach the new deadline of October 31st .
That means making sure you are on the best deal for your credit card, personal loan or mortgage, and if not, then it’s time to make a change.
In uncertain times, it helps to be certain that you’re saving money for the future.
Remove doubt from the equation and start comparing the best deals. Whether that means choosing to leave your current lender or account provider, or remain with them, especially if you’re convinced that they’re giving you the best deal currently on the market.
Don’t be afraid to make a change, especially if it will save you money and allow you to reduce your debt over a shorter period.”
Making sense of information
The Guru exists to keep consumers enlightened over their finances so they can make well-informed, rational decisions over financial products. Providing clear and relevant information has allowed our customers to proceed with confidence when it comes to financial decisions.
While there is a lack of clear information over Brexit, that doesn’t stop you being sure about your own financial position. Getting a credit report will allow you to see exactly how you’re perceived by major lenders so you can make sense of why they either accept or reject an application.
Be clear in your decision-making
Rather than allowing the doubt surrounding the UK leaving the EU to cloud your own decisions, instead, try these alternative tactics:
Have confidence – just because there are calls of no confidence in the Prime Minister and the government, doesn’t mean to say you shouldn’t have confidence about your financial future. Ask for advice, read up on your options and find out as much as possible before making a decision.
There is always a good deal – there might be fears around a no-deal Brexit, but that’s not to say you will never be able to find a good financial deal. Use our moneymatcher tool to dig up the best deals available to you for credit cards and loans.
Read informative articles – even if Article 50 is extended (again) and Brexit doesn’t happen on time, don’t panic. Keep reading articles and finding out about financial options open to you, giving you the most amount of relevant information before you make a final decision.