Brexit is one of the current talking points in the whole world. Not only Britain’s exit from the EU will affect the market of whole Europe, it could cost more than 100000 jobs both in UK and Ireland. In this article we talk about some points which you can follow to save your finances from Brexit.
Your Jobs: The Central bank has warned that Brexit could affect 34000 Irish jobs by the next year, and 100000 by the decade-end. If you face job loss after Brexit, you must save yourself by building a financial bunker beforehand with your net income of three months to six months.
Your Taxes: Spending on public services is also believed to be increased after the Brexit. You should not expect any tax cuts as of some years now and you have to accept that your home pay will not increase in the impending future.
Your Investments: You should also think about your investments as it is said to be the most vulnerable sector during the Brexit. If you have large amounts of sterling deposits, then you should consider protecting it from the price fall of pounds by selling at least a portion of the deposit.
Your Groceries: After Brexit, the prices of general commodities are also expected to soar higher. To prevent the price rise, you should consider switching brands (especially the UK brands) and use the local products. You will also directly help your local economy.
Your House: You should also protect your house prices from the Brexit, as it is expected to take a dip. You should prepare your mortgage and finances to go through. This will enable to jump at a bargain if anybody wants to buy your house. These are some of the tips you may follow to save your money from the impending Brexit.
News Source: Independent.ie