• Support After Life in the Police

    Support After Life in the Police

    This article was published on Mon 08 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Police Mutual has worked closely with the National Association of Retired Police Officers (NARPO) of England and Wales for over 30 years, supporting retired Police Officers, Staff, Specials and their families through their lives after retirement.

    NARPO is a member organisation that believes life can continue to flourish after the Police.

    With branches up and down the country, NARPO offer advice and support to their members on life and wellbeing issues, provide new work opportunities and help make the most of new-found leisure time. They strive to help their members enjoy life to the fullest after the Police.

    Membership of NARPO offers the following benefits:

    Life

    • Up to date advice and support on police pensions and state benefits
    • Access to NARPO’s travel and healthcare insurance
    • NARPO tailored car insurance from Police Mutual
    • Campaigning on the issues that impact NARPO members

    Work

    • A wide range of full and part-time positions available on NARPO’s website
    • Roles that are perfectly suited to ex-officers

    Leisure

    • Exclusive member discounts on holidays
    • Discounts on products and services
    • Networking and connecting members

    Want to learn more? Access our wellbeing hub here.

    Chris Morey

  • How to Improve Your Credit Worthiness

    How to Improve Your Credit Worthiness

    This article was published on Mon 01 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Looking for ways to improve your credit worthiness can increase your chances of success, below are some do’s and don’ts which could help:

    Do – check your credit file: you can check your credit file at all of the three main credit agencies – Equifax, Trans Union & Experian. You have the right to access your report for a small charge of £2. It’s a good idea to check your report with all three agencies, because one might be giving different information to lenders. If you spot any mistakes, contact the relevant agency as soon as possible and ask for them to be corrected.

    Do – Get yourself on the electoral role: this is the one of the easiest ways for lenders to identify you, if you’re not on the electoral role, you could find it difficult to get credit. You can register online at any time through the Register to Vote website.

    Do – close old credit card accounts: if you have credit cards which you no longer use, contact the providers and close them. If an account is still open, lenders may think you already have access to more credit than you need.

    Do – build a positive credit history: to help you get credit in the future, you can start to build a good credit history now. Showing that you can repay your credit on time and stay within your credit limit will help show lenders that you are financially responsible. If you have never borrowed money before and have no credit history, you will have limited access to loans and credit cards. Try approaching your own bank in the first instance and ensure that you make repayments on time and in full.

    Don’t – make multiple applications for credit: making an application for credit leaves a ‘footprint’ on your credit file that other lenders will be able to see. If you’re refused credit, don’t be tempted to make multiple applications at once as this may be seen as a sign you are in financial difficulty. This could make lenders reluctant to lend to you, instead, work to improve your credit rating before you apply again.

    Don’t – let other people’s score affect yours: if you have previously held joint financial products with someone you no longer have a relationship with, write to the credit reference agencies and ask for a notice of disassociation. This will prevent their credit history affecting yours in the future. However, you can’t do this if the account is still open, so it will need to be closed or transferred into one name first.

    Don’t – be late on any credit repayment: doing this even once or twice may affect your ability to get credit for a number of years. If it is a simple case of not being organised and forgetting the payment due dates, the easiest way to tackle this is to pay everything by direct debit to ensure you are never late.

    Personal loans

    If you are in financial difficulties contact your lender and ask for help to discuss your options as soon as possible, do not wait until you have started to miss your repayments.

    If you’re already in debt and struggling to make ends meet it can have an impact on your mental and physical health as well as work and relationships. There’s no need to suffer alone! We’ve teamed up with PayPlan – an independent, FREE, debt management company – to offer you the support you need to regain control of your finances. Just call 0800 197 8433.

    If you owe money on more than one credit card or loan then a debt consolidation loan could come in handy. You can access our debt calculator to add up how much you owe and see if a personal loan could reduce your monthly outgoings.

    Want to learn more? Access our wellbeing hub here.

    Chris Morey

  • Don’t ‘Budge it’ – BUDGET!

    Don’t ‘Budge it’ – BUDGET!

    This article was published on Mon 01 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    It can be all too easy to think that budgeting is a bore. And if you’ve heard the same ‘top tips’ time and time again then we feel your pain. But don’t underestimate the power of a considered budget – if you’re able to stick to it, it can help you save for life goals and make you feel a little bit smugger for being at one with your finances.

    That’s why Police Mutual has written our quick guide to budgeting. Call us financial feng shui masters, if you like…

    What budgeting achieves

    When done properly, a budget tells you what money you’ll have left at the end of each month and what you can afford to spend. If you currently spend more than your income a budget will flag this, so it could also act as a financial warning system to stop you from getting into the trap of spiralling debt.

    Budgeting 101

    Financial feng shui lessons:
    1. Take a deep breath in, then exhale. Clear your mind of everything other than your finances. Ignore the mountain of clothes in the washing basket. Kiss that binge-watching-Netflix session goodbye for now.

    2. You’re ready to start drafting your budget. Create a budget sheet, including a monthly forecast of your spending for the year, using bills and receipts from 2017 to help you. Use Excel or a similar table format as this can make things easier.

    Remember to include amounts for any upcoming family events you know about (like weddings or birthdays) or any special occasions, and how much you think they’ll cost. It’s also good to include a contingency fund each month to help you cover any unexpected emergencies like a boiler repair.

    If you’re self-employed, don’t forget to save amounts ready to cover your NI, VAT and other tax commitments for the year.

    3. Don’t use simple categories like Shopping or Home.
    Do break them down into specifics. For example, under Shopping you might have: ‘groceries’, ‘clothes’, ‘presents’. Under Home you could have ‘electricity bill’, ‘water bill’, ‘phone bill’ and ‘TV licence’ etc. This will help you get a real understanding of where your money goes.

    4. If you spend different amounts each month on something – like your grocery shopping – take an average over three months to get a more accurate view. Just add up three months’ receipts and divide by three then use that amount for each month.

    5. Spend a few hours adding costs to your budget, making sure it’s realistic. Put it to one side, sleep on it (not literally!), and then read through it a few days later to see if you’ve thought of anything to add. Alternatively, if you’re so inclined, try meditating while thinking it through, to see if you get further inspiration. It can’t hurt and we won’t judge.

    6. When you can see how much you’re likely to spend each month, you can compare that figure to your income. Will you be in the red? Will you have to tighten the purse strings a bit? Or will you be sipping champagne in the Seychelles?

    If the outlook isn’t great, there are steps you can take. Is your electricity bill looking a bit steep? Think about changing provider and getting a better deal. The same applies for your internet, phone contracts and, well, the list is endless. Not watching films as part of your TV package? Cancel or reduce parts of it to pocket some more money.

    It can also be helpful to concentrate on budget categories for ‘Needs’ and ‘Wants’, to focus on your priorities and think differently. Could you walk to work or use public transport that would be cheaper than having a car? Are you getting a good deal on your mortgage or could you get a better deal?

    Even if your budget looks comfortable, it’s never a bad idea to save money if you can. Then you can invest for the long-term or save it as a financial safety net.

    7. Finally, most budgets don’t work! Controversial but true. To give your budget the best possible chance of being accurate you need to be honest. Do you buy a coffee every other day but don’t think it’s worth counting? Each of those coffees adds up. Do you get through yoga mats like there’s no tomorrow (while meditating about your budget perhaps)? Put it in. Only then can you see what you’re able to live without.

    Dealing with debts

    If after doing your budget you’re lucky enough to have money left at the end of every month then it’s worthwhile considering any debts you may have and create a plan to pay them off or put a little extra aside into your savings.

    If you still owe money on more than one credit card or loan then a debt consolidation loan could come in handy. You can access our debt calculator to add up how much you owe and see if a personal loan could reduce your monthly outgoings.

    If you’re already in debt and struggling to make ends meet it can have an impact on your mental and physical health as well as work and relationships. There’s no need to suffer alone! We’ve teamed up with PayPlan – an independent, FREE, debt management company – to offer you the support you need to regain control of your finances. Just call 0800 197 8433.

    Maintaining financial peace of mind

    Start January 2018 as you mean to go on! Don’t ‘budge’ the budget – become a financial feng shui pro by:

    • Staying on top of your budget – stick to what you’ve calculated and keep an emergency fund

    • Managing any debts you may have

    • Reviewing your budget and updating your plan accordingly if your circumstances change (like a job move, new house, or a new addition to the family)

    Want to learn more? Access our wellbeing hub here.

    Chris Morey

  • Smarter Spending

    Smarter Spending

    This article was published on Mon 01 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    The truth is, those everyday essentials aren’t getting any cheaper and you may need to do more to stretch your cash to cover rising costs.

    Taking a little time to manage your money more effectively can really pay off. Well if you shop smarter, you can. Here’s how…

    Cashback websites 

    Register for free with one of the big cashback websites like TopCashback and Quidco, and you can earn between 2% and 12% cashback on all kinds of online purchases – from trainers to takeaways. And if you’re searching for a new TV and broadband deal, or a mobile phone contract, you could earn over £100. Here’s how it works…

    You’re on a retailer’s website and you’ve about to “buy now”. Don’t. Sign in to your cashback account and click through to the retailer’s website from here. The cashback website gets paid commission by the retailer for directing you to their site, and you earn a share.

    You can also search for special deals within the cashback site. But before you get carried away by the size of the offers, just make sure the item you’re buying isn’t available elsewhere at a lower price. To make sure you’re getting a good deal, search retail price comparison websites like Kelkoo and Pricerunner.

    Cashback credit cards

    With a cashback credit card, you earn money every time you use it. Most cards offer cashback rates of either 0.5% or 1%, which may not sound a great deal, but if you use it regularly, the pennies and pounds will soon add up.

    Some cards offer higher cashback rates in return for a monthly fee, which may sound tempting, but if you don’t use the card regularly you could find yourself out of pocket. So if you’re considering a card with a fee, work out how much cashback you’ll earn on your typical monthly spend and see if it’s more than the monthly fee.

    If you want to boost your cashback, switch your regular debit card spend to your cashback credit card. But make sure you pay off the bill in full every month. Because interest rates on cashback cards are usually quite high, and one month’s interest could wipe out your cashback for the entire year.

    Voucher sites

    Search online for voucher websites and you’ll find a whole list of companies offering money-off coupons and discount vouchers for just about anything you could ever want. Groupon and VoucherCodes are the two biggest operators, with offers of up to 70% off standard prices.

    But be careful not to get wowed by the size of the savings. Stay focused on what you came looking for, and don’t be dazzled into buying something you don’t really need. Because a 70% saving on something you never use, is really just a 100% waste of money.

    Want to learn more? Access our wellbeing hub here.

    Chris Morey

  • Take the Debt Consolidation Challenge

    Take the Debt Consolidation Challenge

    This article was published on Mon 01 Jan 2018. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Below is our quick guide to help you understand what’s involved, including tips on how you could stop your debts from getting out of hand.

    What is debt consolidation?

    A debt consolidation loan involves taking out a single loan that rolls your existing debts into one monthly repayment, which may help you reduce your monthly outgoings. If you have more than one credit card, or several different credit agreements or loans in place, you may want to consider debt consolidation loans because…

    1) The same interest rate applies to just one debt amount. If you’re not in a 0% offer period, credit and store cards can have higher interest rates than loans, so a debt consolidation loan rate could be much lower

    2) You can choose how long to repay the loan over, to find a monthly payment that’s affordable for you. But it’s worth noting that by increasing the term you may pay more interest overall

    A debt consolidation loan – the ‘4 Cs’ to remember:

    Check your finances – list your debts. Include all your outstanding balances with the interest rates you’re currently paying, any early repayment penalties (if applicable), your monthly repayment, and the remaining term. This will help you prioritise the debts that you should be consolidating first.

    Create a budget – list your current income and all outgoings, which will allow you to get a more detailed view of your finances and to work out how much you can realistically afford to pay each month by consolidating your existing debts.

    Can you use savings? – if you have savings that could be used to reduce your debt it could be a cheaper option than taking out a loan. Check the interest rates on your savings to see if they are lower than the interest on your debts, but it’s always best to keep some savings in reserve for emergencies.

    Consider the rate – when looking for a loan to consolidate your debts with, look for a fixed rather than a variable rate, as your payments will not change throughout the term of the loan. Make sure you read the loan agreement carefully and have considered any charges that may apply if you decide to repay the loan early or arrangement fees to set the loan up.

    Remember, if you take out a personal loan, don’t borrow more than what you need, as adding more to your debt means it will take longer to pay it off and could be more expensive. Make sure to pay off your debts as soon as you’re able to.

    Police Mutual offers a personal loan calculator to help you decide if a personal loan is right for you. Just click here for more information.

    Need more help?

    Everyone’s circumstances are different. If you’re struggling with debt or worried that you may be getting into financial difficulties, you should seek confidential debt advice from one of the free services available in the market such as:

    PayPlan
    National Debt Line
    StepChange Debt Charity


    PMGI Limited, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 1073408. Registered office Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

    Neyber Limited is authorised and regulated by the Financial Conduct Authority. Financial Services Register number 718709. Registered address: First Floor (East), Tabernacle Court, 16-28 Tabernacle Street, London, EC2A 4DD, United Kingdom, Company registered number: 08806631 Data Protection Registration Number: ZA039009.

    Want to learn more? Access our wellbeing hub here.

    Chris Morey

  • Financial Security & Your Overall Wellbeing

    Financial Security & Your Overall Wellbeing

    This article was published on Wed 01 Nov 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    As a financial services provider we know that financial security is central to a person’s overall wellbeing, and that positive contributing factors include building up and making savings, and avoiding and managing debt. We also know that being out of your depth in any area of your life can have a serious knock-on effect on how you feel, and that it is knowledge, understanding and experience that give us a sense of control and comfort. These in turn support positive wellbeing.

    One of the outcomes is Police Mutual’s delivery of free financial education courses. Last year we helped around 20,000 members of the Police family with their finances, and 92% of course attendees said they felt better equipped to make financial decisions for their future. Building up and making savings, and avoiding and managing debt are central to our financial education courses.

    Building up and making savings

    Since Police Mutual was established in 1866 to help and support Police Officers and their families in times of hardship a lot has changed, but one thing has remained the same: encouraging and enabling members to save regularly. In 2016, more than 3,800 new Police Mutual members started the savings habit, and in total we paid out £63.7m on maturing plans.

    “I find myself thinking ‘how have I saved that much?”While these statistics are impressive in their own right, it is the personal stories of what using our Regular Savings Plan (RSP) has enabled the member to do that really bring the statistics to life:

    Jason Leng is a serving officer with Northumbria Police and has been with the force for almost 25 years. Shortly after starting as a new recruit, he took out a RSP to make sure some money was put aside for the future and the possibility of a family. Since then, he and his wife, also a police officer, have used RSPs to save for their family holidays.

    Jason says: “Over the years, the pay-outs have been fantastic and because it’s all taken by salary sacrifice, from my payslip, I don’t even notice that the money has gone. My next pay-out will be around £6,500. I can’t believe it. I find myself thinking ‘how have I saved that much?’. The money will pay for next year’s family summer holiday with my wife and our children, and we can’t wait.”

    Avoiding and managing debt

    We know that many members of the Police Family owe money on more than one credit card or have several different credit agreements or loans in place. We appreciate that it can be tricky and stressful to keep track of them all, especially if you are making repayments on different days during the month and being charged different interest rates. This is why, together with our trusted loans partner, Neyber, we offer debt consolidation loans that
    could combine your debt into one monthly repayment that can help you take control of your finances.

    Again, it is the individual stories that really bring to life the impact that a debt consolidation loan can make.

    Pepe is a 43 year old officer originally from Italy, now living in Epsom. He says, “I had two credit cards and a small personal loan that I was paying off. Before I took the loan out, the interest that I was paying on the credit cards in particular was so high I just had the feeling that I was never going to clear it. I thought it was just going to go on and on and on… The application (for the loan I took out with Neyber through Police Mutual) was really easy… It’s a weight off my shoulders; I can see light at the end of the tunnel.”

    Find out more about a Regular Savings Plan here.

    Want to learn more? Access our wellbeing hub here.

    Chris Morey

  • Healthcare – A Member’s Story…

    Healthcare – A Member’s Story…

    This article was published on Wed 01 Nov 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    “After feeling ‘not quite right’ I went through six months of tests with the NHS while they tried to find out the cause of the problem, but there was no degree of urgency. Appointments were rescheduled and I was booked in with one consultant, then another. Eventually, I saw a consultant who said it was an abnormality with my pancreas.”

    With a friend undergoing treatment for pancreatic cancer at the same time, Will already had Dr Mirza in mind. After getting approval from the Police Mutual Healthcare Scheme team, he was able to see his consultant of choice at The Priory in Edgbaston, one of the many hospitals in our network.

    He continues: “Pancreatic and brain cancers have some of the lowest survival rates, so I decided to go ahead with the procedure to remove the three cysts they found during a diagnostic procedure, before they had a chance to become cancerous.” He had a scan in March 2017 to ensure his recovery was going according to plan. Another scan is booked in for October this year, with a final check-up expected to take place in October 2018.

    Will says: “If I hadn’t had the operation as soon as I did, there would have been an extremely high chance that I’d have been on digestive supplements and a restricted diet for the rest of my life. The NHS does the best it can with a huge strain on staff, but I was seen quickly thanks to the Police Mutual Healthcare Scheme.

    “The NHS does the best it can, but I was seen quickly thanks to the Police Mutual Healthcare Scheme.”“It gives peace of mind against something you wish isn’t going to happen. It can seem quite a lot to pay for, when retired, but well worth it. One of my friends had a knee operation under the Police Mutual scheme while he was working then dropped out of it after he retired.

    “Shortly after, he needed his other knee replacing, and he had to wait for nine months with the NHS. At our age and stage of life, you don’t want to lose any of the quality time you have.”

    Asked what he would say to others considering joining the Police Mutual Healthcare Scheme, Will comments: “I’d recommend the scheme to anyone, especially with the NHS being so stretched. The team has been really supportive. My wife is also a member thanks to my Police Mutual scheme and she has needed it for steroid injections, following a knee replacement she had in the past.

    “The healthcare scheme, together with an excellent surgeon, unquestionably prolonged if not actually saved my life. I will not hesitate to continue paying my monthly subscription in the hope that I will not have to call on the service again.”

    You can find out more information about Police Mutual’s Healthcare Scheme here.

    Police Mutual Assurance Society Limited (PMAS) is an incorporated friendly society. PMHC Limited (PMHC), trading as Police Mutual, is registered in England and Wales No.03018474. The registered office for PMAS and PMHC is Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

    Chris Morey

  • Get On The Road

    Get On The Road

    This article was published on Wed 01 Nov 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Is your heart set on that new car smell, or going for the increasingly more common and economical option of a second-hand vehicle? Either way, we have all your car buying needs covered.


    Not sure which option to go for? Consider the following:

    Buying a used car

    1. Do your research
    To be in a strong negotiating position with sellers and dealers do your research before you buy.
    2. Get expert advice
    “What Car” and “Parkers” are great for checking the market value of the model you have your eye on as well as guidance on ride quality, fixtures and fittings.
    3. Be thorough
    Use the DVLA’s vehicle enquiry service, the Government’s MOT history check tool and order an HPI check for full details on the car including if it is stolen or has outstanding finance on it.

    Buying a new car

    1. Time it right
    Aligning your purchase to quarterly sales targets at the end of March, June, September and December can mean dealers are more willing to negotiate.
    2. Get a final price
    Ask the dealer for a full and final breakdown of on the road costs such as delivery and number plates before committing.

    3. Do you really need those optional extras
    Try to stick to ones that could add to the resale value of your car, such as parking sensors or a built in sat nav. Review the period and terms of warranty cover before you commit to buying any additional cover.

    Regardless of which purchase option is right for you, all car buyers need to think about:

    The running costs

    MOT: cars over 3 years old need to pass a MOT, each year at an authorised test centre. Allow up to £54.85 for the test fees, but do shop around.
    Car tax: some cars are exempt, but after new rules came into force on 1 April 2017, most UK drivers will need to pay car tax. Find out more at gov.uk website.
    Car insurance: shop around for the best deal and check the policy’s voluntary and compulsory excess. To find out more about Police Mutual car insurance and get a quote click here.
    Fuel: this can really rack up so consider buying a car with low fuel consumption.
    Breakdown cover: check to see if you already have cover with your car insurance or bank account or to find out more about Police Mutual breakdown cover.

    Your finance options

    If you are buying a used car from a dealership, you may be offered finance directly from them. If you are buying new, most dealers will offer a number of finance options which may include hire purchase loans and lease agreements. Be aware of any fees and charges that apply and remember to compare the rate of interest as these can vary widely.

    Alternatively, arranging a personal loan from an independent provider separately from your used or new car purchase could allow you to shop around for the most favourable terms available to you.

    To help you purchase your new car Police Mutual has teamed up with Neyber, our trusted partner, to offer a personal loan available from £2,000 – £25,000 over 1 to 5 years – 4.9% APR Representative.

    To find out more about car loans and to get a free no obligation quote click here.

    Important things you need to know

    Please note, loans are not currently available for PSNI members and their families.


    All loans are subject to status and acceptance by Neyber.

    Rates depend on loan amount, term and your individual circumstances and may differ from the Representative APR.

    PMGI Limited, trading as Police Mutual, is acting as credit broker. Neyber Limited is acting as lender for the purposes of entering into a consumer credit agreement.


    PMGI Limited, trading as Police Mutual, is authorised and regulated by the Financial Conduct Authority. Registered in England & Wales No. 1073408. Registered office Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

    Neyber Limited is authorised and regulated by the Financial Conduct Authority. Interim permission: 663054. Registered address: First Floor (East), Tabernacle Court, 16-28 Tabernacle Street, London. EC2A 4DD. United Kingdom. Company registered number; 08806631 Data Protection Registration Number: ZA039009 358609.

    Police Mutual car insurance is provided by RSA Insurance Group plc.

    Police Mutual breakdown cover is provided by Equity Red Star Services Ltd. (Syndicate 218 at Lloyd’s).

    Chris Morey

  • Investments: Understanding the Risks

    Investments: Understanding the Risks

    This article was published on Tue 31 Oct 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Nearly all investments have some form of risk – whilst you can’t completely remove this, you can manage it. Understanding risk and the levels you are willing to accept is a key concept of successful investing. Below is an overview of the things you need to know to get you started.

    Investment risk – the basics

    Put simply, investment risk is the possibility of losing some or even all of the money you have invested. Most investments carry an element of risk, the general rule is that the more risk that you take, the greater the potential return – but also the greater the potential losses. When you are thinking about investing, you should fully research where your money is going and the associated risks before making your final decision.

    Types of risk

    When investing, there are different types of risk that you need to consider, these include:

    • Market risk: This is where stock markets fall causing losses which can negatively impact your investment. In order to give your investment the maximum chance to recover from market losses you should consider investing over at least a 5-year period.

    • Capital risk: High investment gains are possible but these are usually linked with higher volatility, which in turn means you may not get back the capital you invest. Make sure you do not choose your investment purely on the level of possible returns and forget to balance this against the risk you are taking. Remember that the past performance of any investment is no guarantee of how it will perform in the future.

    • Performance risk: The performance of funds will vary depending on the assets within them. Even if funds have similar objectives, there is no guarantee that they will produce the same results.

    How to measure your attitude to risk

    Everyone has their own attitude to risk and the limits they are willing to accept. There are a number of factors that can affect your ability to accept risk such as your income levels, age, health and your overall investment goals. To help assess your attitude to risk you should ask yourself some key questions:

    1) Could you manage if your investments fell in value?
    2) How would you feel if you did not meet your investment goals?
    3) Are you happy to accept that your investment will fluctuate with the value going up and down over a period of time?

    Remember it’s your money and you need to feel comfortable with any investment decision you take. You should re-assess your attitude to risk over time as your personal circumstances alter; what may not be acceptable when you have young children to support, you may be happier with once they have left home and are no longer dependent on you.

    Easy steps to balance your investment risk

    Diversification: One way of balancing the potential returns from your investment against the level of risk is to select an investment where your money is spread across different types of markets, sectors and assets. This is called diversification and means you are avoiding putting all of your investment eggs in one basket.

    Invest regularly: You could consider an investment that allows regular savings. Most investments fall or rise over time so investing a regular amount over this period can reduce the overall risk by spreading the purchase of assets out over the ups and downs of the market.

    Get professional help: If you are unsure how best to balance your risk levels against your investment goals think about contacting a financial adviser for help and support.

    Police Mutual offer a range of savings and investments products. Whether you want to save regularly or invest a larger amount, our products could help meet your needs.

    Chris Morey

  • Take the Stress Out of Money

    Take the Stress Out of Money

    This article was published on Tue 31 Oct 2017. At the time of publishing, this article was true and accurate, however, over time this may have changed. Some links may no longer work. If you have any concerns about this please contact us

    Now is the time to give your finances a makeover to ensure that you are in good shape by the festive season. Here we offer our five tips for organising your credit and spending this autumn.

    1. Demystify your credit score

    When you apply to borrow money for a mortgage, credit card, loan, car or sofa, your credit score will be checked. Everyone should check their own credit score, your ‘financial MOT’, annually. Do so easily with Callcredit, ClearScore or Experian.
    By shopping around you may be able to get this for free. Check that all your details, such as your address, are correct. If not, you will need to provide evidence of the correct details for a correction to be made. A few easy ways to avoid a poor credit score are ensuring that you are on the electoral roll, closing unused bank accounts and credit cards and avoiding making multiple credit applications or using pay day lenders.

    2. Lock in a low mortgage rate

    “Your mortgage is likely to be the biggest single monthly commitment you will take on in your lifetime, so it makes sense to review it regularly. With interest rates at a historic low and lenders offering a wide range of deals, now is a great time to consider a remortgage,” says Paul Witcomb, Police Mutual’s Head of Mortgages. He continues: “shop around: don’t feel you have to stay with your current lender. It’s worth contacting them in the first instance to see if they can offer you a better deal but remember other lenders could have something even better. A remortgage can incur various costs, including exit fees from your current lender, legal (conveyancing fees), arrangement and valuation fees for the new mortgage, so remember to check this out before committing to the deal.”

    3. Switch current accounts

    Still using the same account you opened as a child or student? You could be missing out on some attractive extras that suit your current needs far better, such as an approved overdraft and access to decent interest rates. Some pay cashback when you switch so shop around.

    4. Set a budget

    The first step to organising your finances is creating a budget. With a little bit of effort you can work out exactly how much your outgoings are and what you have left to spend each month:

    • Keep a spending diary – try to keep track of exactly what and where you are spending for one month – you will be amazed where your money goes and where you can make savings
    • Start small – even little savings can make a real difference over the year, cutting out non-essential spending such as your daily stop at the coffee shop or bringing your own lunch into work all adds up
    • Save a little each month – if you have any spare money at the end of the month get into the habit of putting it into a savings account. You never know when that unexpected bill will crop up, so having a little bit saved could help you cope
    • Be realistic – budgeting is all about smart planning rather than cutting your expenses to an unsustainable level. Remember your budget needs to be realistic and flexible or you won’t be able to stick to it

    5. Manage your credit

    While you should make at least the minimum repayment each month on credit cards, paying off the full amount after a splurge like a holiday is even better to avoid high interest. Consider a balance transfer to move the money you owe to a 0 per cent credit card.

    We know that money worries can take their toll. By giving you the tools to better manage your money, we hope that we can help take the stress out of your money management, giving you more time and energy to do more of what you love. See the Police Mutual Financial Wellbeing hub for more useful guidance: policemutual.co.uk/wellbeing/financial-wellbeing


    Police Mutual Assurance Society Limited is an incorporated friendly society. Registered office: Alexandra House, Queen Street, Lichfield, Staffordshire WS13 6QS.

    Chris Morey