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We know that rising inflation and increases in taxes are set to leave millions worse off in 2022 and beyond. Households are already grappling with the worst cost of living crisis in a generation. Budgets have been further squeezed by a raft of price and tax rises, and inflation is the highest it has been for 30 years. Tony offers ten tips to help you manage through this difficult period. KEY TAKEAWAYS Save money on your energy bills. If you are finding budgeting for energy bills difficult consult your energy provider or a debt advice charity. Check out how to cut your energy use. Try using a petrol price checker site to ensure you always buy your fuel from the cheapest source. Change your driving style to avoid hard acceleration and high speeds to reduce your consumption. Plan your meals for a week and stick to it to avoid unnecessary impulse purchases. Check if you would save money if switching to a water meter. You can pay a lower Council Tax if you live alone and if you are in receipt of certain benefits or on a low income you can gain a reduction of up to 100%. Review your bank statements and credit card bills to ensure you are aware of all your outgoings and cut out unnecessary spending. Draw up a monthly budget. If you are paying high interest rates on your cards or loans then consolidate. BEST MOMENTS ‘The government website which is simply “Energy Advice” has tips on how to keep your energy bills down so that’s worth checking out.’ ‘You can use The Consumer Council For Waters calculator and if you are on certain benefits and have a large family or someone with a particular medical condition you may qualify for the Water Sure Scheme, which caps water bills.’ ‘Check if your are entitled to state benefits. Billions of pounds of state benefits go unclaimed each year and you could be missing out. The national charity “Turn 2 Us” has a free and confidential benefits calculator on its website.’ VALUABLE RESOURCES Government Energy Saving Advice https://www.simpleenergyadvice.org.uk/ Fuel Price Checker https://www.petrolprices.com/ Water Sure Scheme https://www.citizensadvice.org.uk/consumer/water/water-supply/problems-with-paying-your-water-bill/watersure-scheme-help-with-paying-water-bills/ Turn 2 Us Benefits Calculator https://benefits-calculator.turn2us.org.uk/ Money Helper Budget Planner https://www.moneyhelper.org.uk/en/everyday-money/budgeting/budget-planner Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth ABOUT THE HOST Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow” CONTACT Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

For very many couples divorce is a sad outcome, emotionally and financially. However, there are many things you can do to make the process easier should this unfortunate situation occur.

There are many factors that can influence when someone decides to retire, which Tony will explore in more detail in this episode. For some, it might be based on health reasons, while others may want to take advantage of government benefits or simply enjoy a more relaxed lifestyle. However one of the most common factors that determines when people choose to retire is definitely their age. So with that in mind, what is the most popular age to retire early?

In the last in his series on estate planning Tony explains the use of Lifetime Transfers to decrease the eventual tax liability left to your inheritors by giving away funds before your passing. However, there are still liabilities payable depending on when you pass.   KEY TAKEAWAYS   Inheritance tax exemptions can be achieved by means of making certain exempt transfers which apply in a number of cases, including wedding gifts, life insurance premiums, gifts to your family and charitable giving. If appropriate, you can transfer some of your assets while you're alive. Gifts to a spouse, for example, are fully exempt so are not subject to inheritance tax. Where a potentially exempt transfer fails to satisfy the conditions to remain exempt, because the person who made the gift died within seven years, it’s value will form part of their estate. For survival for between three and seven years, taper relief at the following rates are available ; in the first three years, there is no reduction, and between three and four years, there's a 20% reduction. Within four to five years it's 40% and five to six years its 60%. Between six and seven years is 80%.        BEST MOMENTS   ‘Potentially exempt transfers are lifetime gifts made to a individuals which includes gifts to bare trusts.’ ‘The inheritance tax due on the potentially exempt transfers is deducted from the total inheritance tax bill and the estate is liable for the balance.’ ‘The inheritance tax difference can be calculated and covered by a level or decreasing policy written in an appropriate trust.’   VALUABLE RESOURCES   Tony Talks Wealth - https://omny.fm/shows/tony-talks-wealth   Sign Up Now For Exclusive Tony Talks Wealth Content at https://www.patreon.com/TTWealth   Wills, Lasting Powers of Attorney, Trust and Estate Planning Specialists - Kinherit   ABOUT THE HOST   Tony Thomas is a published author, one of the top financial advisers in the UK voted for by his clients, the first Chartered Financial Planner in the UK, Independent Financial Adviser, Mentor, Trainer. Life Planner and Money Coach. He is also a pension and investment specialist as well as the regional Chartered Champion for South Wales.   “Live For Today, Invest For Tomorrow”   CONTACT   Tony’s official website: https://ttwealth.co.uk/ Facebook: https://www.facebook.com/TonyThomas.IFA/ LinkedIn: https://www.linkedin.com/in/tonythomas2/ See omnystudio.com/listener for privacy information.

In this episode Tony continues further on his estate planning series with an explanation of the lasting power of attorney (LPA). These agreements allow individuals to make decisions that can effect them in the unfortunate event that they are incapacitated from making those decisions themselves.

Tony continues his series on estate planning with the consideration of making a will. Talking about your death with relatives and professionals is a difficult conversation to have, but it is vital if your wishes are to be respected and enacted upon your passing.

Tony continues with his series on inheritance and safeguarding your estate for your family with this episode on why wills and power of attorney agreements can be vital.

Tony talks how you can reduce your families Inheritance Tax liability and how the current rules affect you.

Continuing with the topic of estate planning, Tony discusses the importance of Intergenerational Wealth Transfer Plans in the current climate of rising net worth and mortality rates. The earlier you put your plan in place the less you will have to give to the tax man in Inheritance Tax.

To keep wealth within your own family, Tony explains how to make suitable plans for how much you can safeguard for the people that you care about on your departure.  Inheritance tax can cost families thousands of pounds but there are ways to legally avoid paying this tax.

When creating your investment portfolio you should always pay close attention to spreading your savings to achieve diversity and spread your risk. In this episode Tony talks about why and how you should make this happen.

Tony talks about how much we need to plan for our upcoming retirements. The state pension will fall short in providing a comfortable lifestyle into retirement so what action should we take to bolster our funds now.