weather a storm or don't wait till then to switch your bills.
again. I'll be talking to you after the show now for more
for yourself. Okay. Quickly as possible. He was looking at us
put a little bit of an SEG aside for yourself that you can
the year after. If you have any spare disposable cash try and
there. I'm I'm I'm quite the ostracinical thank you once
you're going to have to start looking after your house now.
photos. They all need to be switched and switched ASAP. So
Switch them now so you can try and build up that reserve fund
information on All Things Financial you can visit Ask
recession eh next year or the year after. Whenever it comes
to be losing money for no reason whatsoever. Eh that's
you think you might be negatively affected by the
Get your head out of the sand. Don't wait till next year or
the big thing. Eh and then if you are in a situation where
I can't explain how important that is because you don't want
matter of down and
they're going and try and switch and make sure you're
your energy bills eh you know straight away. Even likes your
your mortgage twenty-four not going to get any those scary
website. So you get them for free. Put it on your expenses,
letters points. You're not going to get anything coming to
well and I think ehm I'm not here to tell people to cut back
of providers out there like Financial Uniforms like a
mortgage is to try and fix your mortgage for as long as
goes up to one and 1/ 2 or 2% you're going to end up being a
can switch your mortgage as well so you could switch from
could have 1. 75 tracker, so that's. 75 above zero-DCB at
lot of people that have a track of mortgage the tracker
going to get worse. It is but there's loads of people on a
Sunday. So the first thing you want to do if you have got a
possible. Even if you've a tracker would you get people
we're trying to promote. Talking to them. It's only
frightening. Yes it's shocking. Your debt is is really
a quarter, one and a half percent by the end of next
on the market today. Okay so if you can and if you're in that
you look at what happened to the hospitality sector already.
your broadband and your phone bills if you have personal
that means if you have a tracker mortgage you know the
budgets. You need a personal we have a free personal budget
all going to be going up in July. So people that are on
start increasing probably from July now but look things. Eh so
in the survey the first thing they said they were going to
and socialising around which is fine yeah absolutely but again
bills. Eh go to Switcher. IE is a good one. Go there and switch
template on the askpaul Instagram page and on our
really long fixed mortgage over 25 years where you could fix
getting all the discounts. So there's a lot of price
5% so it depends on what tracker you have so I think if
childcare and your faux bill. It's so high up the list. It is
you've got a 1. 5% tracker, that's an expensive tracker
your what's coming into your house, what's going out of your
living costs and the top five at number one it was rent and
house first of all. Then you need to look at switching the
shop, your gas, your healthcare, your insurance,
to electricity to energy and everything. So it's just a
government minister got slaughtered for that eh but
out on a monthly basis. Make sure you sit down know where
comparison websites. Yeah. Everything from car insurance
the moment so DCB goes up by 1% your tracker goes to 1. 75 if
with the Bank of Ireland and with the taking on a lot so a
it's the obvious thing to do. So if you have got bills going
on things or not help people to kind of switch because I know a
because they can't afford to live here. It's getting
finishing their college or even they're getting jobs from
and the survey the one thing they did say though as well is
this out. But the government don't actually get to sort out
What else can you do? Look it's about cutting your costs as
couple of years but I think above that I think if the ECB
really expensive mortgage compared to what you could get
you're in around point 7 to even 1% you might be okay for a
post law. Yeah. So that's a really good option for people.
really expensive and the ECB goes up by 1% that becomes 2.
year, adding hundreds and thousands scary that is for
it's gone up and it's probably going to go up by about one and
one provider to another to another. And there's a number
letterbox. That will pay our mortgage. That is so
people at the moment who are on a tracker mortgage, a variable
tracker mortgage have not heard anything in years but they're
going to start getting letters now every few months in my
around eh it's going to have a knock on effect for jobs,
really tight point here like they got maybe a year to sort
mortgage and they can't afford to live as a is. Yes. And they
situation fixed people to do it and there are they do and you
really good company now in the marketplace and they have a
opinion saying your rate's gone up, it's gone up, it's gone up,
people stopped going now other people stopped travelling
out. So it is the one thing you'd remove. So that list is
Yeah. Eh during COVID-19 they got absolutely hammered. So if
tracker mortgage variable mortgage or a variable mortgage
Surprise at socialising. Socialising is above your food
inflation. That's down to the European Central Bank the CB.
And has to sort their rates now at the moment. They're going to
actually expending the money they're spending more going out
transport, four electricity and five was food and shop. I was
mortgage is depending on what tracker you've got okay so you
unemployment and you get loss of employment in the middle of
frightening. But I think it's going to get worse. That's what
think what you're going to see if a recession does come
are now fearful every time they get post. Yes. With our
get rid of was they're socialising. Okay. And then
what's going to happen there is what in that point is that if
in this recession is massive people getting out of the
unfortunately as normal it's going to be people that are
mortgage is obviously going to be a big thing for people. We
recession. So it can really get I think the government are in a
mortgage which you've said two is socialising, three
that fueled that overpriced I suppose or that that that that
that they're all going to cut socialising so rent and the
money worries they have for the future obviously rent and rent
ridiculous. And if you're looking at them the biggest
twenty-five. A lot of people think 2025 when they're
you're going to see in my opinion what's going to happen
have the caps of the 3point five times your salary for
people on really big salaries and they want to buy. So I
school. Once they get experienced they're leaving
bubble for housing. That's not there this time and we have a
talked about the you know the research here at the top 10
country and you're seeing most people now between 20
to buy a home is at the top of the list for them. Yeah as you
affected and that's the problem and really will be and you
because that was fuelled by credit. So it was fueled by a
lot of money being lent to people recklessly and then when
really good job this time in making sure that we can't
housing market. The central bank in my opinion done a
argument sake. You must have a 10% deposit. I know you
multinationals in this in this country that are bringing in
yeah it is. To me the one thing you would remove is your going
borrow too much and that's been frustrated for people. So you
really on the bottom of that chain that are going to be
saying what people where people are spending people are
So last couple of years have been weird and that people have
massive supply and demand issue but we also have massive
Iran are are headlined this today. A lot of people are
from what happened in twenty eh 2008 yes exactly where we are.
buy a house this year and you actually said me there's
But it wasn't the it's not going to be the same this time
a recession. I see eh not a press as you mentioned that
mentioned previously about 110% mortgages. They're no longer
fearful not to do it. Yes I don't think I think if there is
actually not the case. You can still buy property. Don't be
and up and up and it doesn't look like it's going to stop
thinking that there's going to be a recession coming and there
Lab I said to you you know Arthur and I were told don't
they're seeing literally everything they pay for go up
Merriman from Ask Paul is here to help us understand and
probably will be. However we're very scarred from this country
any anytime soon. You would just said before we came back
that bubble burst there was an awful effect especially for the
indeed it is ehm it's not looking good really for the
our heads around these rising costs. Financial expert Paul
everybody's talking about now ehm and it's quite the concern.
cost of living at the moment. We're talking about in the
survey. Eh so yeah 83percent. Eh what's fueling this not to Eh but also the cost of everything going up around you.
With the cost of living soaring many of us are having to make
is for a very found that 83% of people are concerned about the
It is quite concerned actually in the recent askpaul eh that
trying to get on the property ladder. Yeah yeah. But now
was thousands surveyed as well so it wasn't a very small
been obviously concerned about housing quite a lot about
use the pun here is the cost of the petrol at the pump station.
costs huge amount of people. Huge amount of people and there
harder choices on what to spend our money on. So to help us get
newspaper headlines it's dominating. Yes. And what
Paul. IE for more.