It has been over a year since the British public voted to leave the European Union, known as “Brexit”. We are already starting to see some financial implications of Brexit. Of course, we can't truly predict what will happen because this is unprecedented, meaning that there is a lot of uncertainty in several financial areas. What are some of the predicted financial implications of Brexit, and what can you do about them?
The rising cost of food
The value of the Pound has already fallen against the Euro, which makes some costs of living more expensive than before. This has already been noticed in the cost of food and other essential living expenses. You have probably already noticed the increase in the cost of food at your favourite grocery store, and the impact it has on your family's budget.
How to combat the rising cost of food:
Whilst you can't change the price of items in the shops, you can change what you purchase! Meal planning is one of the easiest ways to save money on your food bill, by only purchasing items that you need. You can start off by “shopping” in your own kitchen and seeing what you already have in stock. Use this to form the basis of your meal plan and it will save you money.
There are plenty of other ways to save money on groceries and other food. You can use coupons, try discount supermarkets like Aldi or Lidl or switch to cheaper brands. Here are 10 ways to slash the cost of your groceries.
All of these will help you to save money on the rising cost of food.
Health insurance when visiting Europe
The NHS has been a lifesaver for British citizens, and British expats and holiday makers have had access to free healthcare in Spain, France, Italy, Germany and many other countries across Europe.
However, it has been suggested that access to public healthcare services will be restricted or even terminated for both British expats and tourists when they visit Europre.
With the Pound declining, this could lead to an increase in the cost of health insurance or health care whilst visiting Europe.
How to combat this:
Travel insurance might become a must when it comes to travelling, even in Europe.
The cost of transferring money abroad
Not only has the Pound fallen against the Euro, it has also declined in value against the Dollar. This has already created uncertainty to exchange rates, and it means that transferring large sums of money overseas has been affected by Brexit. This affects things like mortgage payments in another country, as well as any other foreign currency payments.
How to combat this:
A very effective way to combat foreign money transfers is to consider bypassing the banks and opting for a more cost-effective solution. You could look at using an international money transferring specialist such as Currencies Direct. This can help you to get better exchange rates and an added benefit of a money transferring service is that you don’t have to work to the bank’s schedule – you can transfer your money quickly, safely, and securely 24/7.