Menu

Why you should swap your weekly cappuccinos for financial peace of mind

Posted on

Have you ever wondered how much you spend on ‘little things’ each month? How many coffees or snacks do you buy when you are out and about? Do you subscribe to magazines you never read? Do you order in takeaways every week?

A couple of cappuccinos each week might only cost you £5 or £6. But, over the course of a year, that could add up to more than £300.

According to KPMG, the average Londoner spends £709 on takeaways every year.

And, buying a couple of bottles of wine a week could set you back more than £600 a year[1].

Research from insurer Royal London has found that giving up a couple of lattes a week could buy you over £50,500 of life or critical illness cover[2]. This shows that making small changes to your spending can have a significant impact on your financial future. And, perhaps not being able to do many of these things during lockdown has shown you how easy it is to cut your spending?

To find out how much you’re spending on life’s little luxuries, tot them up here. You might be surprised how much cover you could get by swapping just one or two.

[1] Based on the cost of a bottle of wine from UK supermarkets, November 2019.
[2] Royal London Personal Menu Plan, November 2019, £22 per month, based on a couple aged 29, both non-smokers, £50,518.60 level cover.

Now you know how much you spend on ‘little things’, here’s why ditching a takeaway, a pint or a latte could give you huge financial peace of mind.

Swap your takeaway for peace of mind

Being diagnosed with a serious illness can happen to anyone at any time. In the UK, someone is diagnosed with cancer every two minutes. Someone is admitted to hospital because of a heart attack every five minutes. And, strokes cause around 36,000 deaths in the UK each year and are the biggest cause of severe disability.

Even if you are eligible for Statutory Sick Pay (SSP) it is currently less than £100 per week, and only paid by your employer for up to 28 weeks.

Critical illness cover provides you with the peace of mind that you will receive a tax-free lump sum if you are diagnosed with a serious medical condition such as cancer, multiple sclerosis, or a severe heart attack.

This tax-free lump sum can be used to:

  • Pay off some or all of your mortgage
  • Replace your income if you’re unable to work while you recuperate
  • Make necessary adjustments to your home
  • Pay for specialist or private medical treatment

An additional benefit that you can take advantage of is that most policies also include children’s critical illness cover.

This means that, if your child is diagnosed with a critical illness covered under your policy, you could benefit from a tax-free lump sum. This is typically a percentage of the overall cover or a fixed amount (often in the region of £25,000).

Figures from the Association of British Insurers show that insurers paid almost 18,000 critical illness claims in 2019. Almost 92% of all claims were paid, with an average payout of £67,573. Cancer was the biggest single reason for an individual critical illness claim.

This means that thousands of individuals received a valuable injection of capital at a difficult time, allowing them to concentrate on their recovery rather than how they would pay their bills.

Get in touch

Being diagnosed with a serious illness is a life-changing experience and having financial support in place means you have one less thing to worry about at an extremely stressful time.

Giving up a takeaway each month or cutting down on the snacks or drinks that you buy, could enable you to benefit from this valuable protection.

To find out more, speak to your Black Swan financial planner. Email enquiries@blackswanfp.co.uk or call 020 3828 8100.

We aim to keep our clients up to date on interesting and relevant financial news.

You can sign-up to receive our monthly newsletter by email, even if you’re not yet a client. Sign-up using the form below.

Client testimonials

I have always found Black Swan to be caring and understanding of my quirky lifestyle. I always feel they try to get me the best returns while respecting my current needs.

Sally Muir

A client since 2011

We would be very happy to recommend the support and service we receive.

Valerie Locks

A client since 2010

I have always been completely useless regarding finance - thankfully our financial adviser is not! I've retired with far more than I ever expected and investments continue to grow safely. So - thank you!

Bernadette Jane Warner

A client since 2000

Very happy with the professional service I have received and feel a lot happier now with my finances put in order.

Martin Field

A client since 2011

Julie Cooper was recommended to me by a work colleague. She has been very helpful, professional and has explained everything well. I would definitely recommend her services to anyone else who are interested in a financial review.

Steven Rooke

A client since 2018

…Service has been first class.

Hugh Fells

A client since 2012

My face to face meetings with Rob Young and Jessica Lyons have always been very open and understandable. My questions have been answered clearly and I have left feeling that my financial matters are in good hands.

Sandra Jack

A client since 2000

[A] safe pair of hands in a complex financial world.

Gary Middlehurst

A client since 2003

A reliable company with good communication skills and good knowledge of the financial markets.

Alan Evetts

A client since 2014

Maureen Pembridge is a long-time trusted advisor to our family. The market might fluctuate but her attention to detail is consistent.

Linda Burnard

A client since 2000

I am pleased to recommend Julie as a trustworthy financial advisor. She explains financial jargon in plain language, and always listens carefully to my particular financial needs and has helped me make the best of my savings.

Carolann Samuels

A client since 2010

I have always been satisfied with the way that Black Swan has handled my account. And I have always found the staff very helpful whenever I need to call the office.

Robert Anthony Matthews

A client since 2012

An excellent personal service from a person I know and trust.

Michael Dalton

A client since 2010

I am getting a very good services from Black Swan, they have got my investments sorted out which was in a bit of a mess.

Roy Jakens

A client since 2012

A good, efficient team providing clear ideas to shape a winning strategy.

Adrian Michael Levenstein

A client since 2011

Black Swan is a company to be trusted, with friendly staff and professional advisors.

David Brian Jennings

A client since 2017

I have been with Black Swan for many years. I have never wished to change anything. They give a good straight forward service.

Martin Barrett Brooks

A client since 2010

Andy Peters has been invaluable in firstly combining several pension pots and then giving excellent investment advice. It has given us a great deal of comfort to know that our financial affairs are in such good hands.

James Guillum Scott

A client since 2014

I find my financial advisor easy to talk to and feel that she understands my lifestyle. She is always available for help when I need her and explains in words that I can understand.

Margaret Ena Glasgow

A client since 2000

Andy is a first rate Director, excellent communicator and leader.

Ross Perry

A client since

Black Swan Financial Planning and Andrew in particular, are very clever at working out how risk averse we are, and coming up with solutions that we feel comfortable with. We are happy in the knowledge that we can continue to enjoy a comfortable retirement. Andrew Peters is a very, very friendly person who is great to chat to and easy to deal with. He explains things very clearly in layman’s terms, and if we still don’t understand, he explains it until we do!

Alan & Jane Dyer

Clients since 2012

We have always found Rob [Young] to be very approachable and knowledgeable. We have every confidence in the advice given and feel comfortable with the decisions we’ve made. There are certain opportunities that we wouldn’t have known about if Rob hadn’t brought them to light, which makes the advice good value for money as far as we’re concerned.

Peter & Pauline O’Halloran

Clients since 2013

Rob [Young] is extremely knowledgeable. I knew nothing about the different types of trusts which will not only secure my income in retirement, but also leave a legacy for my children. I’m glad that I sought his advice when I did.

Sarah Wilson

A client since 2015

I am extremely happy with the service afforded to me by the company and my adviser Julie Cooper.

Geoff Coxell

A client since 2010

My wife and myself have been dealing with Black Swan for a number of years. We have met with different representatives from the company over the years and have found all very helpful in their own way. We met with James [Anderson] a few years ago and found him very helpful and knowledgeable. He keeps in contact with us on a regular basis. We find the Company information very helpful and we feel very secure with our finances.

Andrew Kirchen

A client since 2015

I have always found my adviser to be easy to contact, very professional in his approach, yet friendly and understanding. I have a sense of an experienced company behind him, really on the ball financially and with good standards.

B McBean

A client since 2011

Partner with the most reliable and experienced team of advisers

Enter your details & we'll be in touch to discuss your needs.
Alternatively, contact us directly and speak to a member of the team.






Subscribe to our newsletter