We were invited into UTV studios last week to talk about the cost of living

Here is an excerpt from the podcast

Sean Bruen, the founder of the social enterprise Kith and Kin.

Sean has more than 20 years experience as a financial advisor.

He speaks of how people can mitigate against rising prices, such as how to bring mortgage payments back down by “extending the term” or through creating a budget planner, with his company offering 10 minute sessions on how to complete one.

Sean urged people not to withdraw from pension schemes or to cancel life insurance policies as a means to cut outgoings.

“It’s a massive gamble obviously,” he said.

“If a bank had a savings scheme were you put in 80% and they gave you 20% on top… there would be a queue down the street looking to open up that bank account.”

“Because they see it so far in the future they think well, we’ll take a couple years out save ourselves some money but the trouble is people opt out and then opting back in can be quite hard because you’ve got used to that money.

“We had a client about two years ago who was finding things tough, cancelled her insurance policy, which was for critical illness and then, sod’s law, about six months later she got diagnosed with cancer.”

If you are struggling with your finances and need any help you can contact Kith and Kin online at www.kithandkinwellbeing.org, by telephone 02890 877777 or through email at sean.bruen@kithandkinwellbeing.org