Income protection insurance safeguards financial stability by providing monthly benefits if you can't work due to illness or injury, making it an essential consideration for many UK residents.
An emergency fund is crucial for financial security, ideally covering two to twelve months of expenses, and should be stored in easily accessible, secure accounts like easy access savings or Premium Bonds.
After receiving a pay rise, prioritize building an emergency fund, paying off high-interest debts, increasing pension contributions, maximizing ISA allowances, and reviewing discretionary spending for long-term financial health.
