How UK households can prepare for Brexit

Britain’s future may have been shrouded in uncertainty following the outcome of the EU referendum, with years of complex negotiations to come if the UK is to officially sever ties with the European Union.

However, GoCompare has compiled a small checklist of how Brits can best prepare their personal finances before Brexit becomes a reality.

The price comparison website says that shopping around for the best deals on car and home insurance is one of the most effective ways to cut monthly outgoings.

Recent research found that more than two in five Brits (43 per cent) hadn’t switched utility or insurance provider in the last 12 months, which means that people were paying out hundreds more every year on their insurance and energy bills.

Passport to care

If you’re heading to a European country for a break away, then it’d be wise to keep your European Health Insurance Card handy.

It’s essentially an NHS card for while you’re out of the country and will give you the right to access state-provided healthcare in any European Economic Area country including Switzerland should you fall ill or injured during your stay. Treatment is provided either free or at a reduced cost and on the same basis as it would be to a resident of that country.

GoCompare stresses that the card doesn’t replace the need for valid travel insurance, so any private healthcare costs, return flights, or lost or stolen property will have to come out your own pocket.

Schedule renewals 

Another way to get your personal finances in check is to diarise when your insurance or utility contracts are up for renewal. Keeping on top of when fixed rate tariffs or introductory offers end will help you get the best deal available.

Similarly, don’t sleepwalk into a contract renewal without checking what other providers can offer first.

Also, besides comparing the headline monthly premium, check the small print too. This will flag up any charges, penalties, exclusions and special terms you should be aware of.