The value of investments and any income from them can fall and you may get back less than you invested.

Are you making the most of your money? Six steps to successful financial planning

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Defining your goals is one thing – working out how much time you need is just as important.

Our financial planners help you prioritise your goals and put timely plans in place to achieve them.

As the cost of living has risen and household finances have become increasingly squeezed, it can be difficult to set aside savings for the future.

A financial advisor will be able to help, but whether you want to grow your wealth, save for retirement or ensure your loved ones are provided for, the place to start is to ask yourself the right questions.

1. What do you want your money to do for you?

What are the financial milestones you want to hit? Do you have a secure plan in place for your retirement? Are you making the most of the money that you have accumulated, or could it be working harder?

2. Are your savings growing? 

Inflation may be eating away at your money in the bank, or you could be missing out on opportunities or solutions that could make it grow faster.

For example, inflation data released by the Office for National Statistics (ONS) in May 2019 showed that the cost of living rose by an annualised rate of 2% that month. Most savings accounts cannot keep pace with this, but there are investment options that can help – for example, a stocks and shares ISA.

3. When do you want to retire?

This question will be at the core of any long-term financial strategy.

Working backwards will allow you to cross-reference your desired lifestyle with the funds you need to sustain it and the time needed to accumulate them.

Retirement planning can be a complicated process, but advice can deliver the key benefit of clarity.

4. Are you separating your long and short-term priorities?

Defining your goals is one thing – working out how much time you need is just as important.

Our financial planners help you prioritise your goals and put timely plans in place to achieve them.

5. Is now the time to pay off your debts?

Most debts are ‘dead money’ and cost far more than you realise. Repayments come out of net income, meaning the actual gross amount they cost is far higher.

Similarly, if you come into possession of a lump sum, you may need to decide whether to pay off part or all of your mortgage now, or to invest it instead, for example in an ISA?

6. Are you using all your tax allowances?

The tax landscape is complex and constantly changing. Our financial planners can help you keep abreast of changes in the tax landscape, and make decisions that optimise the allowances that do exist, such as pensions and ISAs.

 

 

To find out more about how Brewin Dolphin can help you answer these questions, request a callback today.


The value of investments can fall and you may get back less than you invested.  

Past performance is not a guide to future performance.

No investment is suitable in all cases and if you have any doubts as to an investment's suitability then you should contact us.

Please note that this document was prepared as a general guide only and does not constitute tax or legal advice. While we believe it to be correct at the time of writing, Brewin Dolphin is not a tax adviser and tax law is subject to frequent change.  Tax treatment depends on your individual circumstances; therefore you should not rely on this information without seeking professional advice from a qualified tax adviser.

The information contained in this document is believed to be reliable and accurate, but without further investigation cannot be warranted as to accuracy or completeness.

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