Could a financial plan give you the confidence to retire sooner? Retirement 09/10/2024 What’s stopping you from retiring sooner? For many, it’s not just finances that are holding them back but their mindset too. If the excitement of retiring is also mixed with nerves, a financial plan could give you the confidence boost you need to take a step back from work. Finances may play a role in the hesitancy to retire for some people. Yet, others are in a financial position to retire but are still worried about taking that next step. It’s easy to see why you might not want to plunge straight into retirement – it could represent a huge lifestyle change. So, how could financial planning help you retire sooner? It may provide the confidence boost you need to start the next chapter of your life. A retirement plan starts with setting out your goals If you had more free time, how would you spend your days?
What’s an affordable amount to spend on your mortgage? Mortgage 09/10/2024 Whether you’re buying your first home or are considering borrowing more through a mortgage, assessing your ability to keep up with repayments is important. With property prices soaring, research suggests households are allocating more of their budget to housing costs than before. A mortgage is often the largest loan you’ll ever take out. Even when you’re remortgaging, the sums you’re borrowing could be far higher than other types of borrowing you might be using. So, taking some time to assess whether your repayments are affordable could give you confidence. First-time buyers are spending 37% of their take-home pay on mortgage repayments Soaring property prices mean households are spending more of their take-home pay on mortgage repayments. According to the BBC, in July 2024, property prices increased by 2.1% when compared to a year earlier – the fastest pace since December 2022.
Regular financial reviews may help you get more out of every stage of life Investments/Protection 26/09/2024 Balancing your long-term goals with enjoying your life now can be a difficult balancing act. Regular financial reviews could ensure you get more out of your life at every stage by helping you to strike a balance that suits your needs. It’s a common misconception that financial planning is simply about accumulating wealth. While managing your assets is a key part of effective financial planning, it’s about more than that. A financial plan could give you the confidence to enjoy life now while securing your future. A financial plan could be valuable and help you reach your goals, but to get the most out of it, ongoing reviews may be just as important. Your goals and priorities may change over time What were your goals and priorities 20 years ago? While some may have remained constant throughout your life, others could have changed significantly. Perhaps in your 30s, you were focused on progressing in your career and building wealth.
How “lifestyle financial planning” could help you reach your goals Investments/Lifestyle 26/09/2024 Effectively managing your finances to get the most out of your assets often means going beyond paying into a pension regularly or selecting a fund to invest through. That’s why lifestyle financial planning could help you better align your finances with the life you want to lead now and in the future. Financial advice alone might help you understand the benefits of investing money and which opportunities may suit your financial risk profile. While this is useful, it doesn’t consider how investing could support your lifestyle goals. Lifestyle financial planning could help you bridge the gap between your finances and aspirations. Read on to find out more. A lifestyle financial planning conversation starts with your goals While you might expect a financial plan to start delving into the numbers straightaway, lifestyle financial planning is as much about your goals as your assets.
4 unpredictable life events that could mean you’d benefit from a financial review Investments 13/08/2024 It doesn’t matter how much you prepare; sometimes unexpected life events could mean your carefully laid plans go awry. While you can’t know what’s around the corner, you can change how you respond to unpredictable events to help keep your financial plan on track. A life event could have a huge impact on your wealth, both now and in the future. Circumstances outside of your control might even lead to you changing your long-term goals. So, even if you already have a robust financial plan in place, a review following major life events could be helpful. Here are four unpredictable life events you might have experienced that could mean you’d benefit from updating your financial plan. 1. Experiencing redundancy Redundancy could have a huge effect on both your short- and long-term finances. In the short term, you might need to dip into savings or other assets to cover your essential outgoings.
