9th Jan 2019
Investment Services
Sort out your paperwork
The first step in getting your finances in order is to understand where your money is going. Knowing exactly what you have will help you get a clearer picture. Start off this New Year by organising all of your financial records, including savings, investments, general insurance, life insurance, pensions and mortgages.
Get in the habit of saving
Even the smallest amount of money can add up over time, so saving should be one of your top resolutions for 2019. Whether you can cut back in places where you have unnecessary spending or you have a lump sum to invest now is the time to start. Once you know exactly how much you are spending, you will know how much you are able to save. Think about what you want to achieve both in the short and long term, and seek professional advice on the best way to reach your financial goals.
Prioritise retirement planning
Whether you are nearing retirement or it is still a way off, the earlier you start planning, the better your financial future will be. Look at ways you can increase your pension contributions and other ways to generate an income for the future. It is not easy to know exactly how much income you will need in retirement, but to get an idea you should consider the things you want to do in your later years. Once you know exactly what you want from your retirement, the easier it will be to work out how much you need to be saving in order to fund it.
Make the most of investment opportunities
A new year is the perfect time to review any existing investments you have. This will help to assess if your money is still working as hard as it can for you and whether you are on track to reach your financial aspirations, as these may have changed over time. It is also the ideal time to make sure you are making the most of all the opportunities that are available to you. And, if you have not done so already, it really is worth considering taking advantage of your annual ISA allowance.
Protect your estate
Simple steps you take now can preserve your wealth for future generations. A will is one of the simplest ways to ensure you do not leave your loved ones with just a financial burden. Now is a good time to review your will, or seek advice in making one if you have not already. Looking at how you can reduce your inheritance tax (IHT) liability can also help you to leave more of your estate to your loved ones. There are many ways you can take advantage of making gifts throughout the year to utilise your IHT exemptions.
If you want to discuss any of the points raised here, or any other aspect of your wealth management, please call us on 01934 875 919.
