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Holistic Planning

Financial planning for a young family

It is easy to push aside financial planning when starting your life together. However establishing good financial habits early can make planning and managing your finances a lot easier.

By examining your income and outgoings you can find out where your money goes and if any savings can be made. We all have a finite pot of money and often the most difficult decision is how best to use it.

While thoughts may be on short term objectives, it is important not to forget about longer term financial planning – saving for retirement, repaying debts, and even very small overpayments to your mortgage can have an impact over the long term.

Consider your aims and goals – even if they feel a long way off. By putting in place a financial plan and strategy, you can determine your priorities and ensure that you have a realistic picture of your finances.

Insurance is often overlooked. Although a lot of employers offer life insurance and other benefits, often people do not consider their actual needs in the event of sickness or even death and assume that the company benefits will be sufficient. These assumptions can have devastating effects and you should always make sure that you have protection in place to cover a wide range of eventualities. It may be unlikely, but it will happen to someone and life insurance, critical illness cover, redundancy cover, and income protection are now more affordable than before, and can provide a valuable source of income or capital at a time when you might need it most.