Four Personal Finance Points to Consider When Your Life Goals Change
Each passing day brings with it changes – some incremental and some sudden. There are fresh joys and new challenges. Phases of life that alter our perspective and, in turn, dramatically reshape our financial plans. While life sometimes requires us to be flexible and to ‘go with the flow’, it is important to give any possible financial impact due consideration.
At gpfm your finances are our business. We are a firm of dedicated financial planners who work to help our clients navigate all of life’s twists and turns. From retirement planning and wealth management to later life advice, we are here to assist you, every step of the way.
As your goals in life change, so too should your financial plan – so that your money can support you no matter what’s in store. Here are some personal finance points to consider when faced with one of life’s major milestones.
- Getting married
Weddings can be expensive – with the average UK wedding costing £27,161*. Depending on the length of time you have in the run-up to the event, it may be possible to make some strategic moves to grow your savings pot. Try and spread the cost of paying for wedding essentials over several months. And create a website asking for cash gifts – rather than unwanted presents – from your guests.
- Having a baby
You’re having a baby! It is one of the most exciting, daunting, and emotional times of your life. Not to mention, one of the most expensive. So, it’s important to manage money carefully. Figure out your maternity and paternity leave, and how any breaks in salary will affect your living costs. Determine which mode of childcare suits your family best. Is it cheaper for both parents to work and leave the child in a nursery? Or is it more practical for one parent to stay at home with the child? Also, think about starting a small fund for your child. Add to it each month so that they will have a nice little bursary set aside for later life.
- Moving house
There are umpteen costs associated with moving house – all worth weighing up before you take the plunge. There are the legal expenses, the cost of physically moving all your furniture to your new abode and the building and contents insurance expenses. It’s a big financial upheaval and one that requires having a little store of savings to help ease the pressure.
- Preparing for retirement
What will you do with your pension? Will you take it all out and put it towards a buy-to-let property? Invest it? Or simply dip into it as you would a salary? It’s important to consider when you want to retire and how much income you’ll require. The earlier you make tweaks to your pension plan to facilitate your retirement goals, the better.
If you’re unsure about how to plan your finances or need advice on any of the topics touched upon in this article, talk to a member of our team today. We talk sense – not jargon – helping you to get what you want from your money.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.
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