We set out with the best intentions, but.........

Is a financial check-up on your Spring-Cleaning list? Once you've tidied your lawn and emptied that out-of-control closet, let some fresh air into your home office and use these six tips to freshen up how you spend, save, and plan for the future. In our experience ensuring that clients remain confident in their financial situation now and going forward is important and setting aside some time, maybe a morning, is well worth it for peace of mind. By drawing a financial line in the sand, we can model the impact of your “what if scenarios” on current and future finances. We would advise doing this once a year in “normal” times anyway, but the events of the last year have almost certainly impacted upon your finances and may indeed have completely changed the way that you think about your future. 1. Pay yourself first. Making automatic contributions into your insurance, savings, investment, and pensions is a small budget adjustment that can go a long way towards building wealth over time. Is there extra money in your monthly cash flow that you could use to increase those investments? Do you want to save/invest more now - or enjoy a treat, break, holiday? How much extra could you contribute per year if you went from five coffee shop visits per week down to two, or started packing your lunch every day? Your life - your choice. 2. Review your monthly statements. Automating your investments and bill payments doesn't mean that you never have to check on them. Get back in the habit of reviewing your monthly bank and credit card statements. Make a list of all your recurring charges and subscriptions and consider cancelling anything you're not using enough to justify the expense. Also review the terms and conditions of your accounts and be sure you understand what fees, if any, your financial institutions might be charging you and what benefits you might be overlooking 3. Shop around. And if you don't like those fees? Of if the cost of your Satellite/Internet/Streaming TV bundles have shot up unexpectedly? Or if you never get near the data cap on your mobile phone/tablet service? There might be better deals elsewhere. Do a little comparison shopping, and don't be afraid to play some hardball if you can find ways to save a few pounds every month. 4. Check your credit report and score. You can also use a free credit score service to see where you stand with potential lenders and check for any major fluctuations in your score, which could be another indicator of fraud. Together, these reports will help limit any surprises if you're preparing for a big purchase in the coming year, such as a car or new home. Many such services also offer key services and options for loans, credit card rates etc 5. Scan and shred. Digitising your financial records can save space and simplify tax season. There are many apps and online services that can help you replace your filing cabinet with a cloud-backed folder, but snapping pictures of important documents with your cell phone is an easy way to get started. Once you've backed up your statements and receipts you can shred anything that's over three years old. Also review your hard copy filing system and make sure that your birth and marriage certificates, National Insurance cards, insurance policies, and Will are stored safely. 6. Talk to your financial planner. How have your short-term and long-term financial goals changed in the last year? Are you thinking about making a career change? Are your teenagers scouting colleges and universities? Is there a new baby on the way? Do you want to start making a bigger impact in your community through sustained giving? Is this the year you’re finally going to start your own company? Do you or your spouse have any new health care concerns? We use your answers to these kinds of questions to guide our Life-Centered Planning process. Annually, it’s a good idea to check if dust is settling on some out-of-date plans or if the path to any of your financial goals is feeling a little cluttered. Give us a call and we’ll schedule a meeting to shake off some cobwebs and put a fresh shine on the year ahead.

Plan Your Life First (...and then get a plan for your money)

Has working from home given you a new perspective on the work you do?  You might have to navigate a few extra obstacles if you want to change jobs during the pandemic. But the shifting business landscape has also created new opportunities if you’re clear on your personal, professional, and financial goals. Answering these four questions will help you determine how a career change could impact your Return on Life.

Do you have enough? Can you have enough? Have you got “too much”? How can you have “too much” money? Think about this. You have lived a good and long life. You are doing well, but you might have lost a bit of enthusiasm for travel. Not just going abroad, but even driving to relatives (can’t they come to us this weekend?) As a consequence, you are not spending much. No need for new clothes as you’re not going anywhere, you’re not going on “big holidays” (airport security is a pain), you’re not even putting much petrol in the car. It could even be that taxis/Uber is now a more viable proposition. No driving, no maintenance, no washing the car. Your bank balance is growing, your investments, including your home, continue to increase in value over time and, now your financial adviser is telling you that you have “an inheritance tax problem”! Actually, you don’t, but your heirs and beneficiaries might do! Your attitude might be “Let them pay the tax!” and that’s your call.

Many clients who work with us are surprised by how our planning process starts. We don’t begin by talking about ISAs, Pension Plans or how much you’re saving. Instead, we begin by talking about you, not your money.  What is going on in your life and how would you like life to look like for you. We are looking to establish what you want and why you want it. As Life-Centred Planners, our process begins with understanding you and what you have planned for your life. We are interested to know about you, about your family, your work, your home, your goals, and the things that you value the most.

Covid-19 has delayed many dream holidays, family reunions, and road trips this year. But as we all navigate the space between things we can do, things we can’t do, and things we still want to do in the future, there’s an opportunity to reflect on the bucket list goals that are truly important to us. G  et your family together and ask yourselves these three questions. Your answers will help you build a better bucket list full of things you’ll enjoy doing today and look forward to doing safely someday soon.

“Do I have enough money to ______ (fill in the blank)?” “Will I have enough money to retire?” These are two questions that people often ask themselves when they start thinking about financial planning. And that’s only natural. We expect our money to help us feel safe, especially as we grow older and start thinking about retirement. Unfortunately, if you view your savings and investments only as numbers on a page that you’re trying to nudge upwards, then there’s no such thing as “enough.” You could always be saving more. You could always be investing more. You could always be spending less. But does doing so make you feel any happier? Your financial plan should be a vehicle that takes you where you want to go. If you’re fixated on “having enough money,” then your plan, and the life it provides you, will be stuck in a cul-de-sac. You’ll find yourself trying to justify every minor and major financial decision as you circle around and around wondering if you “have enough.” That’s not a trip that’s going to make you feel secure. It’s definitely not going to make you feel happy either.

You have a steady job that pays the bills and puts your abilities to good use. You have loving relationships with your spouse, your children, extended family, and close friends. Your house provides enough space and security. Your golf league gives you a chance to unwind. Your volunteer work improves your community. The specific details might vary, but most people would consider this scenario the basis for a pretty good life. Yet many of us who do check these boxes often feel like there's something missing. A fascinating new study published by Affective Science asked nearly 4,000 people from 9 countries (including the U.S.) what kind of life they wanted. The results suggest that there's an important dimension to improving Return on Life that many of us may be overlooking.