New Year – New Financial Plan?

So it’s early January 2017, usually the time to kick start those well-meaning New Year resolutions, some of which tend to fizzle out once we progress into Spring. So this year why not make a promise to yourself to get your finances in order, enabling you to take charge of your financial future?

Stop worrying and enjoy life

Timely and thorough personal financial planning will stop you worrying about the stability and security of you and your family, meaning you can enjoy your life knowing that everyone’s needs are being well taken care of.

Early planning has many benefits; the main ones are ensuring that you and your family are:

• Aware of ways to save at a rate to meet your retirement income goals
• Taking advantage of all tax allowances and schemes available
• Protected from undue risks
• Diversifying investments correctly
• Able to maintain an agreed lifestyle

Maximise your wealth

But whilst consulting a financial planner is essential, as most of us simply don’t have the knowledge, training, time, or desire to undertake the process alone, there are some initial steps that you can do yourself. These will ensure you can make the most of your wealth and have more money each month. The following 5 simple steps to consider could help you to safeguard your income.

1. Set some financial goals to work out where you want to be and by when and what do you want to accomplish.
2. Audit your family finance so you know what you are spending it on.
3. Cut back on unnecessary spending and improve your money management.
4. Review investments and protection policies to see if they are still performing and/or providing adequate cover.
5. Look to remove any debts -personal loans, credit/debit/store cards and hire purchase agreements

Make the best of your money

Once you have done your homework, it’s time to think about seeing a financial planning specialist to pull together an integrated financial plan that will look to make the best of your money, so you can have an enjoyable future without any money concerns.

Remember, financial planning is not a one-time event – it’s a dynamic, ongoing journey. It’s not just about investing; it’s much bigger than that. It’s more like trying to get your financial house into perfect operating order, so that it works without a hitch for you and your family.

Monitor, evaluate and tweak

And whilst financial planning provides a vital framework for making ongoing financial decisions consistent with long-term goals,  it obviously needs to be carefully monitored, the results regularly evaluated and the plan adjusted as necessary, for it to remain flexible enough to respond to change, whilst continuing to deliver on your goals.

To make 2017 a prosperous and secure year for you and your family, perhaps it’s time to make some financial planning resolutions that you will stick to that will ensure your finances and perhaps you too will be in the best shape ever!