5 Tips for Planning a Better Financial Future

When thinking about the future, few things are more important than sound financial planning.

Our wealth and financial estates impact many aspects of our lives. Effective financial planning enables us to do what we want to do in life and gives us long-term control.

However, off-the-shelf products and one-size-fits-all approaches to financial planning are unlikely to maximise wealth or assets, or create the best foundations to maximise them in the future – because every person and every circumstance is personal and different.

Financial planning requirements vary depending on your objectives for your life and wealth.

This takes on added significance when personal wealth is considerable. From entrepreneurial endeavours to accumulated assets, there is much to consider and many factors that could have an impact on current and future plans.

Here are five ways you can help maintain, prolong and enhance your wealth and financial wellbeing.

Wills and Trusts can help you get a better financial future

1) Create a cash flow plan

Wealth does not necessarily translate itself into an abundant or surplus of disposable cash – you may, for example, be asset rich.

At times, money may be less readily available, resulting in short, medium or long-term financial pressures which can put a strain on our budgets and aspirations.

Creating a considered cash flow that allows for income and expenditure can help your projections and mitigate against any bumps in the road. It’s also worth getting referred to a financial adviser who should be able to assist you with creating a cash flow plan.

2) Ensure your family is looked after

As the old adage goes, you can’t take it with you when you die. And the fact of the matter is that, usually, we don’t want to.

There’s arguably no better feeling than knowing we are building towards a sound financial future that will protect the ones who mean the most to us, and help them to achieve their dreams.

Whether it’s a Trust account for a child, savings towards tuition fees or the peace of mind in knowing those we love are accounted for in our Wills, ensuring our family and loved ones are looked after often plays an important role in financial planning – and there is no better time to start than today.

3) Prioritise your pension

It’s important to live in the here and now but equally it’s crucial to plan for the next phase of our lives.

Prioritising contributing to a pension(s) during our working lives can ensure that retirement can be unrestrictive and some of the most fulfilling and rewarding years.

For advice and greater insight into what your pension means for you, you should also speak to your financial adviser. Pick a pension plan that suits you, maximise the tax advantages it brings and calculate what additional money you can reasonably input now on top of the mandatory minimum payments – your future self will almost certainly thank you for it.

4) Risk Management

This, in some regards, dovetails with your cash flow. Life can be unpredictable and not everything is controllable – just look at the effect of the pandemic and the recent steep increase in household energy prices.

Having a solid plan to counter any known or unknown risk will offer both peace of mind and an effective strategy to mitigate any financial bumps in the road in the future.

For example, a variety of insurance products are available to offset the risk of everything from losing your job to covering an unexpected vet bill or essential house improvements. Although you may think you have everything covered, consulting a financial adviser who has expertise in this area would be able to assist you.

5) Seek professional advice

We may feel we have a sound understanding of our wealth, what we want to do with it and how we wish it to evolve in the future.

But in an ever-changing financial and societal landscape, it pays to seek guidance and assistance from an expert – much in the same way that most of us would rather trust a mechanic to ensure our car is healthy and fit for purpose rather than trying to sort it ourselves.

It may be that a financial planner has the insight and knowledge to maximise our wealth in a way we hadn’t even considered.

At Wills & Trusts, we know every individual and circumstance is different. We also appreciate that financial outlooks, priorities and objectives vary from person to person, estate to estate.

We take the time to get to know our clients, ensuring our friendly and experienced team of financial planners can offer bespoke and tailored advice specifically to suit you.

Get in touch today via the Wills and Trusts website, or call 01844 212907 to discover how we can help build your future and cement your legacy.

James Jugg

October 22, 2021