Managing Finances

A Life Plan will take into account your lifetime goals and aspirations and the likelihood of you achieving them. It will illustrate the effect of income and expenditure in the short, medium and long term. You will be able to visualise your financial future in the form of interactive-coloured charts; a picture really is worth a thousand words !

Most of us hate budgeting. It is boring yet essential. It is especially important when a change in circumstance is taking place. This could include selling a business or retiring, getting divorced, receiving an inheritance or wanting to look at giving money away.

Having your own Life Plan will help you to see what is achievable and will also help to focus attention where it needed most. A Life Plan really will bring your numbers to life !

The creation of a Life Plan ought not be seen as a one-off exercise. You should review your Plan regularly, we recommend annually.

After all, life can be full of surprises, such as:

  • Your goals, objectives and aims may change
  • Investment growth might be different to what has been assumed
  • Your spending habits may change, as might your income
  • You may receive a windfall or inheritance
  • Illness or divorce could cause a change to your circumstances

A Life Plan helps you to think about each phase of your life and plan ahead.

For example, if you have children a Plan can show you the extent to which you can help them financially. If you are in business, it can be helpful in helping you to understand whether what you have been offered for it will be enough to meet your retirement goals.

In retirement, spending patterns can vary. Many people find they are quite high spenders in their 60s and early 70s but start slowing down in their late 70s or 80s. Your Plan is tailored to show you the impact of your personal spending patterns.