The start of a new year leads many on a fitness drive. As a financial adviser, I believe these good intentions should be two-pronged with pounds saved in the wallet as well as the waist. It goes without saying that the world has become more expensive recently but areas such as life insurance have actually reduced in cost for many when shopping around.
I would break down the addressable issues into two pots: immediate savings & planning for the future.
Immediate gains
- Do I need all these direct debits and subscriptions? Do I still watch Amazon Prime, Apple TV, Disney, Netflix etc? Do I still read the FT, Telegraph & Times etc? Do I need a VIP subscription at the Dry Cleaners?
- Have I negotiated the best deal for my broadband, mobile phone, pay TV?
- Am I using my expensive gym/peloton membership? Could I just go for a run or bike ride instead?
- Do my food deliveries (Abel & Cole, Hello Fresh, Mindful Chef, Oddbox etc.) offer good value for money?
- Can my insurance (car, dog, home, life) be renegotiated?
- Is my mortgage rate competitive or have I slipped onto the standard variable rate?
Future planning
- Am I utilising my tax allowances efficiently?
- Am I saving enough into my pension? If so, when can I retire and what level of sustainable income can I achieve in retirement?
- Is my pension invested appropriately i.e. do my investments match my risk tolerance?
- Do I have appropriate financial protection in place for my family should something unforeseen happen?
As a financial adviser, we can access powerful cash flow modelling tools to assist in planning for the future. Please feel free to get in touch (click on the hyperlink below) if you would like any help in looking at any of the above or have any other financial planning queries.
Andrew Rankin Enquiries — Westminster Wealth Management (westminster-wealth.com)
Note: The value of investments and income from them may go down as well as up and you may not get back the original amount invested.
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