Getting your financial ducks in a row.

Founding member and financial planner, Gemma shares some smart money tips to help you feel more in control financially.

We find ourselves in challenging money times and much has changed for us all over the past few years. For many, our feelings towards money, either earning it or spending it have been challenged. I know that you will worry less about money and inflation if you feel in control of your finances. Here are some key questions to ask yourself:

• Do you have a spending plan? Do you know where all your money goes? It’s helpful to review bank statements regularly for rouge Direct Debits you no longer need (or can pause) and document it in a way that suits you. Either on paper, a spreadsheet or via an App. It’s best to have a plan for your money each month and set aside savings first.

• Top up that ‘rainy day’ fund. Knowing you have a pot of cash available for the broken washing machine and car MOT takes the pressure off the unexpected. Aim to have 2-3 months expenditure as back up or try to save 2% of your net income. You are likely saving money right now in some areas (although not the food bill) and these can be redirected to secure your future needs.

  ⦁ Are you claiming Child Benefit and Child Tax Credits? Check out the www.gov.co.uk website to see if you are entitled to any further benefits. www.childcarechoices.gov.uk this link is great to guide you on your childcare choices.

  ⦁ Review what life and critical illness cover policies you have (or don’t have!) and are they still appropriate for your life and finances now? It is also essential to consider what your current sick pay situation is if you have changed jobs or become self-employed so that you can feel financially resilient and still pay your bills during periods of illness.

  ⦁ Check your Will is up-to-date (or that you have one). Whether you are married or not and have assets or not, a Will makes sure your estate with is dealt with quickly with minimal distress for your loved ones. Most importantly make sure that you have noted your wishes regarding Guardianship for your children. It’s often not an easy decision but if you’re having trouble deciding, imagine how tricky a court will find it?

  ⦁ Think about your retirement. Have a review of your pension plans think about increasing your pension contributions by a 1% each year. Every penny helps and a little extra now can go a long way later on. Whether you are employed or self-employed, take some time to consider what your retirement strategy is and how you are planning to fund the longest holiday of your life!

  ⦁ Consider saving for your children. Regular or lump sum payments can have a significant impact on the choices an 18-year-old can have in terms of training, education, property purchase or whatever they require to establish themselves as young adults. If you start early, the power of compound interest can transform even small sums.

There is help available to those who want to have more control and security surrounding their financial planning and I am here to guide those conversations and make sure you act on improving your financial position. Even with scary inflationary headlines, you can still make 2023 the year your financial ducks are lined up and that you start to enjoy your money rather than worry about it!

For straightforward, practical steps towards a more secure financial future, please get in touch with Gemma Wood (Gemma.Wood@sjpp.co.uk). Based in Edinburgh, Gemma is a Chartered Financial Planner who helps her clients make a financial plan so they can achieve a wealthier future.

You can also use Kesero time to Create a spending plan with Gemma.

“We are all worried about the cost of living and inflation given the constant scary news headlines! Combat this by taking action and creating your own household budget so you can control your money and worry less about the cost of living.”

Tweed Wealth Management Ltd is an Appointed Representative of and represents only St. James’s Place Wealth Management plc (which is authorised and regulated by the Financial Conduct Authority) for the purpose of advising solely on the Group’s wealth management products and services, more details of which are set out on the Group’s website

Photo by Jason Richard on Unsplash