Discover why key dates in your diary should be ringing alarm bells with your finances
Life is full of twists and turns. Sometimes the milestones on someone’s journey are planned such as a family wedding, selling a business, or your retirement date – but others come along that are unexpected, like losing your job or suffering a serious illness.
Whatever the event, be money-savvy, and review your finances in advance. Take these 3 steps:
1. Review your diary in a new light
Make a note of all your exciting key events for the year ahead. Then make a further list and think about the not-so pleasant things that you know are happening or could happen. This is a sensible exercise, and your future self will thank you for it.
2. Evaluate the Financial Impact
Once you have created your lists, assess how each entry will impact your finances – jot down estimated costs against each one. Here are some examples to consider:
- Graduation, a wedding or kids flying the nest – gifting a large sum of money
- A birth – setting up a gift for life: a Junior ISA or children’s pension
- House move – review the change in your new expenditure
- Stopping work – consider the impact of bringing your retirement date forward and booking those golf trips!
- Health issues in the family – could this create a burden on your wealth without proper planning?
- Legacy planning – it’s not tempting fate to review your finances to avoid unnecessary tax bills for those left behind.
3. Talk through your findings with us
Get in touch. Consulting with an expert adviser can provide valuable insights tailored to your year ahead. A professional can help you navigate complex financial decisions, such as investment strategies, tax implications, and retirement planning.
The value of an investment with St. James's Place will be directly linked to the performance of the funds you select and the value can therefore go down as well as up. You may get back less than you invested.
The favourable tax treatment of ISAs may be subject to changes in legislation in the future.
“Life is a rollercoaster! But if we can use our expertise to help clients make the most of the key moments in their lives for themselves and loved ones, then we have done our job!
Our understanding of investment opportunities and tax considerations can be the icing on the cake when it comes to making the most of a milestone moment and supporting family.”
Jenny Manders, Director
Testimonials
For every milestone good or bad, there’s a financial decision to be made.
To contact the team, please call on
01460 259066 or email.
