Have you got your Shopping List?

Have you got your Shopping List?

More households are returning to ’shopping lists’ to help them save money with their weekly grocery bills. The Mirror last month (March) published an excerpt from a Nectar Card survey of 2,000 shoppers to find: “Brits who write shopping lists save £11 when buying groceries at supermarkets.

According to a Government National Institute of Health report: Grocery shopping with a list is one tool that may help people to navigate complicated food marketing environments. A shopping list can function as:

  • a memory aid,
  • a guide to limiting impulse purchases, and
  • a formal planning method that structures meals and eating habits and preserves financial resources.

We could easily sum this up as planning to save money. Planning to navigate the complicated financial markets, investments and savings environments, to preserve financial resources for a better, healthier, balanced wellbeing and lifestyle…

…Have you got your Financial Plan?

The New Financial (tax) Year started a couple of weeks ago. So, how does that affect you? Time to act or not?

Perhaps not. You have another year before you need to tot it all up, to make sure you are benefitting from all your pension, savings and investment allowances and tax breaks as another financial year end looms.

WRONG: I was once told that in no uncertain terms. Why? Because if you wait ‘till February or March 2024 to prepare for 5th April 2024, you will miss out on up to 12 months of tax benefits and tax-free growth.

With your ‘shopping plan’ – the list, you could save £11 on weekly groceries. It’s just £11 so, we’ll do a list next week, month, soon(ish). £11 x 52 = £572.

Would you like me to give you £11 – well, probably, yes. Would you like me to give you £572 – well yes please, thank you, great …  how, why, when do I start?

Well, they say ‘the best time to plant an orchard is 20 years ago’. The second best time is now so that at least you can enjoy its fruits twenty years hence.

When do you start? NOW.

What is a Financial Plan?

Like a shopping list, consider your lifestyle; what do you like; what don’t you like; how balanced should your diet be; how healthy would you like you and your family to be; how many are you feeding; for how long; are there less costly ways of achieving the same goals?

Financial planning, with expert advice, is no different – to navigate the complicated financial markets, investments and savings environments to preserve financial resources for a better, healthier, balanced wellbeing and lifestyle…

A Financial Plan is a guide to help achieve your financial success. Start your planning effort by gathering information from your various financial accounts into a document or spreadsheet.

Then make some basic calculations that establish where you stand financially.

Already too difficult! That’s where we come in. We have simplified what might look like a rather daunting task. Ask and we will send you a basic planning form with guidance to help you see the wood for the trees.

We will take you through some basic steps:

Calculate Net Worth

List, add up, and subtract your total liabilities from your total net assets:

  • Your assets: An asset is property of value that you own, including a home, a car, cash in the bank, and various investments.
  • Your liabilities: A liability is something you owe, including outstanding bills, credit card debt, student debt, a mortgage, and a car loan.

Determine Cash Flow

Another scary one if you live life on the edge. Cash flow is the money you take in, measured against the money you spend. You must know your income as well as how and when your money is spent. Strangely, what you spend (and when) is THE most important part of your life and current lifestyle, because it is usually that lifestyle (or an even better one) that you want to build on, sustain and enjoy, as you move forward and into retirement, when you no longer earn that income.

We call this stage ‘Financial Independence’, and it is the vital fulcrum that creates (or not) BALANCE – Money, Life, Balance. That’s what we help you create … Balanced Wellbeing.

Establish Your ‘Life Ambitions’

Some may call this ‘establishing your goals’ but, we know life is more complicated than that and have to be realistic. Often, that realisation can be a revelation, or it could be a struggle. Either way it is an honest assessment of your financial who, why and when.

A major part of a financial plan is your life and lifestyle now. These may include funding a college education for the children, buying a larger home, starting a business, retiring on time, or leaving a legacy.

The main elements of a financial plan include a retirement strategy, a risk management plan, a long-term investment plan, a tax reduction strategy, and an estate plan.

Only by properly understanding your WHO, your WHY, and your WHEN, can you (and us as your professional advisers) help to develop your detailed and independent HOW.

For FREE, no commitment initial advice contact us HERE.