We are now in the middle of the summer with many people taking a week or two’s holiday and spending time with family, loved ones or friends. These annual breaks often give people time to reflect on what is important in their lives. This could be more “me time,” greater freedom to pursue existing hobbies, an opportunity to gain new skills or to become involved with family, for example building on relationships with grandchildren.
Once the summer break concludes, everyone returns to work, often followed by the holiday blues, and then simply get back into the groove of work, until the next scheduled holiday. Does life need to follow this routine or is there an alternative?
Taking stock of your finances could uncover pleasant results. Through examining your expenditure, reviewing your savings, pensions, and investments, and understanding what income you can generate in the future, you may be able to reduce your working hours or stop work completely. Being aware that you could stop or reduce your working hours can put you in a powerful position, it of course does not mean that you must stop work. Equally, assessing your finances, even if you are not in such a secure position, will mean that you are informed and can take positive steps to address any shortfalls or anomalies. For example, looking to take advantages of higher interest rates on savings and making use of tax breaks on investments means that you are likely to achieve your goals sooner as your money is working harder for you.
At Wingate, we adopt a holistic approach to financial planning providing an overview with commentary on your current financial circumstances along with a personalised cash flow plan. The cash flow modelling will demonstrate if you have built up adequate resources now to live the lifestyle you desire in the knowledge that you will not run out of funds in your lifetime.
There is always an alternative approach and taking control of your finances, having a plan, and understanding when and how to achieve those goals can be life changing. It may be that you can spend more time on me time.
To start to get a grip on your finances make contact with us at Wingate Financial Planning for an initial discussion.