Most will want to put 2020 to the back of their minds, but where money is concerned we should all make financial planning a priority in 2021…
No matter how the awful coronavirus pandemic has affected you financially, it’s the future we should all be thinking about.
It’s time to take stock and plan.
The scientists will explore new ways to vaccinate and protect us, the politicians will agree how and when to put controls in place to deal with similar events in the future.
For the rest of us, with Covid hopefully under control in 2021 (fingers and everything else crossed) it’s time to get our financial houses in order.
Assess your financial position
So many things changed in 2020. Interested rates have hit and stayed at historic lows. Markets stuttered, panicked and then recovered. How we live and work has changed beyond all recognition.
Where does that leave your money?
Were you lucky enough to carry on earning? Did the restrictions mean that you went out and spent less?
If either of the above is true then you have been relatively fortunate. Some have been forced to dip into savings, and others are now looking for new jobs. Covid 19 has affected us all in different ways.
What’s important is to fully understand your current position.
Is the mortgage right for your current circumstances, or are there now better deals out there? Do you know how much income comes into the household each month and how much goes out? Have you got a contingency fund in place?
Budgeting is essential no matter how much you earn. Understand the cashflow and you can cover the basics and plan to save, invest and enjoy the special things in life.
Setting new goals
Take a step back and assess what you want to achieve over the coming years. People often set objectives for the next twelve months, but with savings and investments it should be about the longer term.
Priorities for the year ahead should be clearing any debts, building up some savings to cover emergencies and getting spending under control so you know where you stand each month.
Then you can plan.
Consider how school and college fees are going to be covered when the kids get older. Decide what you want to do after you finish work, and how you are going to fund it.
On a more practical front, you might have considered switching to a more environmentally friendly electric car. Planning to make that purchase can begin now.
Also, estate planning should never be overlooked. It is often the last thing to be considered, but knowing how your home, savings and personal belongings are handled and distributed after you have died is something that can help to give you and your family peace of mind.
It’s about getting things in order, and Logic Wealth Planning can offer independent advice on all aspects of life and financial planning.
Get in touch with us
Logic Wealth Planning helps people whatever stage of life they are at. Our advisers have dealt with many different clients and given a range of options to ensure that they have been able to make the most informed decisions.
Crucially, we take great pride in putting people at ease. That way they can plan with confidence, review choices when needed and speak with professionals they trust.
If you’d like to see how we can help you and your family, let’s have a no-obligation informal chat.
In the first instance, please call us on 0808 1234 321 or email email@example.com to arrange a convenient time to chat.
Please be aware the value of investments or income from them can fall as well as rise. We are here to help you make informed decisions as you put important things in place for you and your family.
* Logic Wealth Planning provides independent financial advice in Manchester, Bury, Rochdale, Cheshire, and the surrounding area, but not limited to the region.