We are all well versed in the saying “fail to plan, plan to fail”…yet it doesn’t seem to stop the large percentage of us not quite getting around to financial planning. We get it, life gets in the way, but with Wellbeing in the forefront of most people’s minds, we want to focus in on helping you gain Financial Wellbeing this year with our top tips.
1. UNCERTAINTY IS NO REASON TO AVOID INVESTING – Events are unpredictable at the best of times. However, the best investors don’t seek to time the market by forecasting (or reacting to) short-term events. Rather, they know that uncertainty is par for the course and so they adopt principles for the long term.
2. USE IT OR LOSE IT – Did you know you have a maximum annual ISA investment allowance of £20,000? Every individual is also allowed to receive £2,000 of dividend income annually without paying tax on it and you can ‘gift’ £3,000 a year tax-free –these need to be used by the 05/04/21!
3. KEEP CASH FOR EMERGENCIES – By having an emergency fund set aside you can gain some peace of mind that should it be needed, it’s there. An MOT bill to the washing machine or boiler breaking down to finding yourself in a situation where you are made redundant or split from a partner can mean paying out a large sum of money.
4. DON’T SPEND MORE THAN YOU EARN – Regular saving isn’t likely to happen if you spend everything you earn. Try reducing your expenses and outgoings and getting into the habit of saving smaller amounts regularly can be more successful than saving big chunks intermittently.
5. REVIEW YOUR FINANCES – Financial Advisers aren’t just for the rich and uber-wealthy. A great adviser will take the time to understand your goals, aspirations and dreams and work with you to form a strategic plan to provide tailored, forward-thinking and considered choices to help you make the most of your hard-earned money.
At VT Wealth, our genuine passion to help our clients achieve Financial Wellbeing whilst protecting the things that matter to them the most, is what we do best.
Strong Values. Trusted Advice. Wealth of Knowledge.
The value of an investment with St. James’s Place will be directly linked to the performance of the funds selected and may fall as well as rise. You may get back less than the amount invested.
The levels and bases of taxation, and reliefs from taxation, can change at any time and are generally dependent on individual circumstances.