1. Identify your goals:
Do you have a clear idea of your priorities in life? Identifying the goals in life that are most important to you and your partner/family and starting to plan for them is the first step in financial planning. Planning should look at differing timescale's:
• In the short term e.g. next year’s holiday, moving house;
• In the medium term e.g. having children, travelling, start your own business;
• In the long term e.g. retirement;
Establishing the costs of your goals and also applying timescale's to each of them is important. Write your goals down and review them regularly. Don’t forget – if you fail to plan then plan to fail!
2. Know what you are worth:
Did you know that your net worth is the difference between what you own and what you owe? It is good to set specific targets; include precise timescale's to increase your net worth in line with your goals in life.
Draw up a budget and make sure you stick to it. You should aim to spend less than you earn, but if you don’t, then you should be working on ways to cut your costs and/or find other ways to increase your income, rather than borrowing to pay bills or to pay for shopping/holidays.
Borrow only what you really need and before you take out a loan or credit card, find out the true cost of the borrowing -
5. Stash some cash:
Try to use a deposit account to save for an emergency fund of at least 2-
Once you've paid off your high interest debts and you have got your emergency cash fund, start saving on a monthly basis for your shorter and medium term goals e.g. a summer holiday, a new car, Christmas, house renovations etc
7. Get yourself protected:
Protect yourself and your assets against unforeseen events. Make sure you and your family have the right amount of cover against illness, accident, death etc. If not properly protected, your finances and your life, could easily be derailed.
Other tips on protection:
• Are your main assets like your car, income and house covered?
• Have you made a will and is it up to date?
• Consider setting up a lasting power of attorney as a precaution
8. Retirement plans:
Make a financial plan for your retirement. Do you have access to a workplace pension scheme? Even if you still have debt, seriously consider joining it, especially if your employer will make a contribution too.
9. Investing – not just for the rich:
Investments are not just for the rich! It opens up opportunities to make your money work harder for you over the long-
10. Spread the word:
Teach your children/grandchildren about money – the earlier they learn, the better they will be at managing their own money.
Your property may be repossessed if you do not keep up repayments on your mortgage
"Equity release" refers to home reversion plans and lifetime mortgages. To understand the features and risks, ask for a personalised illustration.
For mortgages and equity release we can be paid by a combination of fee and commission or by fee payment only.
For mortgages a typical £395.00 fee is payable at the time the application is submitted and completed; plus we will be paid a commission by the lender.
Alternatively for fee only cases, a £395.00 fee is payable at the time the application is submitted and completed plus we will charge a fee of 0.5% of the loan value on completion.
Contact us and we can put you in touch with our Professional Connections for wills and all other aspects of legal work
Stephanie and James cover Tyneside, Wearside and Durham and are happy to meet you at home, office or place of work as you prefer.
CALL US: 0191 516 6353
or 0191 252 9318
The information contained in this website is targeted at UK consumers and businesses.
Verity Wealth Management LLP is authorised and regulated by the Financial Conduct Authority
Verity Wealth Management LLP is a Limited Liability Partnership
Verity Wealth Management LLP. Registered office and Postal address: Suite 11, The Hub, New Century House, Crowther Road, Washington,
Tyne and Wear, NE38 0AQ
Tel: 0191 516 6353 or 0191 252 9318. Email: email@example.com. Registered in England Number: OC342327 -
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