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Financial planning for your future

Living for the moment is all very well, but when it comes to your financial security there’s no shame in looking ahead. Make sure that you and your family don’t lose out by following these four steps to a brighter future.

1. Don’t let debt get on top of you: If one good thing has come out of this present recession, it’s that both the public and the government have realised how dangerous extensive personal debt can be. Most British adults have some level of debt, but avoiding totting up high interest loans and credit card spending is essential to your future financial health. The interest payments on large debts, such as mortgage payments and car loans, can be huge, detracting from the amount you will be able to save. Go for low interest options and only borrow in proportion to your financial circumstances.

2. Save as standard: Saving money is basically a state of mind. Just as a freelancer would deduct a proportion of their income to pay in tax, so you should allocate a small amount of your income for savings every month. Experts agree that saving 10% of your income should give you a comfortable lifestyle post-retirement, as well as catering for any emergencies. It’s never too early to start, so open that high interest savings account now.

3. Make a budget: The best financial aid is a good budget – one which shows both your current earnings and expenditure and how much you hope to save for the future. A budget like this will allow you to estimate how much you need to put away every month. Be sure to account for substantial financial hits, such as supporting your children through university, as well as forecasting your own post-retirement needs.

3. Take out life insurance: Life insurance really is essential for anybody with dependents. Not only will it provide your spouse and children with financial support in the case of your unexpected death, it can also cover unexpected monetary consequences such as inheritance tax charges and continued mortgage payments. Life insurance providers also offer funeral plans on their website, which will help protect your family against the cost and grief of organising a funeral. Life insurance isn’t a substitute for saving - but by both saving for and insuring your future, you can be confident that you and your family have all the financial security that you need.

 

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