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What are your Plans for 2020?

It’s hard to believe that September has already arrived. Just around the corner awaits cooler weather, autumnal activities, and holiday festivities. 2020 will sneak up on you before you know it! Before you get caught up in the last few months of 2019, take some time to look ahead and plan for the new year.


This article does not constitute advice. Professional advice should be taken prior to acting on any part of it. Your home may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it.


What’s next for you?

The last quarter of the year is a great time to schedule an appointment with your financial adviser. With their help, you can look back at the financial milestones you may have hit (or missed!) this year as well as start planning for the year to come.

It’s also a great time to touch base on any ongoing plans you have and revise as needed your investments and retirement planning. Don’t forget to talk about wealth preservation and protection as well so you can incorporate it into your overall financial plan for 2020.


Starting a family

Perhaps you’ve met the person you want to spend the rest of your life with and plan to settle down with them in 2020. Of course, you’ll want a grand party to celebrate it – and we do mean grand because according to a Bridebook 2018 survey, the average UK wedding now costs around £30,000! There are ways to cut costs and stick to a stricter budget, but any way you look at it, a wedding will certainly drain your bank account, so it’s always best to be prepared.

Maybe you and your partner have decided that next year is the perfect time to expand your family and bring a baby into the world. As with any new venture, there will be set up costs — prams, cots, nappies — the list is endless and expensive.

Initial outlay aside, raising a child over the next 18+ will run well over £75,000 and that doesn’t even include housing, childcare, private education, or council tax.

With that in mind, it’s never too early to start saving for your family.


House Hunting

Whether you’re looking to get onto the property ladder, upgrade your residence, or downsize to get some equity from your home, you’re facing a big financial commitment.

  • First time home buyers need to ensure they have enough for the deposit on their home, or are at least know their options and chances of securing a mortgage without one.
  • Selling your home and moving to a bigger house will require higher monthly payments, even if you get a great rate, so be prepared to make the leap.
  • If you’re downsizing, it’s best to have a plan for what you’ll do with the equity you gain from the sale.

Any scenario that requires a mortgage means gathering paperwork and being prepared with a mortgage in principle before you start your search – which takes time. So, if you’re planning on house hunting next year, get your affairs in order by the end of 2019.


Starting a practice

If you’ve decided that 2020 is the year to go private, be sure you have all the financials worked out.

  • Have you calculated your projected profit and loss data for the next few years?
  • Will you have more money coming in than you do going out?
  • Have you considered how you’ll protect your income if you’re unable to work?

Setting out on your own professionally can be a rewarding experience, but it’s not without its challenges so it’s important to plan for any financial hurdles that might crop up.


Meet with your IFA

Meeting with your financial adviser is a great opportunity to take stock of where you currently are in life and what looms on the horizon. If you are planning on any big changes – either personally or professionally – they’ll assist with any additional financial planning that is required for you to achieve those goals. Schedule time with your adviser now before 2019 draws to a close.



Want to start planning for 2020?
Investments | Financial Planning | Retirement | Save Tax | Protection |

Dental & Medical Financial Services have been helping doctors and dentists to build and protect their wealth, whilst saving tax for over 25 years.
Call Darren to discuss your options.

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